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Bacolod City, PhilippinesMonday, June 10, 2013
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GOCC remittances earmarked
for infrastructure projects, rehab

The P27.89-billion remitted by the 38 Government-Owned and–Controlled Corporations to the national government will be used for infrastructure projects, as well as the rehabilitation of areas devastated by typhoons in recent years, Deputy Presidential Spokesperson Abigail Valte said yesterday.

Aside from infrastructure projects, the P 27.89-billion funds representing the dividend contributions and other forms of remittances from 38 GOCCs will be used for the government’s various social programs such as providing education, healthcare, food and livelihood for the Filipinos, especially the vulnerable sector.

The GOCCs turned over the dividends and other forms of remittances to the national coffers out of their operations in 2012.

Under Republic Act No. 7656, all GOCCs are required to "declare and remit at least 50 perecent of their annual net earnings as cash, stock or property dividends to the national government.

In 2011, President Aquino signed Republic Act 10149 or the Government Owned and Controlled Corporations Governance Act of 2011 that seeks to reform the operations of state-owned enterprises and to curb the perceived abuses particularly on excessive bonuses and allowances of its officials.

Upon the enactment of R.A. 10149, the GOCCs had remitted P 29-billion for 2010 and P 19.2-billion for 2011.

The 2012 earnings from operations surpassed the collections made the previous year with eight GOCCs posting at least a billion in profits.*PNA

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