Rizal Hall, Malacañan Palace
3 June 2013
President Benigno S. Aquino III received from thirty eight government-owned controlled corporations (GOCCs) an amount of close to P28 billion pesos in dividends and other remittances during the GOCCs Dividends Day at the Rizal Hall in Malacañang.
In his statement, the President congratulated the 38 GOCCs that turned over to the national coffers an amount that surpassed the collections made out of their operations last year.
“Sa loob lamang ng tatlong taon, naghatid na ang ating mga GOCC ng kabuuang mahigit 77 billion pesos. Ikumpara po natin yan sa buong siyam at kalahating taon ng kanilang panunungkulan, kung saan 96 billion pesos lamang ang nalikom nilang remittance mula sa mga korporasyon,” he said.
Eight out of 38 GOCCs got included to the so-called ‘Billionaire’s Club’. These are the first time entrant Philippine Reclamation Authority, which remitted P1 billion to the National Government; Philippine Ports Authority (total of P1.034 billion); Manila International Airport Authority (total of P1.547 billion); Philippine Amusement and Gaming Corporation (P1.4 billion); Power Sector Assets and Liabilities Management Corporation (P1 billion); Bases Conversion Development Authority (P2.309 billion); Development Bank of the Philippines (P3.166 billion) and Land Bank of the Philippines, which remitted the biggest amount for this year’s Dividends Day with P6.241 billion.
The President was also joined by Senator Franklin Drilon, Finance Secretary Cesar Purisima, Budget Secretary Butch Abad, Transportation and Communications Secretary Joseph Emilio Abaya, Governance Commission for GOCCs (GCG) Chairman Cesar Villanueva and National Treasurer Rosalia de Leon during the event.
The practice of declaring and remitting dividends is pursuant to Section 3 of Republic Act no. 7656 which states that all GOCCs are required to “declare and remit at least…..50% of their annual net earnings as cash, stock or property dividends to the National Government”.