Connect with us

Hi, what are you looking for?

Economy

Government firms remit P21.44B in dividends to national Treasury

TEN GOVERNMENT-OWNED and -controlled corporations (GOCCs) remitted a combined P21.44 billion in dividends to the Treasury just before the close of the first quarter, helping finance the coronavirus containment effort, the Department of Finance (DoF) said Tuesday.

The DoF said as of March 26, the National Transmission Corp. remitted P8.3 billion and the Philippine Deposit Insurance Corp. P7.1 billion.

Last year, at the height of the pandemic, the government also asked GOCCs to remit their dividends ahead of time, after revenue was dampened by the lockdown, which slowed the economy and reduced opportunities to collect tax revenue.

Republic Act 7656 requires GOCCs to remit to the National Government at least 50% of their net income as dividends.

GOCC dividends to the government hit a record P157 billion in 2020.

The government is expected to ramp up spending again this year after the capital region and its surrounding provinces were placed under the strictest form of quarantine for a week.

One of the spending items is a new cash aid program as approved by the Development Budget Coordination Committee (DBCC), the details of which were due to be reported by the Palace, according to Budget Undersecretary Laura B. Pascua on Tuesday.

Ms. Pascua said the additional funds will not push the budget deficit to exceed the 8.9% of gross domestic product cap set by the DBCC late last year.

“(The budget for the subsidy program will not come) from 2021 (budget) because we want to still support growth for the year. Infrastructure funds will be protected as much as possible,” she added.

The government has a P4.5-trillion budget for this year, over P1 trillion of which was allotted to infrastructure projects.

The proposed subsidy program follows the P23 billion in cash aid for poor households over two months launched by the government at the start of the lockdown.

The Department of Budget and Management on Tuesday said it has released the funds to local government units (LGUs), which will facilitate the distribution of assistance in the National Capital Region, Bulacan, Cavite, Laguna, and Rizal.

An estimated 22.9 million individuals are expected to receive P1,000 worth of assistance from their LGUs either in cash or in kind. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

THE SENATE on Monday ratified the Bicameral Conference Committee report on a measure that seeks to lower the minimum investment hurdle for foreign retailers...

Economy

The Philippines is one of 17 countries that have kept schools fully closed since the pandemic began, according to a report released by the...

Economy

Workers are busy cleaning in preparation for the restaurant’s reopening in Marikina City. — PHILIPPINE STAR/ MICHAEL VARCAS THE RESTAURANT industry is anticipating some...

Economy

EXCISE TAX collections from cigarettes jumped by 31% to P83 billion in the first seven months, with more than half coming from Philip Morris...

Investing

The world’s largest franchisor of home service brands, has announced the acquisition of Pimlico Plumbers, central London’s leading independent residential and commercial service and...

Economy

MEGAWORLD Corp. will be spending P40 billion to develop an eco-tourism township in Palawan in the next 10 to 15 years, Andrew L. Tan’s...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!