GOCC Dividends Remitted to Treasury Rise Over 700% to P14.02 Billion Under Pres. Duterte

President Rody Duterte might not be an economist but he is indeed an effective leader as proven by the results of his administration for the past few months. The Bureau of Treasury confirmed that dividends remitted from Government-Owned and Controlled Corporations (GOCCs) grew by 700% at the May 15 payment deadline.

According to the Bureau of Treasury (BTr) said that dividends as of May 15 grew 701.6% to P114.02 billion. In the first five months to May, the total dividends stood at P18.641 billion, down 32.82% from a year earlier.

The Development Bank of the Philippines (DBP) remitted P2.516 billion, followed by the Manila International Airport (MIAA) at P2.227 billion and the Civil Aviation Authority of the Philippines (CAAP) at P1.977 billion.

The Philippine Ports Authority (PPA) sent in P1.56 billion, and the Philippine Amusement and Gaming Corporation (PAGCOR) P1.183 billion.

According to the Bureau of Treasury, all government firms complied with the payment deadline, GOCCs are required to declare and remit at least half of their income as dividend to the national government.

Full payment of the minimum dividend is mandated on or before May 15, one month after the deadline of the filing of Corporate Income Tax Returns tot he Bureau of Internal Revenue (BIR).

Finance Secretary Carlos Dominguez also explained that despite the surge in dividends, som P110.23 billion are in arrears from last year. These arrears include the PDIC, PSALM, NPC, PCSO and CAAP.

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