HGC Turns Over P1M to National Gov’t;
to Give Another P50M in Tax Overpayment
Date Posted: June 13, 2013
President Aquino receives HGC’s dividend check from its President, Atty. Manuel R. Sanchez. Also in photo are Senator Franklin Drilon and Department of Finance Secretary Cesar Purisima, who sits as HGC’s Chairman
of the Board.
The Home Guaranty Corporation, a housing agency under the supervision of Vice President and Housing and Urban Development Coordinating Council (HUDCC) Chairman Jejomar C. Binay, remitted P1 million to the National Treasury during the 2nd GOCC Dividends Day held in Malacañang on June 3, 2013.

This was a first in several years for HGC.

During the ceremony, President Aquino highlighted the increase in the number of Government-owned and Controlled Corporations (GOCCs) who came to remit dividends. From 22 corporations in 2012, 38 corporations made it this year with almost P28 billion remittances, compared to last year’s P19 billion. The President credits this to good governance through the “Tuwid na Daan”. “Sa pagtahak sa landas ng mabuting pamamahala ay napipitas ng bayan ang mas masaganang dibidindo mula sa ating mga GOCC”, Aquino said.

“If not for the high cost of servicing debts incurred during previous administrations, HGC would be remitting higher dividends to the National Treasury”, declared HGC President Atty. Manuel R. Sanchez.

HGC aims to settle its remaining financial obligations this year through advances from the National Government. The NG advances will be paid from proceeds of sale of HGC’s P16B+ worth of acquired assets. Freed from the high cost of debt servicing, HGC is set to be an income-earner for the government.

Sanchez cites policy reforms and sound strategies as the key to HGC’s profitable operations under the current administration.

Aside from the P1 million dividend remittance, the National Treasury is set to receive another P50 million from HGC. The amount is a tax overpayment made in 2007 which HGC requests the Bureau of Internal Revenue to remit to the government. In a letter to the BIR Commissioner Kim Henares, Sanchez states, “Recognizing the urgency of the social programs of the national government, HGC now requests that the P50M erroneous payment be remitted to the BTr to be used by the Aquino Administration for its social programs and other priority projects.”