President Benigno S. Aquino III, assisted by Finance Secretary Cesar Purisima and Trade and Industry Secretary Gregory Domingo, leads the bell ringing ceremony at the Philippine Stock Exchange trading floor in Ayala Avenue, Makati City on Tuesday (April 14). Also in photo are PSE chairman Jose Pardo; PSE director Eusebio Tanco; and BDO Unibank, Inc. chairperson Teresita Sy. (MNS photo)
MANILA (Mabuhay) – Government-owned and -controlled corporations (GOCCs) on Wednesday morning handed over P36.36 billion worth of checks to President Benigno Aquino III during the annual ceremonial turnover of dividends.
Forty-nine GOCCs participated in the ceremony held at the Rizal Hall in Malacañang.
The Governance Commission on GOCCs (GCG) said “GOCC Day” is being celebrated yearly in “recognition of GOCCs’ achievements and their significant contributions to the country’s national development.”
Last year’s remittances were up by more than P4 billion, from P32.31 billion in 2013
Out of all the GOCCs, the Landbank of the Philippines had the highest dividends at P6.254 billion. The Philippine Amusement and Gaming Corporation (Pagcor), on the other hand, posted the largest amount of remittances (including dividends) at P10.137 billion.
GOCCs are required by Republic Act no. 7656 to remit at least 50 percent of their income as dividends to the national government.
Other remittances include proceeds of sale of assets and income from various fees. (MNS)