GOVERNMENT-owned and -controlled corporations (GOCCs) remitted a total of P40.2 billion to the National Treasury during simple rites in Malacanang on Monday, an amount which is far higher than the P36.36 billion remitted last year.
President Benigno Aquino 3rd received the checks from various GOCC officials whom he credited for the sector’s improved performance over the years.
Aquino said total remittances from these agencies reached P164.33 billion since he assumed office in 2010.
He added that during the previous administration, the remittances totaled only P84.18 billion in a span of 9 years.
“Sa tulong nga po ng kontribusyon ng ating mga GOCC, mas napopondohan na natin ngayon ang mga programa at proyekto nating nasa ilalim ng unprogrammed funds, gaya ng bahagi ng AFP modernization, socio-economic programs, partikular sa edukasyon at kalusugan, irigasyon sa agrikultura, pati na ang mga lokal at pambansang imprastraktura gaya ng mga tulay at daungan [Through contributions of the GOCCs, we are now able to fund programs and projects under unprogrammed funds, including part of the modernization of the Armed Forces of the Philippines, socio-economic initiatives, particularly those in education, health, irrigation in agriculture, plus those in local and national infrastructure, including bridges and ports]” the President said in his speech.
“Good governance is good economics,” he pointed out as he cited a number of GOCCs that fared better during his watch.
To date, the President said, a total of 26 GOCCs have been abolished for a number of reasons while three are up for privatization and another for merging with another agency.
Chairmen and chief executive offers of the GOCC handed over the checks to Aquino during the ceremonies.
The Landbank of the Philippines (LBP) had the highest dividends at P6.6 billion and remitted a total of P6.85 billion.
The Philippine Amusement and Gaming Corp. (Pagcor), on the other hand, had the highest total remittances at P8.869 billion.
Under the law, or Republic Act 7656, GOCCs are required to declare and remit at least 50 percent of their income as dividends to the national government.
“Panata ko po sa ating mga boss: Iwan ang ating bansa na talagang napakalayo ang sitwasyon kaysa sa atin pong dinatnan. At ang pagtitipon nga po natin tuwing GOCC Dividends Day ang isa sa mga patunay nito, at talaga naman pong laging nagpapangiti sa atin [This is my pledge to our bosses: I will leave the government much better off than it was under the previos administration. The GOCC Dividends Day always makes us smile],” the President said.
Early in his presidency that started in 2010, Aquino called the people his “bosses.”