Bangko Sentral ng Pilipinas remits P4B to Bureau of The Treasury

April 04, 2019
Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (BSP) has remitted PHP4.0 billion to the National Treasury following the effectivity of the law amending the New Central Bank Act last March 5, the Department of Finance (DOF) disclosed in a statement on Wednesday.

In its report to Finance Secretary Carlos Dominguez III, the DOF’s Corporate Affairs Group (CAG) said the dividend remittance by the BSP is in compliance with Republic Act 11211 or the law amending RA 7653, otherwise known as the New Central Bank Act.

“We got PHP4.0 billion from BSP during the signing of the enrolled bill, which amended their charter,” Finance Assistant Secretary Soledad Emilia Cruz said during a recent DOF executive committee (Execom) meeting.

Last year, dividends remitted by government-owned or -controlled corporations (GOCCs) breached the PHP40-billion mark, the highest amount ever collected since the law requiring state firms to hand over 50 percent of their annual net earnings to the national government was enacted in 1994.

The dividends totaling PHP40.18 billion remitted by GOCCs in 2018 represent a 32 percent jump from the PHP30.46 billion collected in the previous year.

Among the top dividend contributors in 2018 was the BSP, which remitted PHP3.637 billion to the Treasury. The Philippine Deposit Insurance Corp. (PDIC) was the No. 1 dividend contributor with PHP8.844 billion.

The others were the Civil Aviation Authority of the Philippines (CAAP) with PHP6.224 billion; Philippine Ports Authority (PPA) with PHP3.103 billion; Philippine Amusement and Gaming Corp. with PHP2.593 billion; Philippine Charity Sweepstakes Office with PHP2.535 billion; Manila International Airport Authority with PHP2.251 billion; and the National Power Corporation with PHP1.410 billion.

GOCCs are required to declare and remit at least half of their income as dividends to the national government, under Republic Act 7656.

Dividends remitted by GOCCs have steadily increased under the Duterte administration.

In 2017, dividends remitted by GOCCs to the National Treasury represented a 9.8 percent increase from the 2016 collections of PHP27.73 billion.