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Manila Bulletin devider Business devider BSP, Pagcor, PDIC top givers to COVID fight

BSP, Pagcor, PDIC top givers to COVID fight

Published May 5, 2020 12:00 am
By CHINO S. LEYCO State-owned financial, gaming and tourism companies emerged as the largest contributors to the national government’s fundraising efforts for the country’s coronavirus disease (COVID-19) response, the Department of Finance (DOF) said yesterday. dof building 3 In a statement, DOF said that government-owned and -controlled corporations (GOCCs) have already remitted ₱129.45 billion to the Bureau of the Treasury as of April 27 to augment funds for state-led efforts to contain the further spread of COVID-19. Among the GOCCs, Bangko Sentral ng Pilipinas (BSP), Philippine Deposit Insurance Corp. (PDIC), Philippine Amusement and Gaming Corp. (Pagcor), and Tourism Infrastructure and Enterprise Zone Authority (TIEZA) were the leading contributors to government’s campaign. Based on the DOF’s Corporate Affairs Group monitoring, the BSP remitted the largest amount with ₱37.48 billion to state coffers, followed by PDIC with ₱17.9 billion, while Pagcor and TIEZA contributed ₱12 billion each. Of total ₱129.45 billion remittances, ₱91.62 billion were remitted after the effectivity of Republic Act (RA) No. No. 11469 or the Bayanihan to Heal As One Act on March 24 and up to April 29, the largest sum ever collected from GOCCs in span of only five weeks, DOF said. Before the effectivity of the Bayanihan law, GOCCs were able to remit a total of ₱37.83 billion to the Treasury from January 1 to March 23. On top of the cash dividends remitted by the GOCCs as mandated under RA 7656, the remittances also include the unutilized subsidies and payment of guarantee fees and National Government advances. Cash dividends remitted amounted to ₱121.75 billion. The GOCCs under the Department of Transportation — Manila International Airport Authority, Civil Aviation Authority of the Philippines and Philippine Ports Authority—remitted ₱17.05 billon in total. The Philippine National Oil Corp. (₱5 billion), National Power Corp. (₱4 billion), Philippine Reclamation Authority (₱3.8 billion), Bases Conversion and Development Authority (₱2.69 billion), Philippine Charity Sweepstakes Office (₱2.27 billion), PNOC Exploration Corp. (₱2 billion) and the Philippine Economic Zone Authority (₱2 billion) also remitted. Other GOCCs that remitted include the National Electrification Administration (₱1.55 billion), Metropolitan Waterworks & Sewerage System (₱1.43 billion), Clark Development Corp. (₱1.13 billion), Light Rail Transit Authority (₱1 billion) and the National Irrigation Administration (₱1 billion).
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