Turning data into revenue

In today’s digital age, the business hierarchy is dominated by giants like Meta, Google and Amazon, among others. This is a pivotal shift from the previous corporate landscape which was focused mainly on manufacturing. This translates to the importance of data-centric operations to revenue-generating companies and organizations.

Here’s a fun fact. Did you know that you can use data to generate money? Companies and websites getting your information can earn dollars by using the information you have given for themselves and selling it, too to other companies.

Data analytics can help consumers understand a company and its products better and at the same time help the company or organization serve you better, like Google and Amazon. If a customer is engaged, the more likely he will do business with you. In return, businesses can give back to the customers and stakeholders by providing their needs and meeting their demands.

The Land Bank of the Philippines is the top dividend contributor with P32.11 billion, followed by the Philippine Deposit Insurance Corporation with P10.67 billion.

“Knowledge is power,” but knowledge without action is a stagnant lake. It must be a river with a continuous flow of information to and from the source, turning data into more valuable information to kickstart a campaign, sell a product, produce a helpful program, and plan future projects. It must leverage data to gain operational efficiency and achieve better results. Spotify, for example, is a company that gives artists an in-depth analysis to better understand their market and audience reach.

Songwriters and composers utilize the data to write their next songs and time the release of their next album.

In the government set up, the Department of Finance is in charge of monitoring and utilizing the revenues earned by the government-owned or -controlled corporations (GOCCs).

Last 4 May, Finance Secretary Ralph Recto announced P88.6 billion in collections from 47 GOCCs.

The Land Bank of the Philippines is the top dividend contributor with P32.11 billion, followed by the Philippine Deposit Insurance Corporation with P10.67 billion.

Third is the Bangko Sentral ng Pilipinas with P9.20 billion, and fourth and fifth are the Philippine Ports Authority (PPA) and Philippine Amusement and Gaming Corp. (PAGCOR), respectively.

Notably, the PPA has remained undeterred in the fourth spot these past years. In 2023, the PPA remitted P5.06 billion in cash dividends, equivalent to 58.25 percent of its net earnings based on its unaudited financial statements, breaking its 2022 record of P4.4 billion.

This surpassed other GOCCs like the Manila International Airport Authority (P3.45 billion), Subic Bay Metropolitan Authority (P3.07 billion), Philippine Charity Sweepstakes Office (P2.7 billion), Philippine National Oil Co. (P2.64 billion), and National Transmission Corporation (P2.16 billion), among the top 10 GOCC dividend contributors.

The PPA was represented by general manager Jay Santiago who received the recognition from President Ferdinand Marcos Jr. and the Department of Finance, together with 46 other GOCCs. A Certificate of Acknowledgment of Dividend Remittances was given to PPA in recognition of its contribution to economic growth and enhancing the quality of life of the citizenry.

If you are wondering why these GOCCs are giving their revenues to the government, it is because this is mandated under the law.

The Dividends Law of 1994, or Republic Act 7656, requires all GOCCs to remit to the national government a minimum of 50 percent of their annual net earnings.

The goal is to provide funding for different social and economic initiatives as well as government infrastructure projects.

These GOCCs play a major role in our country’s progress, especially in providing quality services to the people.

If you notice in the list of GOCCs, these are agencies that provide for the needs of the Filipino people, services that are directly connected to the consumers and end users.

Hence, these GOCCs must be utilizing their data well to provide revenue and service to the Filipino people.

It takes two to tango. If the end users are satisfied, then these GOCCs could generate more revenues to improve and give back to the consumers. Congratulations to the top 10 revenue contributors!

May the odds be ever in our favor because, remember, we are all in the same boat!