DOF receives P11.33B from DOTr agencies

FINANCE Secretary Carlos Dominguez III received three checks with a total amount of P11.33 billion representing the dividends remitted to the national government for 2017 by three government-owned and controlled corporations (GOCCs) under the supervision of the Department of Transportation (DOTr).

The Manila International Airport Authority (MIAA) formally turned over P2.01 billion, the Civil Aviation Authority of the Philippines (CAAP), P6.22 billion, and the Philippine Ports Authority, P3.1 billion in checks on the sidelines of last Friday’s regional press launch of the Philippines’ hosting of the 51st Annual Meeting of the Asian Development Bank (ADB).

DOTr Secretary Arthur Tugade led officials of the three GOCCs in delivering the checks to Dominguez, who accepted them on behalf of the Bureau of Treasury (BTr).

“I commend the MIAA, CAAP and PPA under the stewardship of Secretary Tugade for setting a good example to other GOCCs in terms of practicing fiscal discipline,” Dominguez said.

The MIAA, CAAP, and PPA were among the top GOCCs to remit the highest amounts of cash dividends to the Treasury in 2017.

Dividends remitted by GOCCs to the BTr in 2017 amounted to P30.45 billion, representing a 9.8 percent increase from the previous year’s collections of P27.73 billion, according to the DOF.

Dominguez said the 2017 dividend collections actually exceeded the P27.73 billion remittances in 2016 even if Land Bank of the Philippines was exempted from paying its P6 billion dividends in 2017 to allow it to recapitalize and better serve the increasing development needs of the country. Had these dividends not been exempted, the total dividend would have reached P36.45 billion.

Dividend collections totaling P30.45 billion last year came from 53 GOCCs. (PR)