The Power Sector Assets and Liabilities Management (PSALM) Corporation remitted an all-time high PHP8.96 billion dividend to the national government, the Department of Finance (DOF) said.
In a statement Tuesday, the DOF said Finance Secretary Ralph Recto, on behalf of the National Treasury, received the remittance during the ceremonial turnover on Monday at the DOF office in Manila.
“We will make sure every peso you contribute will be felt by the people. It will be used for programs that matter most. It will be invested back into the nation,” Recto said.
The dividend remittance is in line with President Ferdinand R. Marcos, Jr.’s directive to uphold fiscal discipline among government-owned or -controlled corporations (GOCCs), ensuring that the government maximizes non-tax revenues to fund priority programs without the need to impose new taxes on the people.
Under Republic Act 7656 or the Dividend Law, government-owned or -controlled corporations (GOCCs) are required to remit at least 50 percent of their net earnings during the preceding year as dividends to the national government.
To maximize non-tax revenue, the DOF earlier requested GOCCs to increase this share to 75 percent.
PSALM’s mandate includes the orderly sale and privatization of National Power Corporation (NPC) generation assets and real estate, the management of independent power producer contracts, and the liquidation of NPC’s financial obligations in an optimal manner.
“PSALM’s remittance of 8.96 billion in dividends to the National Government reflects the Corporation’s strong financial performance for the fiscal year 2024 and its dedication to good fiscal management,” PSALM president and chief executive officer Dennis Edward dela Serna said. (PNA)
