Rizal Hall, Malacañan Palace
23 May 2016
President Benigno S. Aquino III received checks totaling to P27.28 billion from numerous Government Owned or Controlled Corporations (GOCCs) during the 2016 GOCC Dividends Day held in Malacañang, Manila.
Aside from the P27.28 billion received during the event, the government also got P12.92 billion from GOCCs, totaling to P40.2 billion worth of remittances this year.
In his message, the President lauded the GOCCs’ impeccable performance that resulted in increased dividends totaling P164.33 billion from 2010 to 2016 as compared to the 2001 to 2010 recorded dividends of only P84.18 billion.
The President specifically praised the excellent performances of previous low-earning GOCCs such as the APO Production Unit (APO) and the Philippine Reclamation Authority (PRA).
From a revenue of P329.14 million in the year 2010, APO reached a total revenue of 1.21 billion in 2015, becoming a high performing GOCC.
Meanwhile, PRA joined the elite group of GOCCs this year to remit more than one billion pesos to the national treasury. The company has now remitted a total of P5.77 billion from July 2010 to May 2016 as compared to a total of one billion remitted dividends from 1977 to 2010, more than a five-fold increase within six years.
President Aquino underscored the administration’s continued efforts to streamline GOCCs through rationalization and reorganization efforts that resulted in the abolishment of 26 non-earning or redundant GOCCs, approved privatization of three GOCCs and one that will be merged with another GOCC.
And to reward high performance in GOCCs, the administration approved the Compensation and Position Classification System (CPCS) in March 2016 that aims to make the compensation given to GOCC employees parallel with those working in the private sector.
Under the Republic Act No. 7656, GOCCs are required to declare and remit at least 50% of their income as dividends to the national government.
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