GOCCs remit P52 billion dividends to state coffers

MANILA, Philippines — State-owned firms have so far remitted about P52 billion in dividends to the national coffers which can be utilized to fund the government’s social amelioration program (SAP).

Finance Secretary Carlos Dominguez said government-owned and controlled corporations (GOCCs) have so far transmitted P51.7 billion to state coffers, providing the government the capacity to distribute cash subsidies in the future.

“We will review the situation if and when the need arises,” Dominguez said, when asked if the government plans to use the GOCC dividends for additional SAP.

The Department of Budget and Management last week said it released P10.89 billion to local governments in Metro Manila to fund the SAP.

According to the National Economic and Development Authority (NEDA), the economy will lose at least P150 billion per week due to mobility restrictions in Metro Manila and other areas.

Aside from this, NEDA said the return to lockdown would affect the jobs of more than 600,000 workers as a result of industry closures and border restrictions. As a consequence, the agency said around 250,000 individuals may fall below the poverty line because of the ECQ.