3 GOCCs remit P4.54B to govt

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The government received P4.54 billion in dividends and other forms of remittances from three government-owned and -controlled corporations (GOCCs), the Department of Finance (DoF) said on Thursday.

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The Development Bank of the Philippines (DBP), the Philippine Ports Authority (PPA) and Philippine National Oil Company (PNOC) remitted to the government 50 percent of their respective cash dividends due in 2016, a DoF statement released to reporters said.

Of the total, DBP remitted P2.51 billion to the Bureau of Treasury; while PPA remitted a total of P1.95 billion.
The PNOC turned over P71.94 million, representing the first half of its remittances for 2016.

The remittance of dividends is pursuant to Section 3 of Republic Act 7656, which states all GOCCs are required to “declare and remit at least . . . 50 percent of their annual net earnings as cash, stock or property dividends to the National Government.”

The DoF said DBP posted a net income for dividend declaration of P5.03 billion for 2016, generated from its loans and receivables, financial assets, interbank loans receivables/securities purchased under agreement to resell, and deposits with banks. It also earned from its investments in securities trading, foreign exchange profits, service charges, fees and commissions, and dividends from equity investments.

The PPA reported net earnings of P3.91 billion for the company in 2016, of which half was already turned over to the Treasury in full on May 15.

Meanwhile, the PNOC posted an audited net income of P969.30 million and a total dividend base of P287.79 million, of which half or P143.89 million are cash dividends due the national government.

“It remitted 50 percent of its remittance on May 15 to the Treasury and will pay the remaining half seven working days after its receipt of its Annual Audit Report from the Commission on Audit (COA),” the DoF said.

Lastly, it said the PNOC generated revenues from dividends, rentals, interest income and foreign exchange gains.

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