CONFIRMED: 10 Government-owned corporations failed to remit P68.7 billion to the government says COA

In the list are: 

  • Power Sector Assets and Liabilities Management Corp. (PSALM) - P27.279 billion;
  • Philippine Deposit Insurance Corp (PDIC) - P23.817 billion;
  • Philippine Amusement and Gaming Corp (Pagcor) - P15.401 billion;
  • National Food Authority (NFA) - P937.602 million;
  • Philippine Sugar Corp (Philsucor) – P441.256 million
  • Philippine Postal Corp (PPC) – P356.4 million
  • Local Water Utilities Administration (LWUA) – P343.191 million
  • Philippine Rice Research Institute (PRRI) – P82.274 million
  • Philippine Aerospace Development Corp. (PADC) – P6.84 million
  • Civil Aviation Authority of the Philippines (CAAP) – no dividend declared
COA’s 2015 audit report showed it should have remitted P29.3 billion in dividends to the government since its net income from 2004 to 2014 amounted to P58.7 billion.
PSALM, however only paid dividends totaling to P2.1 billion over that 10-year period.


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