GOVERNMENT-OWNED and/or -controlled corporations (GOCCs) had contributed to the Finance department's Privatization and Corporate Affairs Group collections to a total of P99.98 billion last year.

According to the Department of Finance (DOF), it is higher by 46 percent when compared to 2022's P68.34 billion collections.

Some 51 GOCCs had already remitted dividends to the National Treasury as of Dec. 31, 2023.

“The increased dividend collection is a result of fiscal discipline that the DOF continues to instill in GOCCs. These dividends will help manage our deficit and will be used to support the country’s development needs," Finance Secretary and Governance Commission for GOCCs (GCG) member Benjamin Diokno said.

"Rest assured, the DOF will remain steadfast in its commitment to strictly monitor the performance of our GOCCs, ensuring that they are well-run and are operating within the bounds of national development policies and programs,” he added.

Under Republic Act 7656 or the Dividends Law of 1994, it tasks the GOCCs to declare and remit at least 50 percent of their annual net earnings to the national government.

The finance official also said that the Bangko Sentral ng Pilipinas had been recorded as the top dividend contributor in 2023 with P55.61 billion followed by the Philippine Deposit Insurance Corporation with P14.05 billion.

The list also follows top dividend contributors were the Philippine Amusement and Gaming Corporation (PHP6.96 billion), Philippine Ports Authority (PHP4.44 billion), Power Sector Assets & Liabilities Management Corporation (PHP3.15 billion), and the Philippine Charity Sweepstakes Office (PHP2.67 billion).