11 JANUARY 2024, MANILA — With 4.44B cash remittance for 2023, the Philippine Ports Authority (PPA) was recently hailed as one of the top dividend contributors among government-owned and -controlled corporations (GOCCs) in the country.
According to the latest statement of the Department of Finance (DOF), PPA was listed in the top 4 in terms of remittance of dividends among the 51 GOCCs that contributed to a total of PHP99.98 billion to the National Treasury as of Dec. 31, 2023.
Topping the list of top contributors is Bangko Sentral ng Pilipinas with PHP55.61 billion, followed by the Philippine Deposit Insurance Corporation with PHP14.05 billion and Philippine Amusement and Gaming Corporation (PHP6.96 billion) on the third spot.
Posting more dividends under the current administration, PPA even surpassed the other dividend contributors like the Philippine National Oil Company with PHP1.68 billion, the Subic Bay Metropolitan Authority with PHP1.52 billion, the National Transmission Corporation with PHP1.48 billion, the Philippine Reclamation Authority with PHP1.35 billion, and the Clark Development Corporation with PHP1.21 billion.
The increasing PPA dividend hikes can has been seen as a trend since 2016 with Php1.96B; 2017 with Php3.10B; 2018 with Php3.52; 2019's highest amount ever remitted by the agency with Php5.05B; COVID-19 pandemic year 2020 with Php 3.76B; a rebound of Php 4.08B in 2021; and the latest Php 4.44B in 2022, cementing PPA as one of the top-tier GOCCs in terms of dividend remittances.
According to PPA General Manager Jay Santiago, this is a clear manifestation that honest and transparent public service goes a long way.
"Well makikita niyo naman po we are here to bring results and effective outcomes, we seldom talk but the actions that we do speak louder. We are very serious in maintaining the PPA's strong and steady financial performance not only this year but for the years to come", said PPA GM Santiago.
Under Republic Act No. 7656 “An Act Requiring Government Owned or Controlled Corporations to Declare Dividends under Certain Conditions to the National Government, and for other purposes” or known as dividend law, the PPA is required to declare and remit at least fifty percent (50%) of its net earnings, as cash, stock and/or Property Dividends to the National Government for national development and building.
In 2023 alone, PPA recorded a total of 32.70% increase in total revenue compared to 2022. A total of 81 projects were also added to the physical and infrastructure development performance of PPA wherein 39 projects is in Luzon, 23 in Visayas, and 19 Mindanao. Bidded out 9 ports namely Opol in Misamis Oriental; Jagna, Tupal, Ubay, Talibon, Getafe in Bohol; and Balbagon Benoni, and Guinsilban in Camiguin. This brings a total of 28 ports successfully bid out to private sector since the implementation of Port Terminal Management Regulatory Framework (PTMRF).
For 2024, programs and projects have been lined up as early as January, including the 79 Infrastructure projects nationwide and the completion of 29 infrastructure projects. Green ports initiatives will also be prioritized to help mitigate the effects of climate change while maintaining sustainable and resilient port development programs.
"This 2024 our goal is at least P5B in dividends, we are continuously making history in PPA's dividend remittance", concluded Santiago.
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