The Department of Finance (DOF) in the Philippines says it plans to collect P6.9 billion in unpaid dividends from the Philippine Charity Sweepstakes Office (PCSO), Philstar reports.
In an interview, Finance Secretary Carlos Dominguez said the DOF is in discussions with a number of government corporations including the Philippine Deposit Insurance Corp. (PDIC), Power Sector Assets and Liabilities Management Corp. (PSALM), National Power Corp. (NPC), Philippine Charity Sweepstakes Office (PCSO) and Civil Aviation Authority of the Philippines (CAAP) for the outstanding amounts.
“That is a long argument that has been in our history for a long time. There are arrears with the PDIC, PSALM, NPC, PCSO, CAAP, but fortunately we are making progress in these dividends,” said Dominguez.
According to Dominguez, total unpaid dividends has reached P6.9 billion from PCSO.
The PSCO argues however, that its proceeds should go to its charity fund, as is written in its charter, says Dominguez.
Despite this, the secretary says he is confident that the government will be able to collect the unpaid funds.
“Yes I am confident, but I cannot say exactly when because we have this long argument,” he said.
Dividends from state corporations form part of the national government’s non-tax revenues.