GOCC Dividends Seen to Hit Record P147 Billion This Year
Government-owned or controlled corporations (GOCCs) in the Philippines are projected to remit a record P147 billion in dividends this year, a crucial source of non-tax revenue expected to bolster state finances and fund national programs.
MANILA, Philippines — Government-owned or controlled corp. (GOCCs) are expected to remit a record P147 billion dividends to the national coffers this year, a major source of non-tax revenues for the government to fund state programs. Finance Secretary Frederick Go, said total dividends amounts to P147.15 billion from 50 state-run firms, up by 29 percent from last year. Of the total, P140 billion has already been remitted, with the remaining balance expected by year-end. “As our economy continues to grow, our GOCCs remain vital partners in turning national assets into national progress. Every dividend they remit strengthens the capacity of the government to invest in the future of the Filipino people,” Go said. Under Republic Act 7656 or the Dividends Law, state-run firms are required to remit at least 50 percent of their net earnings during the preceding year as dividends to the national government. To boost non-tax revenues and strengthen the government’s fiscal position, the Department of Finance has requested that GOCCs increase their remittances to 75 percent. With this, cumulative dividend collection under the Marcos administration is projected to reach P501.43 billion, averaging P125.36 billion annually. “Every peso that you have remitted strengthens the government’s capacity to deliver better services without imposing additional tax burdens on ordinary Filipinos,” President Marcos said in his speech. In just four years, this administration’s collection is already 31.1 percent higher than the P382.33 billion collected under the Duterte administration. By comparison, the Aquino administration collected P164.81 billion, while the Arroyo government posted P84.16 billion. The Bangko Sentral ng Pilipinas had the highest dividend remittance at P62.39 billion, followed by Land Bank of the Philippines with P25 billion, with an estimated additional collection of P7.35 billion by year-end. Other major contributors included the Philippine Deposit Insurance Corp. (P9.69 billion), Manila International Airport Authority (P7.59 billion), Philippine Amusement and Gaming Corp. (P5.67 billion), Philippine Ports Authority (P5.33 billion), Power Sector Assets and Liabilities Management Corp. (P4.01 billion) and Bases Conversion and Development Authority (P2.6 billion). Additional state-run firms remitting at least P1 billion were Clark Development Corp., Philippine Guarantee Corp., Philippine Charity Sweepstakes Office, Philippine Economic Zone Authority, Maharlika Investment Corp., Philippine National Oil Co. and Civil Aviation Authority of the Philippines State-run transport agencies have remitted more than P15 billion in dividends to the government, led by regulators of major gateways, to raise public funds for infrastructure and social projects. In a report, the Department of Transportation (DOTr) said its GOCCs have issued P15.29 billion in dividends to the Bureau of the Treasury for 2025. The amount covers 11 percent of the P140 billion total dividends turned over by all GOCCs to the Treasury, boosting non-tax revenues that could be used for government projects. Among DOTr GOCCs, the Manila International Airport Authority (MIAA) topped the list with a P7.59-billion dividend, gaining from its new role as regulator of the Ninoy Aquino International Airport. NAIA is now operated by private group New NAIA Infrastructure Corp. As committed, NNIC hands over 82.16 percent of airport revenues to MIAA. Likewise, MIAA is no longer tasked to shoulder the heavy spending on NAIA, so it has more fiscal flexibility now. The Philippine Ports Authority (PPA), one of the strongest dividend sources, pitched in a record P5.33 billion, lifted by its highest-ever revenue of P30.09 billion last year. Further, the PPA has remitted P62.33 billion in dividends since 1986, of which more than a third at P41.5 billion has been made under the term of general manager Jay Santiago since 2016. “The PPA is well-positioned to fund ongoing and upcoming port infrastructure projects aimed at enhancing trade facilitation, improving logistics efficiency and supporting our tourism’s growth,” Santiago said. The Civil Aviation Authority of the Philippines, which handles provincial ports, came third with P1.2 billion. The agency gained from higher air traffic in 2025, lifted largely by domestic travel. The DOTr also reported dividends from other agencies like the Clark International Airport Corp., amounting to P585.71 million. The amount is higher by 88 percent compared to 2024’s P310.99 million, indicating better fiscal control from the regulator of the Clark Civil Aviation Complex. The Treasury received P452.42 million from the Cebu Ports Authority and P129.96 million from the Mactan-Cebu International Airport Authority. – Elijah Felice Rosales
多角的分析
GOCCsからの配当金記録更新は、フィリピン政府にとって極めて重要な非税収源の強化を意味する。これは、税負担の増加なしに財政赤字を削減し、インフラ開発や社会福祉プログラムといった国家プロジェクトへの投資を拡大する能力を高める。特に、フィリピン中央銀行や土地銀行といった金融機関からの巨額の配当は、これらの機関が経済成長の恩恵を直接政府に還元していることを示唆しており、財政の安定化に寄与する。一方で、配当率の引き上げ要請は、GOCCsの自己資本を圧迫し、将来的な投資や事業拡大の余力を削ぐ可能性も孕んでおり、そのバランスが重要となる。
GOCCsからの記録的な配当金は、フィリピン政府の財政健全性に対する信頼を高め、投資環境の安定化に寄与する可能性がある。これにより、政府はインフラ投資などを通じて経済成長を促進し、間接的に民間投資を呼び込むことが期待される。しかし、配当率の引き上げ要請は、一部のGOCCsの収益性に影響を与える可能性があり、投資家は各企業の財務状況を注視する必要がある。特に、インフラ関連のGOCCsからの配当増は、官民連携（PPP）プロジェクトへの投資機会拡大を示唆する可能性もある。
GOCCsからの配当金増加は、国民への直接的な税負担を増やさずに、政府が公共サービスやインフラ整備に充てる資金を確保できるという点で、国民生活にプラスの影響を与える。例えば、マニラ国際空港公社（MIAA）やフィリピン港湾公社（PPA）からの配当増は、空港や港湾の改善、物流効率の向上につながり、国民の移動や物価に間接的に良い影響を与える可能性がある。また、フィリピン中央銀行や土地銀行からの配当は、金融システムの安定化や中小企業支援といった形で、国民経済全体に恩恵をもたらすことが期待される。しかし、配当率の引き上げがGOCCsのサービス提供能力に影響を与えないか、注意が必要である。
GOCCsからの配当金が過去最高になることは、国民にとって直接的な税金の値上げなしに、政府がより多くの資金をインフラ整備や社会福祉に使えるようになることを意味する。例えば、空港や港湾の運営から得られる配当が増えれば、交通網の改善や物流コストの削減につながり、私たちの生活がより便利になるかもしれない。また、フィリピン中央銀行からの配当は、経済全体の安定に繋がり、私たちの貯蓄や雇用の機会を守る助けになるだろう。しかし、GOCCsが配当を多く納めすぎると、本来行うべきサービス提供や将来への投資がおろそかにならないか、少し心配している。
背景・歴史的文脈
フィリピンでは、政府が直接あるいは間接的に所有・管理する企業（GOCCs）が、国家経済において重要な役割を担ってきた。これらの企業は、収益の一部を配当金として国庫に納付することが、1994年の配当法（Republic Act 7656）により義務付けられている。この法律は、非税収の強化と財政基盤の安定化を目的としている。歴代政権は、GOCCsからの配当徴収額を増やすことで、財政赤字の削減や公共事業への投資資金を確保してきた。特に、マルコス政権下では、経済成長とGOCCsの収益性向上を背景に、配当金徴収額が過去最高を記録する見込みとなっている。これは、政府が税負担の増加を避けつつ、財政支出を拡大しようとする戦略の一環と見ることができる。
原文ソース
Philstar Business