Thursday, May 14, 2015

Pres. Aquino receives P36.36 billion from Government-Owned Corporations

President Benigno S. Aquino III on Wednesday (May 13) lauded the efficiency of the Government-Owned or -Controlled Corporations (GOCC) sector, which remitted some P36.36 billion to the national treasury.

The President received the checks amounting to P36.36 billion from 48 GOCCs during the ceremonial turnover billed as “GOCC Dividends Day” at the Rizal Hall of Malacañang Palace.

In his speech, President Aquino thanked the officials and employees of the GOCCs for their achievements.

"Kayo po, na mga kabilang sa GOCC, dapat naman talagang palakpakan ang bawat isa sa inyo na talagang tumulong din sa pagrerepormang ito, na talagang nagpakita kung ano ang puwedeng mangyari at dapat sanang nangyari mula noong umpisa pa,” he said.

President Aquino also reminded the GOCCs not to be complacent and to double their efforts to increase their dividends.

President Aquino also directed Finance Secretary Cesar Purisima, Governance Commission for GOCC (GCG) Chairman Cesar Villanueva, and Budget Secretary Florencio Abad to look into the bonuses of the employees of GOCCs for additional incentives.

"I am directing Secretary Purisima, and Mr. Villanueva, and also Butch Abad: I want a review of the bonuses that have been accruing all of the people involved in the GOCCs. Dahil in our interest to make you more efficient, baka naman kayo ang nakalimutan. Pinasaya ninyo ang bansa, baka kayo naman ang pinalungkot nang todo-todo. So, I expect the review to happen in about a month’s time and we will seek to maximize the benefits accruing everybody as empowered by the pertinent laws,” the President added.
The GCG said the 2014 dividends and other remittances improved from P32.31 billion in 2013.

The Philippine Amusement and Gaming Corporation (PAGCOR) posted the highest dividends, remitting a total of P10.137 billion, followed by Landbank of the Philippines (LBP) with P6.254 billion.

Joining PAGCOR and LBP in the Billionaires Club, an elite class of contributors that have declared P1 billion or more in dividends, are the Bases and Conversion Development Authority (P3.201 billion); Development Bank of the Philippines (P3.135 billion); Food Terminal Inc. (P2.305 billion); Philippine Deposit Insurance Corporation (P2.1 billion); Philippine Ports Authority (P1.817 billion); Philippine National Oil Company (P1.525 billion); Manila International Airport Authority (P1.339 billion); and the Philippine Reclamation Authority (P1.2 billion).

Republic Act No. 7656 requires GOCCs to declare and remit at least 50 percent of their income as dividends to the national government.

The holding of the GOCC Dividends Day began in 2011 to recognize the significant contributions of GOCCs to national development. (PCOO News Release)

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