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Gov't expects hefty dividends from Transco – Manila Bulletin

Published July 13, 2021, 12:20 PM
State-run National Transmission Corp. (Transco) plans to remit the company’s entire profit to the government’s coffers to help fund the country’s coronavirus response programs, the Department of Finance (DOF) revealed.
In a statement, the finance department said on Tuesday, July 13, that Transco will secure the approval of its board to comply with the DOF’s directive increasing the dividend remittance of the company for 2020 to 75 percent of its net earnings.
But instead of just 75 percent, Melvin Matibag, Transco president and chief executive officer said in his letter to Finance Secretary Carlos G. Dominguez III that they are “even open” to shell-out 100 percent of its net income last year for COVID-19 response. ....

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LANDBANK facilitates account opening for unbanked national ID registrants

MANILA, Feb. 5 The Land Bank of the Philippines (LANDBANK) has allotted more than P153 million for the hiring of over 1,000 service contract workers (SCWs) who are now being deployed to various locations across the country to assist in the opening of transaction accounts for unbanked national ID registrants.
LANDBANK president-CEO Cecilia Borromeo said facilitating the opening of bank accounts for registrants to the Philippine Identification System (PhilSys) will help ensure the speedy and efficient delivery of future government assistance programs to unbanked national ID holders.
Under this setup, the SCWs, who will augment LANDBANK s existing manpower, will co-locate with the Philippine Statistics Authority (PSA) in national ID registration centers not serviced by the bank’s Agent Banking Partners (ABPs), Borromeo said. ....

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GOCC dividends to gov't at record P157 billion in 2020

February 1, 2021 | 7:39 pm
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CASH DIVIDENDS remitted by government-owned and -controlled corporations (GOCCs) to the National Government more than doubled to a record P157 billion last year as the government leaned on the sector to help fund the pandemic response, the Department of Finance (DoF) said.
The 2020 tally was up 127% from a year earlier, factoring in foregone dividends, which the government allowed for GOCCs that needed to retain earnings, the DoF said in a statement Monday, citing a report from Undersecretary Antonette C. Tionko.
The DoF said the 2020 collection was the highest since Republic Act No. 7656 was signed in November 1993. The law requires GOCCs to remit at least 50% of their annual net earnings as cash, stock or property dividends to the National Government. ....

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Gov't-owned firms remit P160.62B to Treasury —DOF

By TED CORDERO, GMA News
Published January 1, 2021 12:23pm
Government-owned or -controlled corporations (GOCCs) remitted a total of P160.62 billion to the Bureau of the Treasury (BTr) as of December 15, 2020, according to the Department of Finance (DOF).
In a statement, the DOF said the GOCCs’ remittances will help fund the government’s continuing efforts to curb the spread of COVID-19 and provide economic relief to pandemic-hit businesses and individuals.
Of the P160.62-billion remitted to the Treasury, P133.50 billion represents the cash dividends from 55 GOCCs as mandated under Republic Act (RA) No. 7656 or the Dividends Law.
The RA 7656 requires GOCCs to remit at least 50% of their net earnings to the National Government (NG). ....

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