BSP remits P4B to state coffers
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Wed, 03 Apr 2019 18:21:28 +0000
The Bangko Sentral ng Pilipinas (BSP) has remitted P4 billion to state coffers as mandated under its newly amended charter, the Finance department said on Wednesday
The dividend, which was forwarded to the Treasury, was in compliance with Republic Act (RA) 11211 that amended RA 7653 or the New Central Bank Act of 1993, the department said in a statement.
The measure, which became law in February, aims to provide the central with an enhanced legal and regulatory framework to support its mandate of supervising the country’s financial system.
Government-owned and -controlled corporations like the BSP are required to declare and remit at least half of their income as dividends to the national government under RA 7656.
The Bangko Sentral said it had turned over more than P9.4 billion in dividends under the Duterte administration. In 2018 alone, it was among the top dividend contributors with total remittance of P3.637 billion.
This added to the record P40.17 billion in dividends collected from state-owned firms last year, which was a 32-percent jump from the P30.46 billion collected in 2017.
Cash dividends from state-owned firms in 2018 made up 15.72 percent of the government’s non-tax revenues, the Finance department said.
The Philippine Deposit Insurance Corp. was the year’s top dividend contributor at P8.844 billion.
Other significant contributors were the Civil Aviation Authority of the Philippines with P6.224 billion; Philippine Ports Authority, P3.103 billion; Philippine Amusement and Gaming Corp., P2.593 billion; Philippine Charity Sweepstakes Office, P2.535 billion; Manila International Airport Authority, P2.251 billion; and National Power Corp., P1.410 billion.
Total cash dividend collections from July 2016 to December 2018 have amounted to P70.9 billion, the Finance department said.
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