Ralph G. Recto

Secretary of Finance

May 6, 2024

PICC, Pasay

President Ferdinand Marcos, Jr.; Executive Secretary Lucas Bersamin; heads and officers of our GOCCs; fellow workers in government; and friends in the media; good morning. 

Thank you for coming today to celebrate our Government Corporate Sector. We are particularly privileged to have no less than our President to grace this important occasion––maraming salamat, Ginoong Pangulo.

It is difficult to imagine our economic progress without our GOCCs. 

From strengthening our banks to providing mass housing, from ensuring reliable public transport to securing energy and water supply in remote areas – our GOCCs have been the prime movers of our economic development. 

Aside from delivering on their unique missions, they are also able to turn substantial profits and share their income with the government in the form of dividends.

These dividends form a major source of non-tax revenues for the government, making possible our goal of raising more funds without the need to impose additional taxes on our people. 

They help us hold down deficits and continue funding the President’s priority programs for the welfare of all Filipinos without having to borrow more.

As of the end of April, non-tax revenues already reached 206.4 billion pesos, an impressive 85 percent increase from the same period last year. And these continue to grow, alongside our tax collections.

The BIR, for instance, has already collected close to one trillion––or 912.9 billion pesos to be exact–– representing a 16.3 percent increase from last year.

The BOC, on the other hand, recorded a 6.3 percent growth in its collection, reaching 295.2 billion pesos.

We expect both our tax and non-tax revenues to dramatically increase over the coming months as we intensify our revenue mobilization efforts.

So today, it is only fitting for the President to personally honor the 47 GOCCs for their contributions to driving our development agenda forward.

They have not only remitted their expected contributions on time, but many of them have raised their dividend payments from 50 percent to 75 percent of their earnings to accelerate our growth. 

This drove our total dividend collections to 88.6 billion pesos as of May 6, eleven times bigger than roughly 8 billion pesos recorded in the same period last year. We anticipate the total to reach 100 billion pesos by year-end.

Notwithstanding the diversity of your missions, every peso of your contribution will ultimately go back to benefit every Filipino. 

A quarter of your 100-billion peso remittance can help build 1,600 kilometers of farm-to-market roads, helping food growers transport their goods seamlessly and at a lower cost.

Another quarter can construct more than 8,000 new public classrooms, laying the foundation for a brighter future for our children.

The additional 25 percent of it can irrigate an extra 25,000 hectares of farmland, helping farmers cope with inflation and improve their standards of living.

The remaining significant portion can extend a lifeline to more than 208,000 kidney 52,000 cancer patients with a month’s worth of free dialysis and chemotherapy treatments.

All of these can be achieved by your generous contribution of 100 billion pesos – big enough to transform the lives of our people and secure their future. But we can do so much more. 

For this remarkable achievement, I must thank the Corporate Affairs Group of the Department of Finance for ensuring that our GOCCs are fiscally responsible partners of the government.

Credit must also be given to the commitment and hard work put in by the officers and staff of our GOCCs––maraming salamat sa inyo, including the Secretaries who oversee them. Maraming maraming salamat po sa inyong suporta at kooperasyon. 

On the part of the DOF, we assure you that all these contributions will be managed judiciously with utmost transparency and accountability. 

In turn, we expect all of our GOCCs to constantly strive for efficiency and the highest standards of corporate governance. We will not leave any room for incompetence and corruption.

Together, let us build a globally competitive nation marked by excellent corporate governance and institutions that are truly committed to the people. 

Dahil kapag ang pamamahala ay tapat, maayos, at tumutugon sa taumbayan, patuloy na lalago ang ekonomiya at magiging abot-kamay natin ang Bagong Pilipinas.

Muli, maraming maraming salamat po sa inyong lahat. Magandang umaga po

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