PICC Complex, Pasay City
May 6, 2024
“Let me thank you for the services that you have rendered, and for the dividends you have remitted… Since those dividends also come from the people, let me assure you, that will be carefully spent like the precious taxes that come from the sweat of their brow,” said President Ferdinand R. Marcos Jr. as he led the 2024 Government-Owned or -Controlled Corporations’ (GOCC) Day at the Philippine International Convention Center (PICC) in Pasay City on May 6, 2024.
According to the Department of Finance (DOF), as of 3 May 2024, the National Treasury has received PhP88.56 billion remitted dividends from 47 corporations. This is expected to surpass the previous year’s PhP99.98 billion in remitted dividends.
Based on the latest reports, the Land Bank of the Philippines (LBP) emerged as the top dividend contributor with PhP32.12 billion, followed by the Philippine Deposit Insurance Corporation (PDIC) with PhP10.68 billion and the Bangko Sentral ng Pilipinas (BSP) with PhP9.2 billion.
In his keynote address, President Marcos Jr. commended the substantial contributions of the GOCCs to the nation’s progress, urging them to continue striving for excellence and service to the Filipino people. He also emphasized the dual role of the GOCCs as service providers and revenue generators.
“Our call for higher earnings is a call for efficiency, and this goes especially to the agencies that deal directly with the people. This should not be taken as a license to hike the fees that they pay… They should only be enough to recoup the expenses made in rendering these services and should not be a pretext for profit,” he said.
The Chief Executive also recognized the DOF’s role in ensuring the fiscal health and accountability of GOCCs.
“To the GOCCs who by their mandate precludes them from remitting income to the public coffers, you can actually help the people by reducing the taxpayer subsidy that you require. But to the GOCCs who render essential services, the government’s commitment to fund your operational needs remain steadfast and firm,” he added.
Furthermore, the President stated that the revenues will be invested back to growth-inducing activities that create jobs and harness opportunities, initiating a ‘virtuous cycle’ that aligns with the ultimate goal of improving the country’s standard of living.
“I look forward to seeing a concerted, all-inclusive, and whole-of-government approach in our development efforts - one that is true to our vision of the Bagong Pilipinas we aspire for our people,” President Marcos Jr. concluded in his message.
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