Finance Secretary Ralph G. Recto has successfully collected P88.6 billion from 47 Government-Owned- or Controlled Corporations (GOCCs) as of May 6, 2024––eleven times higher than 2023 and a major source of non-tax revenues for the national government to fund President Ferdinand R. Marcos, Jr.’s priority programs without the need to impose new taxes on the people.

To recognize the significant contributions of the GOCCs, Secretary Recto led the GOCC Day which was graced by President Ferdinand R. Marcos, Jr. to acknowledge the top-remitting GOCCs that have exercised good corporate governance and significantly contributed dividends to the national government.

“These dividends form a major source of non-tax revenues for the government, making possible our goal of raising funds without the need to impose additional taxes on our people,” he said in his welcome remarks during the GOCC Day on May 6, 2024 at the Philippine International Convention Center (PICC).

“They help us hold down deficits and continue funding the President’s priority programs for the welfare of all Filipinos without having to borrow more,” he added.

As a result of these dividend contributions, non-tax revenues have been on the rise and have reached P206.4 billion as of the end of April, demonstrating an impressive 85% increase from the same period in 2023.

They continue to grow alongside the government’s tax collections. 

As of the end of April, the Bureau of Internal Revenue (BIR) has already collected P912.9 billion, a 16.3% increase from last the same period last year.