(The Philippine Star) | Updated June 19, 2013 - 12:00am
MANILA, Philippines - The state-run National Home Mortgage Finance Corp. (NHMFC) has more than doubled its dividends this year, Vice President Jejomar C. Binay said.
From P18 million in 2012, NHMFC has remitted P42 million dividends to the National Government. This represents partial payment of dividends for 2012 net earnings.
“Through sound management and policy reforms, the corporation was able to overcome snags and continue to contribute to the national coffers,” said Binay, who also chairs the NHMFC board of directors.
NHMFC president Felixberto U. Bustos Jr. turned over the P42 million check to President Aquino during the “GOCC Dividends Day 2013” held at the Malacañang Palace.
NHMFC has remitted to the National Government a total of P158 million dividends.
“The NHMFC, under the leadership of Vice President Binay, has proven its ability to rise above financial challenges to fulfill its secondary mortgage market development,” Bustos said.
As the government’s premiere secondary mortgage institution (SMI), the NHMFC is tasked to operate a viable secondary home mortgage market. It is also mandated to monitor the performance and implementation of the Community Mortgage Program (CMP) by its wholly-owned subsidiary, the Social Housing Finance Corp. (SHFC).
The government sees the potential and significance of the role of all GOCCs as tools for economic development.
Under Section 3 of the Dividends Law (R.A. 7657), all GOCCs and government financial institutions (GFIs) are required to declare and remit at least 50 percent of their annual net earnings as cash, stock, or property dividends to the National Government.