BSP remits P4B to Treasury

Photo shows the exterior of the Ayuntamiento de Manila building, now the Bureau of the Treasury headquarters in Intramuros, Manila. WIKIMEDIA

MANILA – The Bangko Sentral ng Pilipinas (BSP) has remitted P4.0 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 P4.0 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 P40-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 P40.18 billion remitted by GOCCs in 2018 represent a 32 percent jump from the P30.46 billion collected in the previous year.

Among the top dividend contributors in 2018 was the BSP, which remitted P3.637 billion to the Treasury. The Philippine Deposit Insurance Corp. (PDIC) was the No. 1 dividend contributor with P8.844 billion.

The others were the Civil Aviation Authority of the Philippines (CAAP) with P6.224 billion; Philippine Ports Authority (PPA) with P3.103 billion; Philippine Amusement and Gaming Corp. with P2.593 billion; Philippine Charity Sweepstakes Office with P2.535 billion; Manila International Airport Authority with P2.251 billion; and the National Power Corporation with P1.410 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 P27.73 billion./PN


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