The Philippine Fisheries Development Authority (PFDA) has announced its plans to increase its dividend payout in order to support the government’s spending efforts. According to a statement released by the Department of Agriculture (DA), PFDA will now remit 75% of its dividend payouts, up from the previous 50%, following a request from Finance Secretary Ralph Recto.
“We have to support the government in what it needs as long as it will not affect our own operations,” said Agriculture Secretary Francisco Laurel in the press release.
This increase is expected to contribute a total value of P128.4 million from the fisheries industry, marking a P54 million increase from the previous year, as reported by the DA. PFDA reported a net profit of P171.2 million in 2023.
Under Republic Act No. 7656, also known as the Dividends Law of 1994, Government-Owned and Controlled Corporations (GOCCs) are required to declare and transfer a minimum of 50% of their yearly net earnings to the national government. Last year, 51 GOCCs remitted dividends to the National Treasury, according to the Department of Finance.
