MANILA, Philippines — House Speaker Lord Allan Velasco wants to raise the rate of dividends that government owned and controlled corporations (GOCCs) remit to the government to help raise funds for its pandemic response.
This is amid plans to sell government assets and the privatization of GOCCs as a measure to boost the country’s coffers to pay for the rising cost in COVID-19 response and interventions.
House Bill 9349 seeks to amend Republic Act 7656 or the 1993 Dividend Law, which requires GOCCs to declare and remit to the government at least 50 percent of the annual net income as dividends.
Velasco’s proposal aims to mandate GOCCs to remit …
Keep on reading: Speaker Velasco wants to raise GOCCs income remittances to gov’t