Thirty eight GOCCs turned over to President Benigno S. Aquino III, close to P28 billion in dividends and other forms of remittances to the national coffers out of their operations for the past year on 03 June 2013 at the Rizal Hall, Malacanang Palace. President Aquino was assisted by Senator Franklin Drilon, Finance Secretary Cesar Purisima, Governance for Commission for GOCCs (GCG) Chairman Secretary Cesar Villanueva and Treasurer of the Philippines Rosalia de Leon.
The practice of declaring and remitting dividends is pursuant to Section 3 of Republic Act No. 7656 which states all GOCCs are required to ‘declare and remit at least… 50% of their annual net earnings as cash, stock or property dividends to the National Government.”
The tradition of GOCC Dividends Day started in 2011 under the Department of Finance in order to give due recognition to the GOCCs for the dividends that would be remitted to the National Government in compliance with RA No. 7656. Approximately P29 billion was remitted in 2012. Upon the enactment of RA No. 10149 or the GOCC Governance Act of 2011, the event was continued by the GCG in February 2012 with GOCCs remitting a total of P19.2 billion.
The dividends this year surpassed the collections made last year, with eight (8) GOCCs belonging to the elite circle, the so-called “Billionaire’s Club”, for having remitted at least P1 billion to the government.
These GOCCs include new entrant Philippine Reclamation Authority (PRA) which remitted P1 billion to the national government; Philippine Ports Authority (PPA), total of P1.034 billion; Manila International Airport Authority (MIAA), a total of P1.547 billion; Philippine Amusement and Gaming Corporation (PAGCOR), remitting a total of P1.4 billion; Power Sector Assets and Liabilities Management Corporation (PSALM), P1 billion; the Bases Conversion Development Authority (BCDA), P2.309 billion; Development Bank of the Philippines (DBP), P3.166 billion; and Land Bank of the Philippines (LBP) which remitted the biggest amount for this year with P6.241 billion.
Though this week marks only the second year of the passage into law of the GOCC Governance Act but the Philippine government corporate sector has already taken great strides since its enactment through the GCG. The GOCC Dividends Day not only recognizes the accomplishments of the GOCCs, but also the determination of the Aquino administration to purse the much needed reform of the government corporate sector, to ensure that the GOCCs are financially viable and to symbolize that the National Government is its biggest shareholder.
In Millions
GOCC
Amount
Authority of Freeport Area of Bataan (AFAB)
12.62
Bases Conversion Development Authority (BCDA)
2,309.52
BCDA Management Holdings, Inc. (BMHI)
2.12
Cagayan Economic Zone Authority (CEZA)
88.40
Cebu Port Authority (CPA)
60.00
Clark Development Corporation (CDC)
50.00
Development Bank of the Philippines (DBP)
3,166.67
Home Guaranty Corporation (HGC)
1.00
Human Settlements Dev’t Corp. (HSDC)
1.31
Land Bank of the Philippines (LBP)
6,241.47
LBP- Masaganang Sakahan Inc.
4.78
LBP Leasing Corporation (LBP-LC)
94.68
LBP Realty Development Corp. (LBRDC)
4.68
Local Water Utilities Administration (LWUA)
365.06
Mactan Cebu International Airport (MCIAA)
41.02
Manila International Airport Authority (MIAA)
1,547.58
Metropolitan Waterworks and Sewerage System (MWSS)
343.81
National Development Company (NDC)
100.00
NDC – Batangas Land Company, Inc. (BLCI)
14.63
NDC – Kamayan Realty Corp. (KRC)
0.51
National Electrification Administration (NEA)
136.55
National Home Mortgage Finance Corporation (NHMFC)
42.32
National Housing Authority (NHA)
47.62
Philippine Aerospace Dev’t Corporation (PADC)
2.00
Philippine Amusement and Gaming Corp. (PAGCOR)
7,182.04
Philippine Deposit Insurance Corporation (PDIC)
650.00
Philippine Economic Zone Authority (PEZA)
369.71
Philippine Fisheries Development Authority (PFDA)
1.20
Philippine Leisure and Retirement Authority (PLRA)
85.27
Philippine National Oil Company (PNOC)
500.00
PNOC Exploration Corporation (PNOC-EC)
249.72
Philippine Ports Authority (PPA)
1,034.99
Philippine Postal Corporation (PPC)
10.00
Philippine Reclamation Authority (PRA)
1,000.00
Philippine Sugar Corporation (PHILSUCOR)
14.28
Power Sector Assets & Liabilities Management Corp. (PSALM)
2,000.00
Social Housing Finance Corporation (SHFC)
74.17
Trade and Investment Development Corporation (TIDCORP)
48.75
Total
27,898.47
