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2015 GOCC Dividends Day : Remittance to the National Government

Forty-eight Government-Owned and Controlled Corporations (GOCC) turned over to the President checks amounting to P36.36 billion in dividends and other remittances to the national treasury, resulting from their operations in 2014, during the ceremonial turnover called the "GOCC Dividends Day" at the Rizal Hall of the Malacañang Palace last Wednesday (May 13, 2015), the news said.

Section 3 of the Republic Act No. 7656 states that all GOCCs are required to “declare and remit at least… 50% of their annual net earnings as cash, stock or property dividends to the National Government.” This practice of declaring and remitting dividends started in 2011 under the Department of Finance in order to give due recognition to the GOCCs for the dividends that would be remitted to the National Government in compliance with RA No. 7656.



The Philippine Amusement and Gaming Corporation (PAGCOR) posted the highest dividends, remitting a total of P10.137 billion, followed by Landbank of the Philippines (LBP) with P6.254 billion.

Joining PAGCOR and LBP in the Billionaires Club, an elite class of contributors that have declared P1 billion or more in dividends, are the Bases and Conversion Development Authority (P3.201 billion); Development Bank of the Philippines (P3.135 billion); Food Terminal Inc. (P2.305 billion); Philippine Deposit Insurance Corporation (P2.1 billion); Philippine Ports Authority (P1.817 billion); Philippine National Oil Company (P1.525 billion); Manila International Airport Authority (P1.339 billion); and the Philippine Reclamation Authority (P1.2 billion).

Below is the copy of the Speech of the President delivered during the said ceremony.


Talumpati
ng
Kagalang-galang Benigno S. Aquino III
Pangulo ng Pilipinas
Sa 2015 GOCC Dividends Day

[Inihayag sa Bulwagang Rizal, Palasyo ng Malacañan, noong ika-13 ng Mayo 2015]

Naalala ho n’yo noong unang SONA natin–about a month into office–pinag-usapan natin ‘yung mga bonus. Mayroong isang GOCC na may mid-year bonus, productivity bonus, anniversary bonus, year-end bonus, financial assistance. Madugo ho nito, ‘yung allowances po nila, mga P160.1 million, pero P211 million ang natanggap po nila. Kumbaga, ‘yung bonus was substantially a lot more than what they were receiving in terms of the regular pay and benefits. At ang problema, lugi sila.

Sabi nga ng isang analogy–puwede natin sabihin dito noong nag-umpisa tayo–[sa] dinatnan natin sitwasyon sa GOCCs, “Ginagatasan na, gusto pang karnehan.” At siyempre ho, ‘yung kawawa hong baka o kalabaw, medyo hindi ho tatagal sa ganung sitwasyon. So minabuti po natin na talagang ayusin ang sistema. Unang-una, tukuyin muna ang problema. Sa pangunguna ni Cesar Purisima, siniyasat ano ba ang mga mali, ano ba’ng puwedeng gawin, na tumungo naman noong binigyan tayo ng batas sa tulong po ni Senate President Drilon at saka ni Jun Abaya, na congressman noong panahon na iyon; nabigay sa atin itong batas na talagang magpo-professionalize sa atin mga GOCCs.

Di ko na uulitin ho ‘yung litanya ng mga problemang dinatnan natin, baka maganda pag-usapan na lang natin ‘yung resulta.

Sa dividends po, mula 2001 up to 2009, tinatayang nakatanggap ang National Government ng P84.18 billion. Panahon po natin, mula 2010 hanggang 2015, lumaki po ‘yung numero, naging P131.28 billion. Ibig sabihin po no’n, isama na natin ‘yung 2016, malamang ay may kapanatagan ang loob namin ni Cesar Purisima na ipangako sa inyong dodoblehin iyung dibidendo mula sa dinatnan natin sa mas konting oras. Tandaan na lang po natin, pinalitan natin [ay] nine and a half years pong namuno, tayo po’y nasa fifth year pa lang. So ngayon ho ay konti lang. Kung P20-plus billion per year ang nire-remit n’yo, ngayon ay may P131 billion na ho tayong puhunan, ‘yung doble po ng P84 billion eh di P160 billion more or less. Mukhang sigurado na tayo. Pero ‘pag nag-relax kayo, mukhang mapapako ‘yung pangako ko. Kaya pakiusap ko ho, huwag kayong mag-relax. Baka puwedeng dagdagan pa natin ang kayod.

Bigyan natin ng other success stories. GSIS income in 2010 was at P64 billion. In 2014, it’s now P131 billion. Can we give a big hand to Bernie Vergara and the whole team. Assets, P506 billion in 2010 is now P910 billion. Claims and benefits from P46 billion, it has reached P84 billion. Tapos we can go on and on. Pero talaga naman pong sa nakita nating datos kanina, you go from success to success. So huwag kayong mag-alala. ‘Yung last part nitong speech ho ‘yung good news naman para sa inyo.

Part of the reform process also, ‘yung mga nawala na sa landas na mga GOCC. ‘Yung mga tatlo, apat, o limang empleado na lang na hindi na alam actually kung ano ang ginagawa nila dahil natapos na ang kanilang relevance. Di ba itinayo ang GOCC to provide service to the country that is not provided by the commercial interest of [inaudible] , to be the pioneer. Meron ho kasing itinayo–medyo marami-rami ho itong mga itinayo at gumawa ng dahilan para manatiling buhay–’yung iba ho ang ginawang dahilan, tumulong sa eskandalong napala natin sa PDAF. Sinarado na rin ‘tong mga kompanyang ito. Di ko na babalikan ang mga pangalan nila. Buti nang ilagay natin sa limot itong mga talagang hindi nakatulong sa sambayanan.

Having said all of this, pinangako ho natin sa umpisa, pagbaba natin sa puwesto–which will happen a year and a month from now–di-hamak na mas maganda ang makikita natin o maiiwan nating sambayanang Pilipinas kaysa dinatnan natin.

Kayo po, na mga kabilang sa GOCC, dapat naman talagang palakpakan ang bawat isa sa inyo na talagang tumulong din sa pagrerepormang ‘to, na talagang nagpakita kung ano ang puwedeng mangyari at dapat sanang nangyari mula noong umpisa pa.

Ang pakiusap ko po: Huwag tayong titigil; huwag tayong makontento sa nagawa na; mag-isip pa tayo ng paraan para ba lalong mapaganda ‘yung iiwan nating biyaya, pakinabang, serbisyo sa taumbayan na siya namang lumikha at talagang tumatangkilik sa atin at sumusuporta sa atin.

Having said all of this, I am directing now Secretary Purisima, and Mr. Villanueva, and also Butch Abad: I want a review of the bonuses that have been accruing all of the people involved in the GOCCs. Dahil in our interest to make you more efficient, baka naman kayo ang nakalimutan. Pinasaya n’yo ‘yung bansa, baka kayo naman ang pinalungkot nang todo-todo.

So I expect the review to happen in about a month’s time, [palakpakan] and we will seek to maximize the benefits accruing everybody as empowered by the pertinent laws.

Di na ako magpapakahaba pa. ‘Yung inaaksaya kong oras n’yo, habang puwede naman kayong nasa opisina n’yo at lalong hinahanda ‘yung dibidendo ng next year [tawanan], hindi ko na ubusin. Pero napansin ko lang ho, may meryenda ho yatang hinanda, kaliwa’t kanang portion ng Rizal Hall. Mapapansin ho n’yo, hindi lang turon. [Tawanan] Sana hindi lang ‘yan ang napala nating bonus for your very splendid work for the past year.

Again, many thanks on behalf of our people. Keep up the good work.

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About Vincent Perdiguez

CPADavao.com is a "business blog" maintained by Mr. Vincent C. Perdiguez. Vincent is an accountant by profession. He is writing about accounting, business and the profession. He is an alumnus of the Mindanao State University - Iligan Institute of Technology (MSU-IIT). He's been working as bookkeeper and internal auditor for small and medium businesses here in Davao City. You can reach him through mobile at 0916-2764-585 (Globe) or by email to vincent.perdiguez@cpadavao.com. Thank you for subscribing to us.
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