Close to P28 billion in last year's earnings have been turned over by
government-owned and -controlled corporations (GOCCs) to the national
coffers to help fund the administration's programs.
The amount, which surpassed 2011 remittances by P8.8 billion, was received by President Benigno Aquino III from heads of 38 state-run firms in turnover ceremonies inside the Malacañang on Monday morning.
In his speech during the event, Aquino said the increased earnings of the GOCCs were the result of his administration's anti-corruption campaign.
"Wala pa po tayo sa kalagitnaan ng ating termino, patuloy po natin silang nailalayo sa marungis na pangalan... Iyan po ang tuwid na daan," Aquino said, echoing his administration's slogan.
He also criticized the administration of former President Gloria Macapagal-Arroyo for allegedly allowing GOCCs to be marred by various anomalies.
Land Bank
For the third straight year, the Land Bank of the Philippines remitted the biggest amount among all GOCCs, turning over P6.2 billion to the national government.
Aside from the Land Bank, seven other state-run firms were able to remit over P1 billion in earnings to the national government. These state-run firms in the so-called "billionaire's circle" are the Power Sector Assets and Liabilities Management Corp. (PSALM), the Bases Conversion Development Authority (BCDA), the Development Bank of the Philippines (DBP), the Philippine Amusement and Gaming Corp. (PAGCOR), the Philippine Ports Authority, the Philippine Reclamation Authority, and the Manila International Airport Authority.
Present during the turnover ceremonies were Senator Franklin Drilon, author of the GOCC Law; Finance Secretary Cesar Purisima; Budget Secretary Florencio Abad; and Transportation and Communications Secretary Joseph Emilio Abaya.
Under the GOCC Governance Act (Republic Act 10149), GOCCs are required to "declare and remit at least... 50 percent of their annual net earnings as cash, stock or property dividends to the national government." — Andreo Calonzo/KBK, GMA News
The amount, which surpassed 2011 remittances by P8.8 billion, was received by President Benigno Aquino III from heads of 38 state-run firms in turnover ceremonies inside the Malacañang on Monday morning.
In his speech during the event, Aquino said the increased earnings of the GOCCs were the result of his administration's anti-corruption campaign.
"Wala pa po tayo sa kalagitnaan ng ating termino, patuloy po natin silang nailalayo sa marungis na pangalan... Iyan po ang tuwid na daan," Aquino said, echoing his administration's slogan.
He also criticized the administration of former President Gloria Macapagal-Arroyo for allegedly allowing GOCCs to be marred by various anomalies.
Land Bank
For the third straight year, the Land Bank of the Philippines remitted the biggest amount among all GOCCs, turning over P6.2 billion to the national government.
Aside from the Land Bank, seven other state-run firms were able to remit over P1 billion in earnings to the national government. These state-run firms in the so-called "billionaire's circle" are the Power Sector Assets and Liabilities Management Corp. (PSALM), the Bases Conversion Development Authority (BCDA), the Development Bank of the Philippines (DBP), the Philippine Amusement and Gaming Corp. (PAGCOR), the Philippine Ports Authority, the Philippine Reclamation Authority, and the Manila International Airport Authority.
Present during the turnover ceremonies were Senator Franklin Drilon, author of the GOCC Law; Finance Secretary Cesar Purisima; Budget Secretary Florencio Abad; and Transportation and Communications Secretary Joseph Emilio Abaya.
Under the GOCC Governance Act (Republic Act 10149), GOCCs are required to "declare and remit at least... 50 percent of their annual net earnings as cash, stock or property dividends to the national government." — Andreo Calonzo/KBK, GMA News
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