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Facade of the Bureau of the Treasury building in Intramuros, Manila. (Photo: Alvin I. Dacanay)

State firms remit P4.54B to treasury

By Riza Lozada

The government is receiving higher shares from state firms and agencies as three government-owned and controlled corporations (GOCCs) remitted recently a total of P4.54 billion to the National Treasury. 

Under the law, 50 percent of cash dividends from GOCCs are remitted to the national government.

In their respective reports to Finance Secretary Carlos Dominguez III, the Development Bank of the Philippines (DBP) said it remitted P2.5 billion to the Bureau of Treasury (BTr) while the Philippine Ports Authority (PPA) remitted a total of P1.96 billion, the Philippine National Oil Co. (PNOC) turned over P72 million representing half of its remittances for 2016. In total, remittances from the three GOCCs reached P4,544,536,956.18.

The DBP posted a net income for dividend declaration of P5,032,316,506.65 for 2016. It generated income from its loans and receivables, financial assets, interbank loans receivables/securities purchased under agreement to resell, and deposits with banks. It also earned from its investments in securities trading, foreign exchange profits, service charges, fees and commissions, and dividends from equity investments.

The PPA reported net earnings of P3,912,857,614.00 for the company in 2016, of which half was already turned over to the Treasury in full last May 15.

Meanwhile, the PNOC posted an audited net income of P969,307,841.38 and a total dividend base of P287,799,584.03, of which half or P143,899,792.02 are cash dividends due to the national government.

It remitted 50 percent of its remittance on May 15 to the Treasury and will pay the remaining half seven working days after its receipt of its Annual Audit Report from the Commission on Audit (COA).

The PNOC generated revenues from dividends, rentals, interest income and foreign exchange gains.

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