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GOCC DAY. President Ferdinand R. Marcos Jr., Executive Secretary Lucas Bersamin (middle) and Finance Secretary Ralph Recto lead the Government-Owned- or Controlled Corporations (GOCCs) Day celebration in Pasay City on Monday (May 6, 2024). The GOCC Day aims to acknowledge the top-remitting GOCCs that significantly contributed dividends to the national government. (Photo: Department of Finance/Facebook)

MANILA – Department of Finance (DOF) Secretary Ralph Recto said he expects dividend collections from government-owned- or controlled corporations (GOCCs) to reach PHP100 billion this year.

“We anticipate the total to reach PHP100 billion by year-end,” Recto said during the GOCC Day held at the Philippine International Convention Center on Monday.

As of May 6 this year, the DOF has so far collected PHP88.56 billion from 47 GOCCs.

The amount represents an 11-fold increase from the PHP8 billion recorded during the same period last year.

Seventeen of the GOCCs contributed at least PHP1 billion of their 2023 net earnings

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

The top GOCCs that contributed at least PHP1 billion were the Land Bank of the Philippines (PHP32. 1 billion); the Philippine Deposit Insurance Corporation (PHP10.7 billion); the Bangko Sentral ng Pilipinas (PHP9.2 billion); the Philippine Ports Authority (PHP5 billion); the Philippine Amusement and Gaming Corporation (PHP4.6 billion); the Manila International Airport Authority (PHP3.5 billion); the Subic Bay Metropolitan Authority (PHP3 billion); the Philippine Charity Sweepstakes Office (PHP2.7 billion); the Philippine National Oil Company (PHP2.6 billion); the National Transmission Corporation (PHP2.2 billion); and the PNOC Exploration Corporation (PHP2 billion).

Also belonging to the billionaires’ club were the Clark Development Corporation (PHP1.8 billion); the Philippine Economic Zone Authority (PHP1.4 billion); the Philippine Guarantee Corporation (PHP1.1 billion); the Bases Conversion and Development Authority (PHP1.1 billion); the Philippine Reclamation Authority (PHP1 billion); and the Metropolitan Waterworks and Sewerage System (PHP1 billion).

Recto praised the GOCCs for not just remitting their contributions on time but many of them have also increased their dividend payments to the national government from the minimum of 50 percent to 75 percent.

“Notwithstanding the diversity of your missions, every peso of your contribution will ultimately go back to benefit every Filipino,” he told GOCCs.

Recto said the GOCC’s PHP100-billion contribution by year-end will build 1,600 kilometers of farm-to-market roads; construct more than 8,000 new public classrooms; irrigate an extra 25,000 hectares of farmland; and 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 PHP100 billion – big enough to transform the lives of our people and secure their future. But we can do so much more,” he said.