Marcos leads turnover of P88.5B in GOCC dividends

President Ferdinand Marcos Jr. delivers a speech for GOCC Day on May 6, 2024, at the Philippine International Convention Center. (Photo from his Facebook page)

MANILA, Philippines — President Ferdinand Marcos Jr. oversaw the turnover of P88.5 billion in dividend collections from government-owned and -controlled corporations (GOCCs) on Monday at the Philippine International Convention Center (PICC).

The event is called GOCC Day, an annual event first organized by the Department of Finance (DOF) in 2011.

In his speech, the president assured the public that the money would be used to improve government service.

“Since those dividends also come from the people, let me assure you that they will be carefully spent like the precious taxes that come from the sweat of their brow. It will be plowed back to them through projects and programs that will improve their lives today, and also create a better tomorrow for our children,” Marcos said in his speech.

“It will be invested back to growth-inducing activities that create jobs and harness opportunities. In the end, these dividends will yield more dividends, unleashing a virtuous cycle that lifts up those we serve to a higher standard of living,” he added.

READ: GOCC dividend collections reach P52.6 billion in 2021

READ: Nonperforming GOCCs 

According to the DOF, the P88.5 billion was collected as of May 2024, an elevenfold increase over the P8 billion collected from the same period in 2023.

A total of 47 GOCCs contributed to the total remittance. The Land Bank of the Philippines has the highest contribution, followed by the Philippine Deposit Insurance Corp., and the  Bangko Sentral ng Pilipinas.

Here are the top 10 GOCCs with the highest dividend remittances:

• Land Bank of the Philippines: P32.11 billion
• Philippine Deposit Insurance Corp.: P10.67 billion
• Bangko Sentral ng Pilipinas: P9.20 billion
• Philippine Ports Authority: P5.05 billion
• Philippine Amusement and Gaming Corp.: P4.59 billion
• Manila International Airport Authority: P3.45 billion
• Subic Bay Metropolitan Authority: P3.07 billion
• Philippine Charity Sweepstakes Office: P2.68 billion
• Philippine National Oil Co.: P2.64 billion
• National Transmission Corp.: P2.16 billion