Yunindita Prasidya

The government has collected more than Rp 40 trillion (US$2.82 billion) in dividends from five major state-owned enterprises (SOEs) alone this year, while concurrently throwing a lifeline to ailing SOEs in a bailout program worth more than Rp 150 trillion. 

Some of the biggest payouts were from Bank Rakyat Indonesia (BRI), Bank Mandiri, oil and gas giant Pertamina, telecommunications powerhouse PT Telekomunikasi Indonesia (Telkomsel) and Bank Nasional Indonesia (BNI).

The five state firms paid out Rp 40.36 trillion in dividends to the government, a 16.72 percent year-on-year increase from last year’s figure of Rp 34.58 trillion. 

As of March 31, the payout has boosted state revenue by 7.7 percent to Rp 375.9 trillion, Finance Minister Sri Mulyani Indrawati said during a livestreamed press conference on the state budget on April 17. 

“It is to be noted, however, that this did not come from economic activity. This is because there has been a shift in dividend payouts from our SOEs that is reflected in the surge of nontax revenue [PNBP],” the minister said.

This year, several SOEs disbursed their dividends sooner than usual. According to data provided by the Finance Ministry, the state has collected Rp 96 trillion in nontax revenue as of March 31, 26.2 percent of its 2020 target of Rp 367 trillion. 

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