The Department of Finance (DOF) said on Monday that dividends collected from government-owned or-controlled corporations (GOCCs) amounted to almost P40 billion as of April 24 this year.

In a statement, the DOF said dividend collections during the period amounted to PHP39.8 billion, significantly higher than the P8.0 billion recorded in the same period last year.

Republic Act 7656 or the Dividends Law of 1994 mandates all GOCCs to declare and remit at least 50 percent of their annual net earnings to the national government.

Finance Secretary Ralph Recto increased the dividend rate remittance of the GOCCs from their net earnings for 2023 from the minimum of 50 percent, as mandated in Republic Act 7656, to 75 percent.

Recto said the increase is part of the DOF's move to generate more funding for the Marcos, Jr. administration’s priority infrastructure and socio-development projects.

Last year, dividends from GOCCs went up by 46 percent to P99.98 billion from P68.34 billion in 2022.

Dividends from GOCCs are used to fund the accelerated implementation of programs on infrastructure and various social and economic programs of the government.

The Bangko Sentral ng Pilipinas was the top dividend contributor in 2023 with P55.61 billion, followed by the Philippine Deposit Insurance Corporation with P14.05 billion.

The other top dividend contributors were the Philippine Amusement and Gaming Corporation (P6.96 billion), Philippine Ports Authority (P4.44 billion), Power Sector Assets & Liabilities Management Corporation (P3.15 billion), and the Philippine Charity Sweepstakes Office (P2.67 billion).