The Department of Finance (DoF) aims to expand the "billion-peso club" of government-owned and -controlled corporations (GOCCs) that remit over P1 billion in dividends to the national Treasury. Finance Secretary Frederick D. Go told reporters, as reported by BusinessWorld, that he hopes 20 GOCCs will join next year.
Currently, several GOCCs already remit billions in dividends, but Go aims to increase that number to 20 by next year, boosting government revenues. The "billion-peso club" currently includes firms like the Philippine Amusement and Gaming Corporation (Pagcor) and the Philippine Ports Authority, according to DoF data.
The push is part of broader efforts to maximize contributions from state-owned enterprises to fund infrastructure and social programs. Go emphasized the importance of GOCCs in supporting the national budget, noting that higher dividend remittances can help reduce the fiscal deficit.