GOCCs recognized for PHP 109 billion in dividends

Fifty-three Government-Owned or -Controlled Corporations (GOCCs) were recognized on GOCC Day 2025 for contributing a total of PHP 109 billion in dividends to the national government as of September 12.

Led by President Ferdinand R. Marcos Jr. and Finance Secretary Ralph G. Recto, the event highlighted the critical role of GOCCs in supporting national programs without imposing new taxes on Filipinos.

“Lagi nating tatandaan: our GOCCs are not government-owned, you are people-owned,” Recto said during his keynote speech.

“All of us in government are,” he continued.

“And so every service, every policy, and every peso must honor them,” he added.

Recto emphasized that unlike the private sector, where shareholder value is the benchmark, GOCCs must prioritize “Filipino value.”

“At kung sa pribadong sektor ang sukatan ay shareholder value, sa GOCCs at sa buong gobyerno, ito ay Filipino value,” he said.

“Ang kapakanan ng bawat Pilipino ang dapat laging nasa sentro ng lahat ng ating ginagawa,” he added.

The Department of Finance (DOF) expects total remittances to reach around PHP 117 billion by year-end, further strengthening the country’s non-tax revenue base.

“Because of your cooperation, the government continues to improve public services without asking ordinary Filipinos to carry the burden of new taxes,” Recto said.

Under Republic Act No. 7656 or the Dividend Law, GOCCs are required to remit at least 50% of their prior year’s net earnings to the national government.

The DOF has since urged GOCCs to remit up to 75% to maximize non-tax revenue.

“When we set a higher bar for dividend remittances, you have not only responded, but many of you have even exceeded expectations,” Recto said.

“And you did so not merely because the law required you to, but because you remain true to the very reason you exist: to serve the Filipino people,” he added.

Among the top dividend contributors are the Land Bank of the Philippines (PHP 33.5 billion), the Bangko Sentral ng Pilipinas (PHP 18.9 billion), and the Philippine Amusement and Gaming Corporation (PHP 12.7 billion).

Other major contributors include the Philippine Deposit Insurance Corporation (PHP 10.1 billion), Power Sector Assets and Liabilities Management Corporation (PHP 9 billion), and Bases Conversion and Development Authority (PHP 5.3 billion).

Also recognized were the Philippine Ports Authority (PHP 5.2 billion), Manila International Airport Authority (PHP 3.3 billion), Clark Development Corporation (PHP 2.5 billion), and the Philippine National Oil Company (PHP 2.4 billion).

The DOF’s Corporate Sector and Strategic Infrastructure Group (CSSIG) continues to enforce fiscal discipline by strictly monitoring GOCC financial performance.

Secretary Recto reiterated the need to use every peso wisely to promote economic growth and uplift Filipino lives.

“For the rest of the bureaucracy, our job is to ensure that the dividends of our GOCCs will redound to better services,” said President Marcos.

“We need to spend these funds with utmost transparency and accountability,” he added.

“Public trust is our most valuable currency,” the president emphasized.

Secretary Recto expressed gratitude to President Marcos for advancing transparency, accountability, and good governance across all government agencies.

He also reminded GOCC officials to uphold integrity and remain vigilant against corruption.

“Sa ating mga sariling opisina, ipakita natin ito—sa paraan ng ating pamumuno, sa ating mga proseso, at sa bawat serbisyong ibinibigay natin sa publiko,” Recto said.

“Integrity must not just be preached, it must be lived daily,” he added.

“Araw-araw. Bawat oras,” he stressed.

In July, the DOF launched its first GOCC Service Caravan to bring government services directly to the people.

Recto called on more GOCCs to participate and expand the reach of essential services to communities nationwide.

“So on this GOCC Day, let us renew our covenant: to serve the Filipino people with excellence, to be not only earners of revenue but enablers of growth, guardians of public trust, and builders of a more prosperous Philippines,” Recto concluded.