GOCC dividends reach record high in 2018

Dividends remitted by government-owned or -controlled corporations (GOCCs) breached the P40-billion mark to register a record high collection in 2018, the Department of Finance (DOF) said Sunday.

In an emailed statement, the DOF said total remittances for 2018 were recorded at P40.178 billion, up by 32 percent from the P30.46 billion reported the previous year.

"This is unprecedented," Finance Secretary Carlos Dominguez III said.

According to the DOF, remittances would have been higher, but the Land Bank of the Philippines was allowed to waive its contributions amounting to P7.82 billion to boost its capital requirements.

Among the other top dividend contributors were the Civil Aviation Authority of the Philippines (CAAP) with P6.224 billion; Bangko Sentral ng Pilipinas (BSP) with P3.637 billion; and the Philippine Ports Authority (PPA) with P3.103 billion.

They were followed by the Philippine Amusement and Gaming Corp. (PAGCOR) with P2.593 billion; Philippine Charity Sweepstakes Office (PCSO) with P2.535 billion; Manila International Airport Authority (MIAA) with P2.251 billion; and the National Power Corporation (NPC) with P1.410 billion. — Jon Viktor D. Cabuenas/BM, GMA News