10 MAY 2021, MANILA--The Philippine Ports Authority (PPA) continues to solidify its financial foundation after remitting more than P17 billion in dividends to the National Government (NG) from 2016 to 2020, more than double the total dividends it remitted before the Duterte administration from 2010 to 2015.
PPA General Manager Jay Daniel R. Santiago reported that as of the end of 2020, the agency was able to remit a total of P17.17 billion, a staggering 108% increase compared to the full-term remittances during the previous administration that only totaled P8.270 billion for six years.
*Below are the exact comparative figures of PPA’s remitted dividends:
2010 – 2015 : P8,270,735,041.70
2016 – 2020 : P17,171,764,412.79*
GM Santiago reported PPA’s strong and steady financial performance to Transportation Secretary Arthur P. Tugade on the same day of the virtual signing of the Department of Transportation – Presidential Anti-Corruption Commission (DOTr-PACC) Reaffirmation of Integrity and Pledge of Cooperation, and Oath of Honesty held on 28 April 2021.
“After the signing of the Oath of Honesty by the DOTr and its attached agencies, we are happy to announce that the PPA has surpassed the total dividends it posted during the previous administration in a span of only 5 years or from 2016 to 2020,” Santiago said.
Santiago added that PPA’s strong financial foundation is anchored on the unparalleled public service and anti-corruption efforts of the agency.
“This is a clear testament that transparent and honest public service goes a long way and the whole PPA organization is proud of its accomplishments,” Santiago stressed.
With still more than a year left under the Duterte Administration, the PPA hopes to post another banner year this 2021, as the country starts to recover from the adverse impact of the COVID-19 pandemic.
“If the first quarter of 2021 is any indication, the PPA is in for another good year, in spite of the pandemic, after posting a 3% hike in net income in the first 3 months of 2021 suggesting that economic activities are now rebounding from the effects of the pandemic,” the PPA General Manager added.
On learning of the good news, Secretary Tugade lauded the efforts made by the PPA, under GM Santiago, to achieve this feat.
“If you stay true to public service and live it by heart, this is what you get. This is a result of honesty, integrity, and accountability,” Secretary Tugade said.
“This will go a long way in helping the National Government in the country’s continuing fight against the global pandemic and the desire of the President to give comfortable lives to every Filipino. With the limited time left for us to do what needs to be done, I urge the entire PPA, together with the other agencies under the DOTr, to focus all our efforts to achieve this goal which we promised the Filipino people when President Rodrigo Roa Duterte took office in 2016,” the transportation chief added.
To recall, Department of Finance (DOF) Secretary Carlos Dominguez III likewise commended the PPA recently, under the leadership of GM Santiago, for setting an example among other government-owned and controlled corporations (GOCCs) in stepping up support for the country’s COVID-19 response and fulfilling their responsibility by complying with the provisions of the Dividend Law.
Moreover, the PPA earlier reported that a total of P14.87 billion in income tax was likewise paid to the Bureau of Internal Revenue (BIR) since 2016, wherein the biggest tax paid was recorded in 2018 with a total of P5.90 billion.
This strong performance gives PPA enough financial flexibility to help the country in the current health emergency and carry out other vital infrastructure projects.