The Philippine Tobacco Institute (PTI), an association of cigarette manufacturers, said it is amenable to “a reasonable” price hike in the government’s tax stamps.
Pangasinan officials laud PCOO for truthful and reliable info philippinetimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from philippinetimes.com Daily Mail and Mail on Sunday newspapers.
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).