The CDC said the remittance was made to the Bureau of Treasury during the commemoration of GOCC Day in Malacanang yesterday.
GOCC stands for Government Owned and Controlled Corporation. This year’s cash dividend is the highest single- year remittance so far by CDC, bringing to P1.345 billion the total remitted dividends since 2006, the CDC said.
“CDC has continued to improve on its financial standing. Its cash position has been recorded at an all-time high at P2.277 billion at the end of 2014. Its unaudited net income is P554 million, also the highest in the 22-year existence of the staterun corporation,” the CDC public affairs department said.
The remittance of dividends is in compliance with Republic Act 7656 (or the Dividend Law), which requires GOCCs to declare and remit at least 50 percent of their annual net income to the National Treasury. It is remitted to national coffers
to fund various projects and programs of the government.
