Ten state-owned firms have deprived government of at least P68.66 billion over a ten-year period through unremitted or undeclared dividends, the Commission on Audit found.
In its 2015 annual financial report released recently, the commission named the government-owned-and-controlled corporations (GOCC) that denied the government of its rightful share of dividends through non-declaration, failure to record, failure to remit and under-remittance:
National Food Authority = P937.6 million
Philippine Sugar Corp. = P441.2 million
Philippine Postal Corporation = P356.4 million
Local Water Utilities Administration = P343.1 million
Philippine Rice Research Institute = P82.2 million
Power Sector Assets and Liabilities Management Corp. (PSALM) = P27.279 billion
Philippine Deposit Insurance Corp (PDIC) = P23.817 billion
Philippine Amusement and Gaming Corp (PAGCOR) = P15.401 billion
Philippine Aerospace Development Corp. (PADC) = P6.84 million
Civil Aviation Authority of the Philippines (CAAP)
Republic Act No. 7656 requires GOCCs to remit at least half of their annual net earnings as cash, stock or property to the national government, which “shall be received by the National Treasury and recorded as income of the General Fund.”
The law exempts those tasked “to administer real or personal properties or funds held in trust for the use and the benefit of its members” such as, but not limited to, the Government Service Insurance System, Pag-IBIG (Home Development Mutual Fund), Employees Compensation Commission, Overseas Workers Welfare Administration and Philippine Medical Care Commission.
Camarines Sur Rep. LRay Villafuerte called on the Governance Commission for GOCCs (GCG) to look into the violations of books of the ten firms that may have violated the law.
“We will first let the GCG do its job of evaluating the performance of these GOCCs,” said Villafuerte, vice chairman of the House Committee on Appropriations.
“If the GCG is not up to the job, then I might file a resolution calling for a congressional probe into these GOCCs that have either not remitted, under-remitted, under-declared or not declared at all the dividends due the national government to the tune of close to P69 billion.”
The post COA: Gov’t Lost P68-B From Undeclared Dividends by 10 GOCCs appeared first on Manila Bulletin.
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