Latest news with #GOCCs
GMA Network
26-05-2025
- Business
- GMA Network
Landbank declares record-high P33.53-B cash dividends
State-run Land Bank of the Philippines (Landbank) declared Monday a record-high P33.53 billion in cash dividends to the national government, keeping its standing as the top contributor among government-owned and -controlled corporations (GOCCs) for the second straight year. The latest dividends compare with the P32.12 billion Landbank remitted in 2024, when it posted a P35.358-billion net income as its interest income stood at P140.634 billion, and interest expense was recorded at P43.386 billion. 'The P33.53 billion dividend underscores Landbank's unwavering support for government priorities that uplift lives and communities across the country,' Landbank president and chief executive officer Lynette Ortiz said in a statement. 'It also reflects our strong financial foundation and vital role as a pillar of inclusive growth, ensuring that our sustained performance translates into real and lasting impact,' she added. Under Republic Act 7656 or the Dividend Law, GOCCs are mandated to declare and remit at least 50% of their net earnings as dividends to the national government. Landbank opened 2025 with a P13.29-billion net income to reflect an 11% increase from P11.98 billion the previous year. It ended the quarter with P3.426-trillion worth of assets, and a gross loan portfolio of P1.58 trillion. The bank is mandated to promote rural development while remaining financially viable. It implements the comprehensive agrarian reform program (CARP), provides assistance to small farmers and fisherfolk, and serves as an official depository of government funds. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News
GMA Network
21-05-2025
- Business
- GMA Network
GOCCs remitted over P76B to state coffers as of May 15, 2025 — DOF
The dividend remittances from the earnings of government-owned or -controlled corporations (GOCCs) has reached over P76 billion as of May 15, 2025, the Department of Finance (DOF) said Wednesday. In a statement, the DOF said the amount was sourced from around 50 GOCCs — with about 13 state-owned firms contributing at least P1 billion each. Among the top contributor-GOCCs were the following: Landbank of the Philippines Philippine Amusement and Gaming Corporation Philippine Deposit Insurance Corporation Philippine Port Authority (PPA) Manila International Airport Authority (MIAA) Clark Development Corporation (CDC) Philippine National Oil Company (PNOC) Bases Conversion and Development Authority (BCDA) Philippine Charity Sweepstakes Office (PCSO) Subic Bay Metropolitan Authority (SBMA) Maharlika Investment Corporation (MIC) Philippine Economic Zone Authority (PEZA) Philippine Guarantee Corporation (PHILGUARANTEE) The Finance Department said the amount of GOCCs' dividend remittances are expected to exceed P100 billion by end of the year. The DOF said GOCC dividends are a major source of non-tax revenues for the national government to fund the administration's priority programs 'without the need to impose new taxes on the people.' 'I thank our hardworking GOCCs for their continued support to the national government and for heeding the President's call for an all-inclusive, whole-of-government approach in realizing the government's development plans that will benefit every Filipino,' said Finance Secretary Ralph Recto. 'These non-tax revenues allow us to support the government's expenditure program for the year, enabling the DOF to stay on track with its fiscal program and mobilize funds for our priority programs and projects,' added Recto. The Finance chief said the sustained increase in dividend remittances from state-owned firms 'shows that our GOCCs are continuously operating efficiently and generating substantial profits, enabling them to contribute more to the National Treasury.' Under Republic Act No. 7656 or the Dividend Law, GOCCs are required to remit at least 50% of their net earnings during the preceding year as dividends to the national government. To maximize non-tax revenue, the DOF said it has requested state-owned firms to increase this share to 75%. — RSJ, GMA Integrated News
Filipino Times
27-01-2025
- Business
- Filipino Times
Pag-IBIG Fund named among GCG's Top Performing Government Firms for Good Governance
Pag-IBIG Fund was recognized as one of the top performing government-owned companies by the Governance Commission of GOCCs (GCG) in an awards ceremony held in Pasay City recently. Based on its evaluation systems, the GCG named Pag-IBIG Fund in the Top 10 Government Owned and Controlled Corporations or GOCCs for earning the highest ratings. 'We are truly honored to be one of the top 10 GOCCs recognized by the GCG. This is yet another testament to Pag-IBIG Fund's consistently outstanding performance that it is known for. This further inspires us to continue doing our best, as we continue to heed the directive of President Ferdinand R. Marcos, Jr. in pursuing excellence in government service so that more of our countrymen can gain better lives through Pag-IBIG Fund's programs and services,' said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development (DHSUD), who is also the chairman of the 11-member Pag- IBIG Fund Board of Trustees. The GCG Awards was held in November 2024 at the Philippine International Convention Center to recognize GOCCs for their outstanding performance in the Corporate Governance Scorecard and in the Performance Evaluation System or PES for year 2023. The awarding ceremony was led by GCG Chairperson Atty. Marius P. Corpus, Commissioners Atty. Brian Keith F. Hosaka and Atty. Geraldine Marie B. Berberabe-Martinez, and other top officials of the said agency. 'We would like to thank GCG for the recognition given to Pag-IBIG Fund. GCG's recognition exemplifies our strong performance in bringing our savings and home loan programs to more members, our robust financial standing, and consistent adherence to best governance practices in 2023. We are committed to serving our members wholeheartedly with our Lingkod Pag-IBIG brand of service – Tapat na Serbisyo, Mula sa Puso,' said Pag-IBIG Chief Executive Officer Marilene C. Acosta.
