21 MARCH 2022, MANILA—The Philippine Ports Authority (PPA) reported a P43.98 billion total contribution to the Government in the form of taxes paid and dividend remittances for the period 2016 to 2021.
The amount is P12.93 billion or 41.64% higher compared to the total contribution paid to Government from 2010 to 2015.
The state-owned agency also reported a P19.87 billion total expense for the completion of 240 port projects from 2016 to 2021, which form part of the 585 port projects completed under the Build-Build-Build program of the current administration.
PPA General Manager Jay Daniel R. Santiago said this strong financial performance of the PPA is a testament to the sound fiscal foundation of the agency, a little over a hundred days before a new administration takes over at noon of 30 June 2022.
“PPA is in good standing right now due to the institutional changes implemented by the current administration to fulfill the mandate of the agency to improve and build ports to properly connect the archipelago and spur economic growth among the islands,” Santiago said.
“Today, March 21, 2022, PPA, with Department of Transportation Secretary Art Tugade, remitted to the Department of Finance our dividend payment amounting to P4.08 billion representing 60% of PPA’s P6.79 billion net income for the year 2021. The amount is 8.5% higher than what we remitted last year,” Santiago added.
“We also increased the percentage of the dividend remittance from 57% in 2020 to 60% in 2021 to help the government in its COVID-19 response as well as offer enough flexibility in the delivery of services as the country starts to recover from the pandemic,” Santiago added.
For the six-year period, the PPA was able to remit a total of P21.43 billion in dividend, which is P13.16 billion or 159% higher than the total dividend remittance recorded during the previous administration of P8.267 billion. From the total, the average annual dividend remitted to the Government during this administration is P3.57 billion compared to the P1.37 billion average during the span of 2010 to 2015.
It is quite interesting to note likewise that the dividends paid from 2016-2021 is 3% more than the total amount of dividends paid post-EDSA through 2015 totaling P20.81 billion.
In terms of taxes, the PPA during this current administration was able to pay a staggering amount of P22.55 billion, about P9.354 billion or 70% higher than the figure posted during the previous administration.
For its net income for the period in review, the PPA was able to record P34.90 billion, which is P17.05 billion or 95.57% higher than the six-year net income posted in 2010-2015. From this figure, the PPA was able to post an average net income for the 2016-2021 period of P5.82 billion versus the annual average of P2.97 billion during the previous administration.
Before 30 June 2022, the PPA and the Department of Transportation (DOTr) are set to inaugurate at least 13 more completed port projects. The notable projects in this group include the Currimao Port in Ilocos Norte, which is more than ready to handle bigger, more sophisticated cruise ships, the Bulan Port in Sorsogon to provide alternative jump-off point to Masbate and Cebu, the Banago Port in Negros Occidental to provide enough capacity for the burgeoning cargo traffic to and from the area, the Ports of Baybay and Palompon in Leyte to provide enough trade and tourism connectivity to Cebu and Bohol, and the completion of the passenger terminal buildings in Batangas and Calapan, which will be considered as two of the biggest terminals in the country.
“The projects that were completed also prepared the country to take in the shipping and logistical demands both from local and international players in the short- to mid- term as the world transition to the normal,” Santiago stressed.
“The remaining days of this administration are now focused on further streamlining systems and procedures to achieve seamless interconnectivity not only of the ports but also its processes, resulting in efficiency across all aspects of PPA operations,” Santiago said.
“This is our small contribution to the advocacy of President Rodrigo Roa Duterte to give Filipinos convenient and comfortable lives when he steps down from office in June,” Santiago added.