The Philippine Charity Sweepstakes Office (PCSO) was feted one of the best performing Government-Owned and Controlled Corporation (GOCCs) for 2017 and listed in the “billionaires row” of the Department of Finance (DOF).
President Rodrigo Duterte and House Speaker Gloria Macapagal-Arroyo led the awarding held last Wednesday in Malacanang.
DOF Secretary Carlos Dominguez II joined Duterte and Arroyo in giving the awards for the GOCCs.
“This is a remarkable financial achievement. The same top contributors I mentioned earlier including now, the Philippine Charity Sweepstakes Office, made this feat possible,” Dominguez said.
“Our agency is going stronger than ever with its multi-billion lottery industry with P55 billion to P60 billion projected revenues this year,” PCSO General Manager Alexander “Mandirigma” Balutan said.
Joining Balutan in receiving the award – Certificate of Acknowledgement of Dividend Remittances – during a simple ceremony held at the Malacanang Palace last Wednesday was PCSO Chairman Anselmo Simeon Pinili.
“Seven out of 54 GOCCs remitted at least P1 billion, representing 69 percent of total remittances or P22.052 billion, and this is where PCSO ranked 5th,” Balutan said.
“We are very proud. We were seated at the front row they called, ‘The Billionaires Row’ from among all the GOCCs. Actually, [‘yung dividends] malaking tulong ito sa mga pagawaing bayan, especially sa mga utilities (e.g. electricity, water), and other infrastructures to beef up the economy,” he added.
According to Dominguez, out of 125 GOCCs, 54 have remitted a total of P32.03 billion to the National Treasury from January to July 2018.
Pursuant to Section 3 of Republic Act 7656, all GOCCs are required to declare and remit at least 50 percent of their annual net earnings as cash, stock, or property dividends to the National Government.
The total dividend collections in the first seven months of this year already exceeded the full-year total of P27.73 billion dividends contributed by GOCCs in 2016 and P30.46 billion in 2017.
“The dividends will help offset the subsidies we need to pay out to the GOCCs performing crucial social missions. They will go a long way in helping us hold down deficits and continue funding the infrastructures and social program of President Duterte,” said Dominguez in his opening remarks.
The top contributors include the Civil Aviation Authority of the Philippines with P6.225 billion, followed by the Philippine Ports Authority with P3.103 billion, the Philippine Deposit Insurance Corporation with P2.844 billion, the Philippine Amusement and Gaming Corporation with P2.593 billion, the PCSO at P2.535 billion, the Bangko Sentral ng Pilipinas with P2.5 billion, and the Manila International Airport Authority with P2.251 billion.
The event marked the 2018 GOCC Day where it recognized the significant contributions of GOCCs to the country’s developmental goals. It also served as an opportunity for the GOCC heads and board members to listen to the President’s vision for the government sector.
Last year, dividends remitted by GOCCs to the National Treasury amounted to P30.45 billion, representing a 9.8 percent increase from the previous year’s collections of P27.73 billion.
The 2017 dividend collections exceeded the P27.73 billion remittances in 2016 even if Land Bank of the Philippines(LandBank)’s P6 billion dividends in 2017 were not included to allow the institution to recapitalize and better serve the increasing development needs of the country. Had these dividends been included, the total GOCC remittances would have reached P36.45 billion in 2017.
The dividend collections last year came from 53 GOCCs based on the DOF website.