Malacañan Palace
9 June 2014

Forty-nine (49) Government-Owned and Controlled Corporations (GOCCs) turned over dividends amounting to almost P28 billion to President Benigno S. Aquino III as remittances out of their operations for 2013.

As he keynoted the event, President Aquino stressed that good governance is the key to a progressive economy and explained that one of the proofs of this is the ceremonial turnover of the dividend checks which he received from the respective chairmen, CEOs and members of the board of the GOCCs.

He proudly declared that in the last three and a half years after the passage of GOCC Governance Act of 2011, the total dividend collected amounted to P95.38 billion compared to the P81.54 billion dividends from 2002-2010.

“Sa tapat na pamamahala, mas marami tayong pondo para sa makabuluhang programa at serbisyo sa mamamayang Pilipino. Natitiyak nating bawat pisong kinikita ng pamahalaan ay napupunta sa pagsusulong ng kapakanan ng ating mga kababayan,” the President said.

The practice of declaring and remitting dividends is pursuant to Republic Act No. 7656 Section 3 requiring all GOCCs to remit 50% of their annual net earnings to the national government. This started in 2011 and is being spearheaded by the Department of Finance. This aims not only to give due recognition to the accomplishments of the corporations but to support the reform programs of the government for the corporate sector as well.

“Winakasan po natin ang kultura ng hocus pocus at palakasan sa mga GOCC. Ang pondo na dati rati’y dumidiretso sa bulsa ng iilan, nagagamit na po natin upang bigyan ng karampatang insentibo ang mga tunay at tapat na naglilingkod sa bayan,” President Aquino added.

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