Marcos to GOCCs: Cut down red tape

President Ferdinand ''Bongbong'' Marcos Jr. on Tuesday called on Government-Owned or -Controlled Corporations (GOCCs) to cut the red tape to provide the public with easy and dignified access to the services they deserve.

''My challenge to our GOCCs is to invest in modern technology, simplify our processes, and cut down on red tape so that every Filipino enjoys easy, fair, and dignified access to the services that they deserve," Marcos said in his speech during the GOCCs Day. 

Marcos said that from 2011 to 2013, the authorized dividend remittance of GOCCs reached an average of P36 billion. 

''This trajectory only grew stronger, surpassing P137 billion in 2024. And as of this month, collections are already standing at over P106 billion,'' Marcos said. 

He said that modernization and innovation are essential in aligning with global standards while meeting the growing demands of citizens for faster and more transparent services.

“For the rest of the bureaucracy, our job is to ensure that the dividends of our GOCCs would redound to better services,” Marcos said.

Marcos pointed out that GOCC funds should drive systemic reforms as well as reach the most vulnerable sectors of society.

“These funds should promote genuine reforms that uplift the quality of life, reach the vulnerable, and leave a lasting contribution for the next generation,” he said.

Beginning in 2011, the GOCCs Day is a yearly celebration that aims to give due recognition to the GOCCs’ significant and invaluable contributions through the dividend remittances that help augment the funding needs of the government.

The event is being spearheaded by the Department of Finance (DOF), which has fiscal oversight over the government corporate sector.

Pursuant to Republic Act No. 7656 or the Dividend Law, all GOCCs are required to declare and remit at least 50% of their annual net earnings as dividends to the national government. 

The dividend remittance is in line with Marcos' directive to uphold fiscal discipline among GOCCs, ensuring that the government maximizes non-tax revenues to fund priority programs. —VAL, GMA Integrated News