Three state-owned agencies under the Department of Transportation (DOTr) were among the top corporations to transmit the highest dividends to government coffers.
The Manila International Airport Authority (MIAA) remitted PHP2.26 billion, the Civil Aviation Authority of the Philippines (CAAP) remitted PHP1.98 billion, and the Philippine Ports Authority (PPA) remitted PHP1.95 billion worth of dividends.
The three Government-Owned and Controlled Corporations (GOCCs) are among the top 5 state-owned companies to remit the highest dividends to the National Treasury, making up the bulk of the total PHP14.02-billion turned over to the government for 2016. The figure is around seven times higher than the 2015 remitted dividends.
Transportation Secretary Arthur Tugade instructed CAAP to remit under his term, after not turning over PHP6.31 billion worth of dividends to the National Treasury from 2011 – 2015.
Other transportation agencies among the top GOCCs to remit dividends are the Cebu Port Authority (PHP295-million) and the Mactan Cebu International Airport Authority (PHP170-million).
In a bid to enhance transparency and increase revenue, the Department of Finance (DOF) earlier revised the Implementing Rules and Regulations (IRR) of Republic Act 7656 or the Dividend Law. Under the new IRR, corporate income tax returns filed with the Bureau of Internal Revenue will be used for the dividend computation.
The transparency measure is consistent with Tugade’s anti-corruption efforts. He also directed revenue-generating agencies under the DOTr to improve collection in order to contribute to government funds.
“We are not just a policy-making agency. We are also generating revenue and contributing to the National Treasury in order to help fund projects and programs of the administration. Kaya ang bilin ko sa GOCCs, sundin niyo ang batas at ibigay ang tama at nararapat sa gobyerno,” Tugade said.