The national government saw steep first half drop in dividends from state-owned firms following an exemption granted to Land Bank of the Philippines and the absence of a one-time gain recorded last year.
Government-owned and -controlled corporations (GOCCs) had remitted P18.78 billion to the Bureau of the Treasury as of end-June, Finance Undersecretary Antonette Tionko said, down 32.7 percent from the P27.94 billion a year ago.
“It is lower than the one of last year because we had a one-time dividend from the MCIAA [Mactan-Cebu International Airport Authority] [amounting to]P5 billion,” Tionko told reporters.
LandBank, meanwhile, was exempted from paying dividends this year given a capitalization requirement of the Bangko Sentral ng Pilipinas.
“[I]f you take out those one time gains we are actually well in terms of dividend collections,” Tionko said.
Excluding those two items, Tionko said that last year’s first half result would have only been P16.3 billion.
“If you compare it to this year, we are already P18.78 billion, so we are up, I mean, if you take out the one-time transactions,” she said.