MANILA, Philippines — President Ferdinand Marcos Jr. on Tuesday received dividends from several Government-Owned and -Controlled Corporations (GOCCs) totaling P116.84 billion.
The President, assisted by Finance Secretary Ralph Recto and Executive Secretary Lucas Bersamin, led the turnover of the remittances during the GOCCs’ Day celebration in Malacañang.
Spearheaded by the Department of Finance, the annual event highlights the crucial role of government corporations in nation-building, especially through their dividend remittances that generate significant non-tax revenue for the national government.
This year, P116.84 billion was collected from 53 government corporations, with 15 GOCCs remitting at least P1 billion each.
Under Republic Act 7656, all GOCCs are mandated to declare and remit at least 50 percent of their annual net earnings as cash, stock, or property dividends to the national government.
These remittances help generate additional revenue without increasing taxes, supporting fiscal discipline among government corporations and ensuring that priority programs are adequately funded.
