President Benigno S. Aquino receives from Philippine Deposit Insurance Corporation president Cristina Orbeta the dividend check amounting to P2.1-billion to be remitted to the National Treasury during the GOCC Dividends Day at the Rizal Hall of the Malacañan Palace on Wednesday (May 13). (Photo by Lauro Montellano, Jr. / Malacañang Photo Bureau)
MANILA, Philippines — Contributions of government-owned or controlled corporations (GOCC) to public funds remain high.
Yesterday morning in a ceremony held at Malacañan, the 49 GOCC’s presented checks to President Aquino, amounting to more than 30 billion pesos, as dividends of the national government.
The biggest remittances are from the Philippine Amusement And Gaming Corporation or PAGCOR amounting to 10.1 billion pesos; Land Bank of the Philippines with 6.25 billion pesos; 3.2 billion pesos from the Bases Conversion Development Authority; 3.1 billion from the Development Bank of The Philippines and 2.3 billion pesos from Food Terminal Incorporated. 2.1 billion pesos from Philippine Deposit Insurance Corporation and more than 1 billion each from 40 different GOCC’s included in the billionaires club.
President Aquino praised the GOCC’s that exhibited good performance and criticized companies that were involved in corruption cases.
As reward for their hard work, the president ordered a review of possible bonus increases to be given to employees of celebrated GOCC’s.
It is GOCC’s mandate to declare and remit at least 50 percent of their profit as dividends to the national government as stated in Republic Act Number 7656.
It was 2011 when the Department Of Finance started the traditional turnover as part of the celebration of GOCC day. (NEL MARIBOJOC / UNTV NEWS)