Metro Manila (CNN Philippines) — Close to ₱68 billion (US$1.4 billion) in dividends have yet to be declared or remitted to the National Government by 10 government-controlled corporations, the Commission on Audit (COA) said.
This was among dozens of audit findings recorded by the COA in its 2015 Annual Financial Report on Government Owned or Controlled Corporations (GOCCs).
The comprehensive annual report was submitted to President Rodrigo Duterte and the Congress on September 28. A copy of the report was obtained Tuesday.
Nearly 40 percent or ₱27 billion of the dividends not remitted were owed by the Power Sector Assets and Liabilities Management Corp.
The Philippine Deposit Insurance Corp. followed next on the list of dividends due with ₱23.8 billion; then Pagcor (Philippine Amusement and Gaming Corp.) with ₱15 billion due, the COA said.
The COA recommended that the 10 corporations in question comply with Republic Act 7656, which lists the Implementing Rules and Regulations on the computation, declaration, and remittance of dividends to the national government.
It also urged the GOCCs to record and remit the dividends.
Under the law, government-owned or government-controlled corporations shall declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the National Government.
