DIVIDEND remittances from state-owned firms have ballooned to almost P89 billion just a little over four months into 2024, Finance Secretary Ralph Recto said on Monday.

The government was said to have collected P88.6 billion from 47 government-owned and -controlled corporations (GOCCs) as of May 6, 11 times higher than the P8 billion recorded during the same period last year.

"These dividends form a major source of non-tax revenues for the government, making possible our goal of raising funds without the need to impose additional taxes on our people," Recto said in remarks during GOCC Day at the Philippine International Convention Center.

"They help us hold down deficits and continue funding the President's priority programs for the welfare of all Filipinos without having to borrow more," he added.

Last month, Recto announced that the dividend rate for state-owned firms had been adjusted to 75 percent from 50 percent in a bid to fund the government's priority programs.

Under Republic Act 7656, which was approved in 1993, GOCCs should "declare and remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government."

Recto said that most GOCCs remitted their expected contributions, but many also raised payments to 75 percent of their earnings, driving collections to a record high.

Seventeen state-owned firms were said to have remitted at least P1 billion in dividends.

The top three contributors were identified as Land Bank of the Philippines (P32.1 billion); Philippine Deposit Insurance Corp. (P10.7 billion); and the Bangko Sentral ng Pilipinas (P9.2 billion).

Other top contributors were the Philippine Ports Authority (P5.0 billion); Philippine Amusement and Gaming Corp. (P4.6 billion); Manila International Airport Authority (P3.5 billion); Subic Bay Metropolitan Authority (P3.0 billion); Philippine Charity Sweepstakes Office (P2.7 billion); Philippine National Oil Co. (P2.6 billion); National Transmission Corp. (P2.2 billion); and PNOC Exploration Corp. (P2.0 billion).

Also in the billion-peso list were Clark Development Corp. (P1.8 billion); Philippine Economic Zone Authority (P1.4 billion); Philippine Guarantee Corp. (P1.1 billion); Bases Conversion and Development Authority (P1.1 billion); Philippine Reclamation Authority (P1.0 billion); and the Metropolitan Waterworks and Sewerage System (P1.0 billion).

Recto said that he expected total dividend remittances to reach P100.0 billion by the end of the year.