Investing in the Future: President Marcos Jr. Leads Turnover of P88.5 Billion in GOCC Dividends

A Monumental Day for Philippine Governance

On May 6, 2024, the Philippines marked an important milestone in its economic management as President Ferdinand Marcos Jr. presided over the annual GOCC Day at the Philippine International Convention Center (PICC). This year, the event was highlighted by the turnover of a staggering P88.5 billion in dividends from government-owned and -controlled corporations (GOCCs), a significant increase from previous years.

Record-Breaking Dividend Collections

The Department of Finance reported an elevenfold increase in dividend collections from the previous year, totaling P88.5 billion as of May 2024, compared to P8 billion collected during the same period in 2023. This substantial rise reflects the robust performance and improved profitability of the GOCCs under the current administration. A total of 47 GOCCs contributed to this remarkable achievement, with the Land Bank of the Philippines leading the pack, followed by the Philippine Deposit Insurance Corp., and the Bangko Sentral ng Pilipinas.

Top Contributors to National Growth

The top ten GOCCs contributing to the dividend pool showcased a diverse range of sectors positively impacting the Philippine economy:

• Land Bank of the Philippines: P32.11 billion
• Philippine Deposit Insurance Corp.: P10.67 billion
• Bangko Sentral ng Pilipinas: P9.20 billion
• Philippine Ports Authority: P5.05 billion
• Philippine Amusement and Gaming Corp.: P4.59 billion
• Manila International Airport Authority: P3.45 billion
• Subic Bay Metropolitan Authority: P3.07 billion
• Philippine Charity Sweepstakes Office: P2.68 billion
• Philippine National Oil Co.: P2.64 billion
• National Transmission Corp.: P2.16 billion

Presidential Assurance on Responsible Spending

During his speech, President Marcos Jr. emphasized the government’s commitment to prudent fiscal management, promising that the dividends would be reinvested into the community. He assured that these funds, derived from the efforts of the Filipino people, would be “carefully spent like the precious taxes that come from the sweat of their brow.” The planned allocation for these funds includes growth-inducing activities aimed at creating jobs and harnessing new opportunities, thus fostering a virtuous cycle of investment and development.

A Vision for a Prosperous Tomorrow

The president articulated a vision of leveraging these dividends to improve current living standards and ensure a brighter future for the next generation. The strategic use of these funds is expected to elevate the quality of life, enhance public services, and stimulate economic growth across the nation.

Conclusion

The turnover of P88.5 billion in GOCC dividends under the leadership of President Marcos Jr. not only demonstrates the financial health and operational success of these corporations but also represents a pivotal opportunity for national development. By channeling these funds into key projects and programs, the government aims to spark a cycle of prosperity that uplifts every Filipino, paving the way for sustained economic dynamism and social progress.