In a recent event celebrating GOCC Day in Pasay City, President Marcos emphasized the importance of higher remittances from government-owned or controlled corporations (GOCCs) in reducing the country’s borrowings and preventing the need for increased taxes. Marcos expressed optimism that GOCCs will surpass their P100 billion remittances from the previous year, pointing out that as of May 6, the government had already collected P88.6 billion from 47 GOCCs.
Highlighting the impact of these remittances on the economy, Marcos stated that they would not only aid in the recovery of the economy but also contribute to reducing borrowings and alleviating the burden of higher taxes on the citizens. He underscored the significance of the funds collected from GOCCs, noting that in 2023, total dividend collections from 52 GOCCs reached P100.74 billion, a substantial increase from the previous year.
The top 10 contributing GOCCs were identified as Land Bank of the Philippines, Philippine Deposit Insurance Corp., Bangko Sentral ng Pilipinas, Philippine Ports Authority, Philippine Amusement and Gaming Corp., Manila International Airport Authority, Subic Bay Metropolitan Authority, Philippine Charity Sweepstakes Office, Philippine National Oil Co., and the National Transmission Corp.
Marcos emphasized that the money collected from GOCCs would be reinvested into activities that promote growth, create job opportunities, and benefit the Filipino people. He assured that dividends provided to the public would not result in fee hikes from the agencies. Finance Secretary Ralph Recto also reiterated the government’s commitment to improving tax collection efficiency rather than implementing new taxes during the remaining years of the Marcos administration.
With a 45 percent reduction in borrowings at the beginning of the year and a focus on enhancing tax collection, the Marcos administration aims to sustain economic stability and support the welfare of its citizens without the imposition of additional tax measures.
