DOF Report: GOCC Remitted P30.45-Billion in 2017 Under the Leadership of Pres. Duterte

The Department of Finance (DOF) under the administration of Pres. Rody Duterte made some significant achievements for the year 2017 as they announced that state-owned firms remitted P30.45 billion or 9.8 percent higher than the previous year's P27.73 billion income.

According to DOF, the tally would have been higher P36.45 billion had Land Bank of the Philippines not been exempted from remitting dividends to allow it to recapitalize, Finance Secretary Carlos Dominguez III said.

Undersecretary of the DOF Antonette Tionko also revealed that 53 GOCCs had forwarded funds to the national treasury, including the Civil Aviation Authority of the Philippines (CAAP), the agency that did not submit dividends in the previous four years, mostly during the Aquino administration.

CAAP remitted a total of P5.39 billion, part of which came from the nearly P6 billion collections from Philippine Airlines last October after Pres. Duterte ordered the DOTR not to extend the deadline for the flag carrier to pay long-overdue navigational fees and other charges.

The DOF reported that the biggest dividend contributors to the National Treasury aside from CAAP are listed below:

• Philippine Deposit Insurance Corp. (PDIC) with P7.46 billion;
• Development Bank of the Philippines, P2.51 billion;
• Manila International Airport Authority, P2.22 billion;
• Philippine Ports Authority, P1.95 billion;
• Bangko Sentral ng Pilipinas, P1.84 billion;
• National Power Corp. (Napocor), P1.39 billion; and
• Philippine Amusement and Gaming Corp., P1.18 billion.

Those that remitted less than P1 billion but more that P200 million were:

• the Subic Bay Metropolitan Authority (SBMA), P923.60 million;
• Philippine Economic Zone Authority with P622.91 million;
• PNOC Exploration Corp., P519.42 million;
• Clark Development Corp., P500 million;
• National Development Co., P428.19 million;
• Philippine Reclamation Authority, P323.76 million;
• Local Water Utilities Administration, P319.08 million;
• Cebu Port Authority, P294.69 million;
• Cagayan Economic Zone Authority, P240.59 million;
• Metropolitan Waterworks & Sewerage System, P232.63 million; and
• The Philippine Leisure and Retirement Authority, P210.44 million.

Remitting less than P200 million but more than P100 million last year were the Mactan Cebu International Airport Authority, National Housing Authority, National Home Mortgage Finance Corp., Philippine National Oil Co., Bases Conversion Development Authority, Home Guaranty Corp. and the Sugar Regulatory Administration.

Remitting less than P100 million but more than P50 million were the PHIVIDEC Industrial Authority, Food Terminal, Inc., Social Housing Finance Corp., Clark International Airport Corp., National Electrification Administration and the Philippine Fisheries Development Authority.

Contributing less than P50 million but more than P10 million were LBP Leasing Corp., Laguna Lake Development Authority, Philippine International Trading Corp., LBP Insurance Brokerage, Inc., National Livelihood Development Corp., Apo Production Unit, Inc., LBP Resources and Development Corp., Authority of the Freeport Area of Bataan, Philippine Crop Insurance Corp., Philippine Postal Corp. and Masaganang Sakahan, Inc.

DBP Leasing Corp., DBP Data Center, Inc., GY Real Estate, Inc., Small Business Guarantee Finance Corp., Partido Development Administration, Batangas Land Co., Inc., Philippine Mining Development Corp. and Kamayan Realty Corp. all remitted less than P10 million.

Bringing up the rear were Philippine Sugar Corp., which was only able to remit P800,000, and Pinagkaisa Realty Corp. that turned over P340,000.

Source: PNA / DOF

DOF Report: GOCC Remitted P30.45-Billion in 2017 Under the Leadership of Pres. Duterte DOF Report: GOCC Remitted P30.45-Billion in 2017 Under the Leadership of Pres. Duterte Reviewed by Phil Newsome on January 17, 2018 Rating: 5
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