GOCC dividends hit P117 B in Sept

A total of P116.84 billion has been remitted to the Bureau of the Treasury (BTr) as part of the national government's revenue share from government-owned or controlled corporations (GOCC) as of September, the Department of Finance announced yesterday.

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DOF Secretary Ralph Recto said the full-year projection of the dividend remittance could reach more than the agency’s “conservative” expectation of P117 billion to P157 billion. Once attained, it is equivalent to a 34 percent increase.

“Every peso will be put toits rightful use, growing the economy and uplifting the lives of our people. It is incumbent upon every GOCC head to heed the directive to uphold integrity at all times,” Recto said.

State-owned financial institution Land Bank of the Philippines led all GOCCs by remitting the highest contribution of P33.53 billion to the national government, which Landbank had promised to remit in May this year.

Last year, Landbank also topped all GOCCs with the highest remittance to the Treasury at P32.12 billion.