By Prinz Magtulis (The Philippine Star), March 28, 2016
MANILA, Philippines – Higher revenue contributions and less subsidies marked last year’s financial performance by government-owned and -controlled corporations (GOCCs), data from the Bureau of the Treasury showed.
Subsidies declined 3.01 percent to P78.01 billion, while reported dividends surged 32.4 percent to P32.269 billion.
The government gives money to GOCCs to support their operations and dues. These subsidies are recorded in the monthly reported balance sheet as part of state expenditures.
In turn, these entities, by law, are required to report at least 50 percent of their annual earnings to government coffers as revenues.
“It shows better financial performance on the part of GOCCs,” Finance Assistant Secretary Ma. Teresa Habitan said in a phone interview last week.
The Department of Finance oversees GOCCs’ financial health, while the Governance Commission on GOCCs regulates their entire operations.
In 2011, President Aquino criticized certain GOCCs for offering huge bonuses and perks to their executives even as they financially underperform.
Last year, the Philippine Health Insurance Corp. (Philhealth) received the biggest subsidy amounting to P34.87 billion, data showed. Comparative data on dividends are not yet available.
Following Philhealth and their corresponding subsidies were National Irrigation Administration (P11.68 billion), National Housing Authority (P11.21 billion), National Food Authority (P4.25 billion) and National Electrification Agency (P4.18 billion).
The other billion-peso recipients of subsidies were Local Water Utilities Administration (P1.85 billion), Philippine Crop Insurance Corp. (P1.33 billion) and Social Housing Finance Corp. (P1.28 billion).
In an earlier interview, Astro del Castillo, managing director at First Grade Holdings Inc., said while more GOCC dividends are welcome, it should not be construed as a measure of efficiency.
“For example, if NHA is given P20 billion to build houses and yet it was not able to do so but it has big dividends, I do not think that’s a good measure of efficiency,” Del Castillo said.
“The real testimony of reforms is whether these institutions are able to do the mandate given them by the republic,” he added.
It’s women’s month!
“Support women every day of the year!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour
