SANTA ANA, Cagayan: A Cagayan-based government-owned and -controlled corporation (GOCC) has remitted P200 million to the National Treasury covering the dividends due to the government for 2014.
Cagayan Economic Zone Authority officials said the amount was formally turned over to President Benigno Aquino 3rd at Malacañang Palace representing CEZA’s dividends due to the government for 2014. The GOCC remitted P88 million to the national government for 2006-2012 and P100 million for 2013.
CEZA Administrator Jose Mari Ponce said the P200-million remittance for 2014 is 100-percent higher than the P100 million in 2013.
Ponce said CEZA pays 30-percent corporate income tax to the Bureau of Internal Revenue while 50-percent of its net income is remitted to the National Treasury in the form of dividends for the government.
“This is in line with Republic Act 7656 which requires a GOCC to declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the National Government,” he added.
In 2012, CEZA was among the top 40 GOCCs that remitted cash to the government. The government has 158 active public corporations.
“CEZA is now considered as the catalyst for growth and economic development in Northern Philippines particularly the Cagayan Valley region,” Ponce said, adding CEZA used to lose money before 2006.
Being a first-time remitter in 2012 with P88 million, he further said, was a positive indicator of the agency’s stability.
CEZA was created under Republic Act 7922 or the Cagayan Special Economic Zone Act of 1995 signed by then President Fidel Ramos to manage and supervise the development of the 54,118- hectares Cagayan Special Economic Zone and Freeport that includes the islands of Fuga, Barit, Mabbag in Aparri.