LANDBANK TOPPED THE LIST OF 21 GOCCS IN DIVIDEND REMITTANCE

The GOCC Governance Day on February 6 was highlighted by the turn-over ceremony to President Aquino of P19.283 billion representing dividend contributions from 21 government-owned and –controlled corporations in Malacañang's Rizal Hall.

The Land Bank of the Philippines topped the list with a total of P5 billion in remittances while the Development Bank of the Philippines remitted P4.012 billion. Philippine National Oil Co. and its subsidiary PNOC-Exploration Corp., a total of P3.5 billion; and the Civil Aviation Authority of the Philippines, P1.362 billion.

The Philippine Ports Authority remitted P1.2 billion; Philippine Amusement and Gaming Corp., P1 billion; Manila International Airport Authority, P1.142-billion; Philippine Reclamation Authority, P700 million; Philippine Deposit Insurance Corp., P470 million; and National Home Mortgage Finance Corp., P18 million.

The Cebu Ports Authority remitted P50 million; Clark Development Corporation, P100 million; Philippine Leisure and Retirement Authority, P106.9 million; Trade Investment and Development Corporation, P65 million; Philippine Economic Zone Authority, P276 million; and Bases Conversion Development Authority, P504 million. The Metropolitan Waterworks and Sewerage System remitted P150 million; the National Livelihood Development Corp., P70 million; Mactan-Cebu International Airport Authority, P48 million; and National Housing Authority, P7.3 million.

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In 2011, President Aquino issued Executive Order No. 24 which rationalized the compensation received by GOCC board members.

Congress also passed the GOCC Governance Act of 2011 or RA 10149 which aims to streamline and rationalize the compensation and benefits of those appointed to GOCCs and other government financial institutions (GFIs) and limit the terms of appointees to one year.

Under RA 10149, an oversight body, the GOCC Commission on Governance (GCG) shall monitor the work efficiency and performance of GOCC personnel.

The GCG shall also assess the performance of GOCCs for possible changes, closure or privatization of such government corporations, and recommend to the President a short list of suitable and qualified candidates for the members of the GOCC boards and other executives.

“We removed those who are corrupt, we looked for leaks in funds that go directly to the caprices of a few, and put an end to short-cuts in the transactions of their corporations. What is the result of all this? This year, 21 GOCCs turned over more than P19 billion in dividends to the national government,” the President said.

He said the amount would be spent on education, health care, poverty alleviation, and other basic services.

The President said that the creation of the Governance Commission for GOCCs (GCG) would ensure the “upright and effective management of government corporations,” and expressed confidence that its chairman, Cesar Villanueva, would build on the level of public trust currently being enjoyed by GOCCs.

Mr. Aquino said his administration’s reform agenda has erased the reputation of GOCCs as a milking cow, and as a reward for administration lackeys.

“The mandate of the GOCC is clear: It is your duty to focus on the corporations that run on taxpayers’ money, so that the people would benefit from it,” he said.

The President also announced that last year was marked by the “stick” approach in terms of GOCC management so this year would be the implementation of the “carrot” approach to provide incentives to keep GOCC employees from seeking jobs elsewhere.

“Secretary Butch Abad and other Cabinet officials are working on your productivity-incentive bonus. If you do something good, the state will reward you….I think we can speed this up and implement it this year,” he said.

If the amount remitted by LBP is portion of the net income last year which is 50% as required by law, it is safe to say that the Financial Statement of the Bank for 2011 is already done. Dapat ibigay na yung profit sharing, aka. MIP 3 natin.