GOCCs turn over P29.25 B in remittances
Posted: January 28, 2011 | Category: Corporate Social Responsibility
A total of P29.25 billion were remitted by 19 government-owned and controlled corporations (GOCCs) to the national government (NG) on Friday.
The checks, representing prior year dividends, the balance of the 2009 cash dividends following the completion of the Commission on Audit reports, and 2010 partial dividends pursuant to President Benigno S. Aquino III in ceremonies held at the Ceremonial Hall of Malacanang.
The Bangko Sentral ng Pilipinas topped the list with a total of P14.23 billion in remittances representing prior year dividends of P9.31 billion and the balance of 2009 cash dividends of P4.92 billion.
The Land Bank of the Philippines remitted P4 billion representing the balance of 2009 dividends and partial dividends of 2010.
The Development Bank of the Philippines, turned over P2.8 billion while the Power Sector Assets and Liabilities Management Corp. handed P2 billion representing payments for guarantee fees due and other payables.
The Bases Conversion Development Authority turned in P1.8 billion representing the government’s share in the sale of assets, and the Manila International Airport remitted P1.49 billion, representing P1.21 billion dividends and P292 million representing government share.
The other GOCCs that turned over their dividends included the Philippine Fisheries Development Authority (P2 million); National Home Mortgage Finance Corp. (P3 million); National Electrification Administration ((P14.5 million); Cebu Ports Authority (P40 million); National Development Company (P49.4 million); Clark Development Corporation (P100 million); Philippine Leisure and Retirement Authority (P140.6 million); Trade Investment and Development Corporation (P150 million); Philippine Economic Zone Authority (P221 million);
Philippine National Oil Company (P452.9 million); Philippine Deposit Insurance Corporation (P500 million); Philippine Reclamation Authority (P335 million); and Philippine Ports Authority (P650 million).
“This is a good start for the government but I believe this can be further improved,” Finance Secretary Cesar Purisima, in a press briefing in Malacanang, said.
He added that beginning this year, GOCCs will give their performance report to the President every January. This is similar to a stockholders meeting in private corporations.
He added that a good governance agenda for GOCCs will soon be implemented to further improve their performances and be at par with private companies.
He noted that GOCCs hold a total of $141 billion in government assets while equity amount to more than $41 billion or more than P6 trillion.
According to the records from the Commission on Audit (COA), there are 89 existing GOCCS.
Under the Dividends Law of 1994, GOCCs and GFIs are required to remit to the national government half of the income earned in each fiscal year. The remittance should be in the form of cash or in unencumbered or real estate properties with clean titles. (fpv/2:00 p.m.)
Read the Speech of President Benigno Aquino on the 2011 Governance Day