28 FEBRUARY 2024, MANILA — The Philippine Ports Authority (PPA) is set to remit over P5 billion in dividends, marking its highest contribution to the National Treasury since its creation in 1974.
On February 27, 2024, the PPA Board of Directors approved a total of Php 5,057,764,538 as cash dividend equivalent to 58.25% of PPA’s Net Earnings based on its Calendar Year 2023 Unaudited Financial Statements.
PPA's latest dividend for 2023 surpassed all dividends remitted to the government, including its previous record of P4.4B in 2022. After being granted fiscal autonomy, PPA must remit 50% of its annual net income to the National Government.
Total Revenue of Php 25.44 billion for 2023 was recorded based on the unaudited figures. This is 23.89% or Php4.91 billion higher than the 2022 revenue of Php20.54 billion.
The PPA has been a consistent top performer among government-owned and controlled corporations. In 2023, the agency was recognized as one of the leading dividend contributors among GOCCs in the country, ranking fourth overall with a cash remittance of Php4.44 billion.
Based on the data of the Department of Finance (DOF), PPA was the 4th highest dividend contributor among GOCCs in 2023, even surpassing other GOCCs like Philippine Charity Sweepstakes Office (PCSO), Philippine National Oil Company (PNOC), Subic Bay Metropolitan Authority (SBMA), and Clark Development Corporation (CDC) among others.
PPA General Manager Jay Santiago attributed the agency's record-breaking figures to the good fiscal management and efficient operations of Port Management Offices nationwide.
"We are again making history with our highest dividend contribution so far, kung matatandaan niyo po since 2016 nagsimula ang dividend natin sa Php1.96 billion hanggang kada taon po eh pataas ng pataas and now we have over Php 5 billion. This proves that we mean serious business in PPA, always for the nation" GM Santiago concluded.
Over the period of 2016-2023, PPA has a total dividend remittance of Php 30.97 billion (including the Php 5B dividend due of 2023), marking the highest remittance in decades. This underscores a trend of increasing dividend hikes by the PPA starting from 2016 with Php1.96 billion, followed by Php3.10 billion in 2017, Php3.52 billion in 2018, a record-high of Php5.05 billion in 2019, Php3.76 billion during the COVID-19 pandemic in 2020, a rebound to Php4.08 billion in 2021, and the Php4.44 billion in 2022.
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