CLARK FREEPORT — The Department of Finance (DOF) has named the Clark Development Corp. (CDC) as one of the top 10 government-owned and controlled corporations (GOCC) which have remitted dividends to the national treasury with its P815-million cash contribution.
The DOF list indicated that CDC was the only agency with local coverage in the list of top contributors, as the others had national coverages.
The list included the Philippine Amusement and Gaming Corp. (PAGCor) which was the highest contributor with P16.17 billion followed by Philippine Deposit Insurance Corp. (PDIC) with P4.58 billion and Bangko Sentral ng Pilipinas (BSP) with P4 billion.
In a statement, the CDC noted it “even surpassed the Philippine Charity Sweepstakes Office (PCSO) with P744 million, PNOC Exploration Corp. with P699 million cash dividends, and Philippine Economic Zone Authority (PEZA) with P650 million cash remittance.”
Other agencies who were included are the Philippine Ports Authority with P3.51 billion remittances, Manila International Airport Authority with P3.42 billion, and National Power Corp. (Napocor) with P842 million.
The CDC has declared P2.016 billion cash remittances to the national treasury in the past three years, including P500 million in 2016 and P700 million in 2017, and P815 million in 2018.
“These remittances represent half or 50 percent of the total remittances by the stateowned firm to the National Treasury in its 25- year existence,” the CDC said.
Under Republic Act No. 7656 also known as the Dividend Law, GOCCs are required to declare and remit at least 50 percent of their annual net earnings to the national government.
