Mark of good governance: GOCCs performance up by 64% as of mid-July

The Department of Finance reported Fifty-one (51) of 77 Government-Owned and -Controlled Corporations (GOCCs) have remitted a total of P31.297 billion to the National Treasury as of the second week of July this year. This significant achievement, higher by 64 percent compared to last year’s PHP19.1 billion of the same period, have surpassed the full-year collection of the two previous years.

The dividends recorded by the DOF’s Corporate Affairs Group (CAG) as of July 12 already exceed the full-year total of P27.735 billion contributed by GOCCs in 2016 and P30.45 billion in 2017, and is poised to easily surpass the record of P33.473 billion remitted in 2015.

Of the 51 GOCCs that have remitted cash dividends as of July 11, the Top 10 contributors were the Civil Aviation Authority of the Philippines (CAAP), with a total of P6.224 billion so far submitted to the Treasury, followed by the Philippine Ports Authority (PPA) with P 3,103 billion; Philippine Deposit Insurance Corp. (PDIC), P2.844 billion; Philippine Amusement and Gaming Corp. (PAGCOR), P 2.593 billion; and the Philippine Charity Sweepstakes Office (PCSO), P 2.535 billion.

Rounding up the Top 10 were the Bangko Sentral ng Pilipinas with P2.5 billion; Manila International Airport Authority (MIAA), P 2.25 billion; Food Terminal Inc. (FTI), P963.79 million; Development Bank of the Philippines (DBP); P959.04 million; and the Bases Conversion and Development Authority (BCDA), P905.74 million.

“From January 1 to July 12 we collected more than what we collected the whole year of 2017,” Finance Secretary Carlos Dominguez III said.

Dominguez attributed the significantly higher collections during this period to the efficient monitoring of GOCCs by DOF-CAG, headed by Undersecretary Antonette Tionko, as well as by finance officials sitting on the boards of these state-run firms.

Last year, dividends remitted by GOCCs to the National Treasury amounted to P30.45 billion, representing a 9.8 percent increase from the previous year’s collections of P27.73 billion.

The 2017 dividend collections exceeded the P27.73 billion remittances in 2016 even if Land Bank of the Philippines(LandBank)’s P6 billion dividends in 2017 were not included to allow the institution to recapitalize and better serve the increasing development needs of the country. Had these dividends been included, the total GOCC remittances would have reached P36.45 billion in 2017.