The Department of Finance has revived plans to convert state-run Philippine Crop Insurance Corp. into a reinsurer to improve its financial health and operations, providing more insurance for farmers and their crops.
The fiscal discipline that the Department of Finance (DOF) continues to impose on government-owned or controlled corporations (GOCCs) has yielded P57.55
GOCC dividends in 2021 exceed pre-pandemic levels - BusinessWorld Online bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
MANILA - The fiscal discipline that the Department of Finance (DOF) continues to impose on government-owned or controlled corporations (GOCCs) has yielded PHP57.55 billion in actual dividend remittances in 2021 from these state-run firms, or 9.4 percent higher than the 2019 pre-pandemic collection of PHP52.59 billion. These 2021 remittances exclude the dividends foregone in 2020 income from the Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP), which retained their dividend contributions to continue boosting their capital requirements, the DOF's Corporate Affairs Group (CAG) said in its report to Finance Secretary Carlos Dominguez III. Inclusive of the dividend relief granted to select GOCCs, including Landbank and DBP, the total dividend collections for 2021 amount to PHP84.72 billion, which is 22.5 percent higher than 2019's PHP69.17 billion. Under the Duterte administration (July 2016-December 2021), total dividend collections inclusive of
Government-owned and controlled corporations remitted P58 billion in dividends to state coffers last year, beating their pre-pandemic remittance of P53 billion, the Department of Finance reported yesterday.