The Philippine Crop Insurance Corporation (PCIC) remitted dividends equivalent to 100% of its income in 2023 to the National Government,  an action that gained recognition from President Ferdinand “Bongbong” Marcos Jr. and the Department of Finance (DOF).

PCIC President Atty Jovy C. Bernabe received the  Certificate of Recognition personally from President Marcos during the GOCC Day conducted on 6 May 2024 at the Philippine International Convention Center.  The certificate was signed by DOF Secretary Ralph Recto.

The PCIC has remitted over PHP 770 Million in dividends to the National Government as a result of its 2023 operations.   The amount was 100% of the net income it generated from its agricultural insurance operations during the year.

The GOCC day is conducted yearly by the DOF to acknowledge the contributions of GOCCs to the national government coffers and national development.

In his speech,  President Marcos congratulated the DOF for mounting the GOCC Day and noted   that it “goes beyond merely recognizing the GOCCs for their contributions to the nation’s coffers.”

“The truth is, GOCCs are chartered to be service providers first, and profit centers afterwards,”  he stressed. 

He added that “As such, (their)  value and worth are not to be found in the dividends alone, that you remit to the Treasury but on the services you render to the people.”

Secretary Recto toasted the efforts of the officers and staff of the GOCCs, as well as their Boards, for turning in substantial profits and sharing their income with the National Government.

“These dividends form a major source of non-tax revenues for the government, making possible our goal of raising more funds without the need to impose additional taxes on our people,” he said.