The Market Monitor Minding the Nation's Business
The Power Sector Assets and Liabilities Management (PSALM) Corporation has remitted a record-breaking P8.96 billion in dividends to the national government, the Department of Finance (DOF) announced.
In a statement last week, the DOF said Finance Secretary Ralph Recto formally received the remittance during a ceremonial turnover held Monday at the DOF office in Manila.
“We will make sure every peso you contribute will be felt by the people. It will be used for programs that matter most. It will be invested back into the nation,” Recto said.
The remittance aligns with President Ferdinand R. Marcos Jr.’s directive to promote fiscal discipline across government-owned and -controlled corporations (GOCCs) and optimize non-tax revenue to support critical programs—without resorting to additional taxes.
Under Republic Act 7656, or the Dividend Law, GOCCs are required to remit at least 50 percent of their previous year’s net earnings to the national government. To further boost revenues, the DOF has encouraged GOCCs to raise this to 75 percent.
PSALM, which is tasked with the privatization of National Power Corporation assets, managing independent power producer contracts, and settling financial obligations of NPC, delivered its all-time high remittance as part of this initiative.
“PSALM’s remittance of 8.96 billion in dividends to the National Government reflects the Corporation’s strong financial performance for the fiscal year 2024 and its dedication to good fiscal management,” said PSALM President and CEO Dennis Edward dela Serna.