Government-owned or -controlled corporations (GOCCs) have remitted to the national government more than P76 billion in dividends from their earnings as of May 15, the Department of Finance (DOF) said on Wednesday.
The DOF said in a statement total dividends for 2025 are expected to surpass the amount remitted in 2024.
Last year’s GOCC dividends reached a record P138.456 billion, based on a report by the Bureau of the Treasury.
“These non-tax revenues allow us to support the government’s expenditure program for the year, enabling the DOF to stay on track with its fiscal program and mobilize funds for our priority programs and projects,” Finance Secretary Ralph Recto said.
The dividends originated from about 50 GOCCs, the DOF said.
Biggest GOCCs
Among the country’s biggest GOCC’s, the Landbank of the Philippines contributed P26 billion, the Philippine Amusement and Gaming Corporation P12.678 billion, the Philippine Deposit Insurance Corp. P10.131 billion, the Philippine Ports Authority P5.203 billion, the Manila International Airport Authority P3.32 billion, the Philippine National Oil Company P2.426 billion, the Bases Conversion and Development Authority P2.036 billion, the Philippine Charity Sweepstakes Office P1.769 billion, the Subic Bay Metropolitan Authority P1.465 billion and the Maharlika Investment Corp. P1.448 billion.
DOF request: from 50% to 75%
Under Republic Act No. 7656 or the Dividend Law, GOCCs must remit at least 50 percent of their net earnings from the previous year to the national government.
To maximize the government’s non-tax revenue, the DOF has requested GOCCs to increase their dividend remittances to 75 percent.
Recto emphasized that higher dividend remittances are a clear reflection of stronger good governance and fiscal discipline among GOCCs under the administration of President Ferdinand Marcos Jr.
“This shows that our GOCCs are continuously operating efficiently and generating substantial profits, enabling them to contribute more to the National Treasury,” Recto said.
“And along with the improvement in their performance is the continued rise in the quality of their public service,” he said.
“As their services improve, their income increases, and their contribution to the nation grows even more,” Recto added.
