(The Philippine Star) | Updated July 1, 2017 - 12:00am
MANILA, Philippines -
State-run National Power Corp. (NPC) has committed to remit P3.44 billion
in additional dividends to the national government within five years to settle
its arrears since 2012, the Department of Finance (DOF) said yesterday.
In a report to Finance
Secretary Carlos Dominguez, the DOF’s Corporate Affairs Group (CAG) said the
NPC has agreed to remit an additional P594 million per year starting in the
third quarter to settle its P2.97 billion arrears from 2012 to 2015.
This is on top of the
P472 million the state corporation committed as additional dividends from its
2016 profit due this month.
With these commitments,
DOF Undersecretary and CAG head Antonette Tiokno said the national government
would receive from the NPC an additional P3.44 billion in revenue from 2017 to
2021.
She said the amount
would be spent for the government’s infrastructure and social spending program.
“We told NPC that
even if we collect they will still be left with sufficient cash for their
operations,” Tiokno said.
As of end-May, Tiokno
said the NPC has already remitted P333 million to the Bureau of the Treasury
(BTr).
GOCCs are required to
remit at least half of their net profit to the national government pursuant to
Republic Act 7656 or the GOCC Dividend Law.
Dominguez earlier said
the DOF targets to collect a total of P114 billion in arrears from
government-owned and -controlled corportations (GOCCs), including the NPC,
Philippine Deposit Insurance Corp. (PDIC), Power Sector Assets and Liabilities
Management Corp. (PSALM), Philippine Charity Sweepstakes Office (PCSO), and
Civil Aviation Authority of the Philippines (CAAP).
Dominguez said the NPC
still has a total of P20.66 billion in unpaid dividends, while the PDIC has
P46.5 billion; PSALM,P28.87 billion; PCSO, P6.89 billion; and CAAP, P6.31
billion.
“There are
arrears with PDIC, PSALM, NPC, PCSO and CAAP. But, fortunately we are
making progress in these dividends,” he said.
According to Dominguez,
GOCCs with unpaid dividends cited legal concerns and poor collections for
having arrears with the national government.
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