The dividends collected from government-owned or -controlled corporations (GOCCs) in 2023 has reached P99.98 billion, according to the Department of Finance (DOF).
In a statement, the DOF said the dividends raked in by its Privatization and Corporate Affairs Group last year has exceeded the collected amount of P8.34 billion in 2022 by 46 percent.
“These dividends will help manage our deficit and will be used to support the country’s development needs. Rest assured, the DOF will remain steadfast in its commitment to strictly monitor the performance of our GOCCs, ensuring that they are well-run and are operating within the bounds of national development policies and programs,” Finance Secretary and Governance Commission for GOCCs member Benjamin Diokno said.
Republic Act No. 7656 or the Dividends Law of 1994 mandates all GOCCs to declare and remit at least 50 percent of their annual net earnings to the national government.
A total of 51 GOCCs remitted dividends to the National Treasury as of December 31, 2023.
The Bangko Sentral ng Pilipinas emerged as the top dividend contributor in 2023 with P55.61 billion.
The other top dividend contributors were the Philippine Deposit Insurance Corp. with P14.05 billion, Philippine Amusement and Gaming Corp. with P6.96 billion, Philippine Ports Authority with P4.44 billion, Power Sector Assets & Liabilities Management Corp. with P3.15 billion, and the Philippine Charity Sweepstakes Office with P2.67 billion.
The subsequent top dividend contributors were the Philippine National Oil Company with P1.68 billion, Subic Bay Metropolitan Authority with P1.52 billion, National Transmission Corp. with P1.48 billion, Philippine Reclamation Authority with P1.35 billion, and the Clark Development Corp. with P1.21 billion.
The DOF said the dividends have been a major source of non-tax revenues to fund the accelerated implementation of programs on infrastructure and various social and economic programs of the government.
