State-owned companies pay dividends P31.3-B, up 64%

By Elijah Joseph C. Tubayan Reporter

FIFTY one of the 77 state-owned companies paid dividends rising to mid-July, the Department of Finance (DoF) said the Ministry of Finance said dividends paid overall were 64 percent higher than the federal government's. the dividends recorded by the General Affairs Group (CAG) of the DoF as of July 12 already exceed the annual total of 27.735 billion pesos brought by the GOCC in 2016 and 30.45 billion pula in 2017, and should easily exceed the record of 33.473 billion piastres remitted in 2015, "the statement said.

Public companies (GOCC) must declare and pay at least half of their income as dividends to the national government, as stated in the law of the Republic. 7656, or the GOCC Dividend Act.

The Philippine Civil Aviation Authority (CAAP) was the largest contributor after paying a total of 6.22 billion pesos to the United States. mid-July

P3.10 billion, Philippine Deposit Insurance Corp. with P2.844 billion, Philippine Amusement and Gaming Corp. with P2.59 billion, and the Philippine Philatelic Charity Office (PCSO) with 2, 54 billion s of Philippine pesos

The Bangko Sentral ng Pilipinas also sent P2.5 billion; P2.25 billion from the Manila International Airport Authority; 963.79 million pesos from Food Terminal Inc. (FTI); 959.04 million piastres from the Philippine Development Bank; "From January 1 to July 12, we raised more than we collected all year 2017," said Finance Secretary Carlos G. Dominguez III. that the government will hold a rotating ceremony with President Rodrigo R. Duterte receiving the checks.

"We [also] have to thank [Transportation] Secretary [Arthur P.] Tugade, he really helped, the big collections come from DoTr (Department of Transportation) agencies," Dominguez said.

The DoF also noted that the PSCO paid dividends for the first time, after the Audit Commission had to be surrendered first before allocating its income to a special fund .

"The charter [PCSO] says that any surplus that they have … should be returned to the charitable fund.A question of interpretation.But we told them that even CoA says that 39; is after the dividend payments and any surplus – this one will be donated to a charity fund, "said Deputy Secretary of Finance, Soledad Emilia F. Cruz:" The problem is a more efficient use of government funds. Many of these guys just accumulate money … They're not spending, they do not have a program, "said Dominguez for his part.

Dominguez even proposed a "single fund concept" in which all GOCCs have a unit deposit account

"Everybody has a fund, you need money, you have to ask, do not keep yours." C & # Is an efficient cash management, we are not there yet but we are working on it, "he said,

" For what should we pay for interest when in fact it's right there in corporate accounts, "he added.