Published
June 30, 2017, 10:01 PM By Chino S. Leyco
State-run National
Power Corp. (NPC) has committed to remit additional dividends to the Bureau of
the Treasury and payoff its arrears, the Department of Finance (DOF) announced
yesterday.
In a statement, Finance
Undersecretary Antoinette C. Tionko said NPC will remit additional P472 million
to state coffers and settle the company’s P2.97 billion dividends in arrears
for the 2012 to 2015 period payable in five years.
In a report to Finance
Secretary Carlos G. Dominguez III, the DOF’s Corporate Affairs Group (CAG) said
the NPC agreed to remit P594 million per year, starting in the third quarter
for its unpaid dividends.
The payoff is on top of
the regular dividends due the national government for the forthcoming years,
the DOF said.
Tionko said the
government stands to gain, starting this year and for the next four years, an
additional P3.44 billion in revenues that will be spent for infrastructure and
social spending.
The finance official,
who heads the CAG, said the NPC had remitted P333 million to the national
government in May.
“We told NPC that even
if we collect they will still be left with sufficient cash for their
operations,” Tionko said.
Dominguez said earlier
that the DOF’s target is to collect a total of P114 billion in arrears from
government-owned and controlled corporations (GOCCs), including the NPC, the
Power Sector Assets and Liabilities Management Corp. (PSALM) and Philippine
Deposit Insurance Corp. (PDIC).
The bulk of these
arrears are due from five GOCCs, namely, the PDIC with unpaid dividends of
P46.5 billion; PSALM, P29.87 billion; NPC, P20.66 billion; Philippine Charity
Sweepstakes Office (PCSO), P6.89 billion; and the Civil Aviation Authority of
the Philippines (CAAP), P6.31 billion.
Under Republic Act
7656, GOCCs are required to declare their annual income after tax and other
deductions, and to remit 50 percent of their net income to the Bureau of
Treasury (BTr).
No comments:
Post a Comment