(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.
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