To help fund the government’s coronavirus disease 2019 (Covid-19) response programs, the National Transmission Corp. (Transco) is studying the possibility of remitting all of its 2020 net earnings to the Bureau of the Treasury (BTr) as its dividend contribution.
The state-run firm will secure the approval of its board to comply with Dominguez’s directive on increasing the dividend remittance of the firm for 2020 to 75 percent of its net earnings, Transco president-chief executive officer Melvin Matibag said.
Transco is even open to contributing 100 percent of its net income for this period to the government’s Covid-19 response efforts, he said.
“Transco supports the DOF (Department of Finance) in its revenue generation efforts for the government’s programs to alleviate the impact of the Covid-19 pandemic, and in fact, it is exploring the possibility of remitting 100 percent from the 2020 net earnings,” Matibag said.
Transco earlier remitted to the BTr the amount of P8.32 billion, representing 50 percent of its net earnings from 2016 to 2019, to help augment the government’s Covid-19 response fund.