GOCCs Turn Over P29.25 B In Remittances

A total of P29.25 billion was remitted by 19 government-owned and controlled corporations (GOCCs) to the national government (NG) on Friday last week.

The checks, representing prior year dividends, the balance of the 2009 cash dividends following the completion of the Commission on Audit reports, and 2010 partial dividends pursuant to President Benigno S. Aquino III in ceremonies held at the Ceremonial Hall of Malacanang.

The following GOCCs which remitted dividends are: 　
1. Bangko Sentral ng Pilipinas – P14.23 billion in remittances representing prior year dividends of P9.31 billion and the balance of 2009 cash dividends of P4.92 billion.

2. Land Bank of the Philippines – P4 billion representing the balance of 2009 dividends and partial dividends of 2010.

3. Development Bank of the Philippines – P2.8 billion while the Power Sector Assets and Liabilities Management Corp. handed P2 billion representing payments for guarantee fees due and other payables.

4. Bases Conversion Development Authority – P1.8 billion representing the government’s share in the sale of assets, and the Manila International Airport remitted P1.49 billion, representing P1.21 billion dividends and P292 million representing government share.

5. The other GOCCs that turned over their dividends included the Philippine Fisheries Development Authority (P2 million); National Home Mortgage Finance Corp. (P3 million); National Electrification Administration ((P14.5 million); Cebu Ports Authority (P40 million); National Development Company (P49.4 million); Clark Development Corporation (P100 million); Philippine Leisure and Retirement Authority (P140.6 million); Trade Investment and Development Corporation (P150 million); Philippine Economic Zone Authority (P221 million);

Philippine National Oil Company (P452.9 million); Philippine Deposit Insurance Corporation (P500 million); Philippine Reclamation Authority (P335 million); and Philippine Ports Authority (P650 million).

"This is a good start for the government but I believe this can be further improved," Finance Sec. Cesar Purisima, said.

Beginning this year, GOCCs will give their performance report to the President every January, Purisima added.

According to the records from the Commission on Audit there are 89 existing GOCCS.
Under the Dividends Law of 1994, GOCCs and GFIs are required to remit to the national government half of the income earned in each fiscal year. The remittance should be in the form of cash or in unencumbered or real estate properties with clean titles. /MP