DIVIDEND remittances from state-owned firms have ballooned to almost P89 billion just a little over four months into 2024, Finance Secretary Ralph Recto said on Monday.
The government was said to have collected P88.6 billion from 47 government-owned and -controlled corporations as of May 6, 11 times higher than the P8 billion recorded during the same period last year.'These dividends form a major source of non-tax revenues for the government, making possible our goal of raising funds without the need to impose additional taxes on our people,' Recto said in remarks during GOCC Day at the Philippine International Convention Center.
President Ferdinand Marcos Jr. chats with Finance Secretary Ralph Recto during the Government-Owned or Controlled Corporations’ Day celebration held at the Philippine International Convention Center in Pasay City. They help us hold down deficits and continue funding the President's priority programs for the welfare of all Filipinos without having to borrow more,' he added.Last month, Recto announced that the dividend rate for state-owned firms had been adjusted to 75 percent from 50 percent in a bid to fund the government's priority programs.
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