Finance Secretary Ralph G. Recto reminded the Government-Owned or -Controlled Corporations (GOCCs) that they are owned by the people, emphasizing that Filipinos must be front and center of their services, anchored on good governance.

“Lagi nating tatandaan: our GOCCs are not government-owned, you are people-owned. All of us in government are. And so every service, every policy, and every peso must honor them,” he said in his speech at the 2025 GOCCs’ Day on September 16, 2025.

“At kung sa pribadong sektor ang sukatan ay shareholder value, sa GOCCs at sa buong gobyerno, ito ay Filipino value. Ang kapakanan ng bawat Pilipino ang dapat laging nasa sentro ng lahat ng ating ginagawa,” the Finance Chief added.

Led by President Ferdinand R. Marcos, Jr. and Secretary Recto, 53 GOCCs were recognized in this year’s GOCC Day for their dividend contributions totaling PHP 109 billion as of September 12 and for delivering on their respective mandates to serve Filipinos.

GOCC dividends are a major source of non-tax revenues for the national government to fund the President’s priority programs without the need to impose new taxes on the people.

The Department of Finance (DOF) expects the dividend remittances to increase to about PHP 117 billion by the end of the year.

“Because of your cooperation, the government continues to improve public services without asking ordinary Filipinos to carry the burden of new taxes,” Secretary Recto said.

Under Republic Act No. 7656 or the Dividend Law, GOCCs are required to remit at least 50% of their net earnings during the preceding year as dividends to the national government.

To maximize non-tax revenue, the DOF has requested GOCCs to increase this share to 75%.

“When we set a higher bar for dividend remittances, you have not only responded, but many of you have even exceeded expectations. And you did so not merely because the law required you to, but because you remain true to the very reason you exist: to serve the Filipino people,” Secretary Recto said.

The top GOCC contributors were the Land Bank of the Philippines (PHP 33. 5 billion); the Bangko Sentral ng Pilipinas (PHP 18.9 billion); the Philippine Amusement and Gaming Corporation (PHP 12.7 billion); the Philippine Deposit Insurance Corporation (PHP 10.1 billion); the Power Sector Assets and Liabilities Management Corporation (PHP 9 billion); the Bases Conversion and Development Authority (PHP 5.3 billion); the Philippine Ports Authority (PHP 5.2 billion); the Manila International Airport Authority (PHP 3.3 billion); the Clark Development Corporation (PHP 2.5 billion); and the Philippine National Oil Company (PHP 2.4 billion).

The DOF, through its Corporate Sector and Strategic Infrastructure Group (CSSIG), continues to instill fiscal discipline in the GOCCs by strictly monitoring their financial performance to ensure that correct and proper dividends are remitted to the National Government.

The Finance Chief reiterated his vow to protect the country’s coffers, ensuring that every peso will be put to its rightful use—growing the economy and uplifting the lives of the people.

“For the rest of the bureaucracy, our job is to ensure that the dividends of our GOCCs will redound to better services. We need to spend these funds with utmost transparency and accountability. Public trust is our most valuable currency,” President Marcos, Jr. said in his speech.

Secretary Recto also thanked President Marcos, Jr., for demonstrating his courage to pursue transparency, accountability, and good governance.

Thus, he reminded GOCCs to heed the President’s directive to uphold integrity at all times and never ever turn a blind eye to corruption.

“Sa ating mga sariling opisina, ipakita natin ito—sa paraan ng ating pamumuno, sa ating mga proseso, at sa bawat serbisyong ibinibigay natin sa publiko. Integrity must not just be preached, it must be lived daily. Araw-araw. Bawat oras,” he said. lol

Last July, the DOF began bringing government services closer to the people with the launch of its first-ever GOCC Service Caravan.

Secretary Recto encouraged more GOCCs to participate in the effort and bring much-needed public services to every corner of the country.

“So on this GOCC Day, let us renew our covenant: to serve the Filipino people with excellence, to be not only earners of revenue but enablers of growth, guardians of public trust, and builders of a more prosperous Philippines,” he said.