Manila: 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.

According to Philippines News Agency, 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 stated.

The dividend remittance aligns with President Ferdinand R. Marcos, Jr.'s directive to uphold fiscal discipline among government-owned or -controlled corporations (GOCCs). This initiative ensures that the government maximizes non-tax revenues to fund priority programs without imposing new taxes on the populace.

Under Republic Act 7656 or the Dividend Law, GOCCs are mandated to remit at least 50 percent of their net earnings during the preceding year as dividends to the national government. To enhance non-tax revenue, the DOF has previously requested GOCCs to increase this share to 75 percent.

PSALM's responsibilities include the orderly sale and privatization of National Power Corporation (NPC) generation assets and real estate, management of independent power producer contracts, and optimal liquidation of NPC's financial obligations. "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," said PSALM president and chief executive officer Dennis Edward dela Serna.