MANILA – The Senate will summon next Tuesday officials
of the Bangko Sentral ng Pilipinas (BSP) to find out why more
than P16 billion in earnings have not yet been remitted to
the national government, Sen. Franklin Drilon said on Thursday.
A 2008 Commission on Audit (COA) report showed that the central
bank has yet to remit P7,750,519,000 or what was due to the
national government from 2003 to 2005, Drilon said.
He underscored that the BSP's non-remittance as of 2006 was
P16 billion.
"We want to find out whether or not this has been remitted
to the national government. I will ask the BSP to tell us
exactly how much [was remitted or not remitted]," said
Drilon, who heads the Senate committee on finance.
Drilon said that under Republic Act 7656, government-owned
and -controlled corporations (GOCC) — like the BSP —
are required to declare and remit at least 50 percent of annual
net earnings as cash and stock or property dividends to the
national government.
The media got in touch with BSP Gov. Amando Tetangco Jr.
but one of his secretaries, who declined to be identified,
said that the governor could not comment because he was at
a Monetary Board meeting.
Still, the BSP clarified that when COA advised the central
bank to pay additional dividends in 2003 to 2006, the central
bank "filed an appeal" to the state auditor for
its payment of P16 billion in additional dividends to the
government.
"The issue, therefore, remains pending and the BSP remittance
for this amount cannot be effected," the Bangko Sentral
said in a statement Thursday.
In the statement, the BSP said it has been remitting 75 percent
— while other GOCCs remit only 50 percent — of
its annual net income to the government, in accordance with
the New Central Bank Act.
"In fact, since its creation in 1993, the BSP has remitted
to the national government more than P59 billion in dividends,
over P17 billion in interest rebates, and more than P50 billion
in taxes in the last 11 years," the BSP said.
The central bank, which estimated a net income of P13 billion
in 2009, said it would remit over P4 billion in additional
cash dividends in the "next few months."
Drilon reiterated that many GOCCs failed to remit what should
be remitted to the national coffers.
Because of this, the Senate also aims to look into the dividends
that other GOCCs remit to the national government that could
help narrow the budget deficit, according to Drilon.
"The projected deficit is P325 billion... This can be
reduced depending on how much dividends would be remitted
to the national government," he explained, saying that
the collection of dividends is a non-tax measure that can
raise revenues.
Drilon said that the finance committee also planned to summon
GOCC executives who reportedly received excessive bonuses,
allowances, and take home pays.
He said that in 2009 alone the total allowances and salaries
of BSP officials amounted to more than P102 million.
