29 August 2018
Napocor remits dividends to the national coffers
The National Power Corporation (Napocor) is among the 54 Government Owned and Controlled Corporations (GOCCs) who were recently recognized for remitting dividends to the National Treasury at the GOCC day held at the Rizal Hall of Malacañan Palace.
Napocor said that it has remitted a total of P867 million pesos for the period January to July this year, a contribution attributed to the good financial standing and prudent use of funds of the corporation.
Finance Secretary Carlos Dominguez said that the dividends from GOCCs for the first seven months of the year, which totaled to P32 billion will go a long way in helping the country fund the massive infrastructure and social development programs of the government.
Under RA 7656, otherwise known as the Dividend Law, GOCCs are required to declare and remit half or part of their income as per the recommendation of the Secretary of Finance to the National Government for the development projects in the country. END