Finance officials are optimistic that more government-owned and -controlled corporations (GOCCs) will join the league of state-owned companies remitting over P1 billion worth of dividends to the national Treasury next year.
Finance Secretary Frederick D. Go expressed enthusiasm for this prospect, stating that the government hopes to see more GOCCs join the "Billionaire's Club" in the coming year.
This year, 15 GOCCs made the list, with the Bangko Sentral ng Pilipinas leading the pack by remitting P62.39 billion in dividends, followed closely by the Land Bank of the Philippines with P25 billion and the Philippine Deposit Insurance Corp. with P9.69 billion.
Other notable GOCCs that remitted more than P1 billion include the Manila International Airport Authority (P7.59 billion), the Philippine Amusement and Gaming Corp. (P5.67 billion), the Philippine Ports Authority (P5.33 billion), and the Power Sector Assets and Liabilities Management Corp. (P4.01 billion).
Among investment promotion agencies, the Bases Conversion and Development Authority and the Clark Development Corp. each remitted P2.6 billion, while the Philippine Economic Zone Authority remitted P1.44 billion.
The total dividends remitted by GOCCs this year reached P147.15 billion, marking a 29% increase from the previous year.
Finance officials have requested GOCCs to increase their remittances to 75% of their net income, up from the current 50% requirement under the Dividend Law.
Meanwhile, subsidies provided to GOCCs declined by 38.3% in May, according to the Bureau of the Treasury.
The Bureau also reported that budgetary support to state-run firms was P4.89 billion in May, a significant drop from the P66.28 billion posted in April.
State-owned firms receive monthly subsidies from the National Government to support their daily operations if their revenue is insufficient.
In May, the National Food Authority received a subsidy of P1.61 billion, followed by the National Irrigation Administration (P558 million), the Philippine Crop Insurance Corp. (P435 million), the Light Rail Transit Authority (P331 million), and the National Power Corp. (P325 million).
Other agencies that received subsidies in May include the Development Academy of the Philippines (P239 million), the Philippine Coconut Authority (P215 million), the Philippine Heart Center (P202 million), and the Philippine Fisheries Development Authority (P134 million).
GOCCs that posted the lowest non-zero subsidies in May were the Zamboanga City Special Economic Zone Authority (P4 million), the Subic Bay Metropolitan Authority (P5 million), and the Southern Philippines Development Authority (P7 million).
Receiving no subsidies in May were the Small Business Corp., the National Electrification Administration, the Bases Conversion and Development Authority, the Philippine Health Insurance Corp., the Philippine Postal Corp., the Power Sector Assets and Liabilities Management Corp., and the Tourism Infrastructure and Enterprise Zone Authority.
In the first five months, GOCC subsidies reached P98.01 billion, an increase of 117.6% from the same period last year.
The biggest recipients of subsidies in the January-to-May period were the Philippine Health Insurance Corp. (P60 billion), the National Irrigation Administration (P8.4 billion), and the National Food Authority (P7.95 billion).
