President Ferdinand R. Marcos Jr. honored on Monday the Government-Owned or -Controlled Corporations (GOCCs) for their invaluable contributions not only to the nation’s coffers, but also to the continued progress of the Philippines as envisioned under a “Bagong Pilipinas.”
In his speech during the 2024 GOOCs’ Day, President Marcos highlighted the significant role played by GOCCs in the advancement of the Philippines, which serves as a motivation for other government agencies to perform better.
President Marcos also honored the people behind the GOCCs.
“The passion, drive, and energy that you have demonstrated in your respective institutions have contributed significantly to the growth and prosperity of our people and of our economy,” President Marcos told the GOCCs.
President Marcos said the GOCCs are not just revenue generators, but service providers whose value and worth are found both in the treasury and on the services they render to the Filipino people.
He said GOCCs are public trusts designed to be “Government Frontline Institutions” as he thanked them for their services and the dividends rendered to the government.
The Chief Executive said the dividends remitted by the GOCCs last year reached PhP100 billion.
He expressed confidence that the PhP100 billion remittance will be surpassed this year with the remittance of GOCCs standing already at PhP88.56 billion as of May.
He assured the GOCCs that the Filipino people will benefit from the remittances.
“Since those dividends also come from the people, let me assure you, that they will be carefully spent like the precious taxes that come from the sweat of their brow. It will be plowed back to them through projects and programs that will improve their lives today, and also create a better tomorrow for our children,” President Marcos said.
“It will be invested back to growth-inducing activities that create jobs and harness opportunities. In the end, these dividends will yield more dividends, unleashing a virtuous cycle that lifts up those we serve to a higher standard of living,” he added.
“To put it in the proper perspective, the dividends are not being remitted to the government to be stored, but to help the people, for after all, they are the GOCCs’ true stakeholders. Our call for higher earnings is a call for efficiency, and this goes especially to the agencies that deal directly with the people,” he further stated.
President Marcos also assured the GOCCs that the dividends to be provided to the Filipino people will “not be taken as a license to hike the fees they pay.”
He said the GOCCs, whose mandate precludes them from remitting income to the public coffers, can help the people by reducing the taxpayer subsidy required while those who rendered essential services can be assured of the government’s commitment to fund their operational needs.
“Whatever the function is, I trust that you will all be practitioners of sound corporate governance. Let every unit in the GOCC sector stand as paragons of dedication to service and innovation, to be adept to changes, and adaptable to new developments,” President Marcos said.
Before concluding his speech, President Marcos thanked the Department of Finance (DOF) and the GOCCs for their unwavering services to the nation and the Filipino people through their remittances that don’t only allow the economy to recover, but also cut borrowings and lessen the pressure to inflict higher taxes.
“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 that we aspire for, for our people,” the chief executive disclosed.
President Marcos served as the guest of honor and speaker of the 2024 GOCCs’ Day at the Philippine International Convention Center (PICC) in Pasay City.
He also led the awarding of Certificates of Acknowledgement of Dividend Remittances to the GOCCs who remitted dividends to the national government.
The total dividend collections from 52 GOCCs amounted to PhP100.74 billion in 2023, which is 47 percent higher than the PhP68.34 billion collections in 2022.
The top 10 contributing GOCCs are as follows:
1. Land Bank of the Philippines – PhP32.12 billion
2. Philippine Deposit Insurance Corporation – PhP10.68 billion
3. Bangko Sentral ng Pilipinas – PhP9.2 billion
4. Philippine Ports Authority – PhP5.06 billion
5. Philippine Amusement and Gaming Corporation – PhP 4.60 billion
6. Manila International Airport Authority – PhP3.45 billion
7. Subic Bay Metropolitan Authority – PhP3.07 billion
8. Philippine Charity Sweepstakes Office – PhP2.7 billion
9. Philippine National Oil Company – PhP2.64 billion
10. National Transmission Corporation – PhP2.16 billion
The DOF initiated the conduct of the GOCCs’ Day in 2011 as part of the government’s efforts to recognize their contributions to the national government pursuant to Republic Act No. 7656. |PND
