10 MAY 2023, MANILA —The Philippine Ports Authority (PPA) remittance to the national government rose 9% to PHP 4.44B last year from PHP 4.08B in 2021, a consistent top performer Government Owned and Controlled Corporation (GOCC) in the Corporate Government Scorecard (CGS) over the past 6 years.
According to PPA General Manager Jay Santiago, the PPA is gearing to surpass its 2022 dividend remittance for fiscal year 2023. "The latest dividends contribution from PPA will greatly help our government's recovery efforts from the pandemic especially now that we are gaining momentum towards economic recovery," said Santiago on the 6th year of PPA being in the top 10 contributors among GOCCs.
In 2019, the agency turned over a total of Php 5.05B cash dividends to the National Treasury, the highest since its creation in 1986. From 2016- 2022, the PPA has remitted a total amount of Php 25.91B, the highest remittance in the past decades.
*Below are the exact comparative figures of PPA's remitted dividends:
2010- 2015- Php 8,270,735,041.70
2016- 2022= Php 25,911,483,899.90
The increasing PPA dividend hikes can be seen in the 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 GOCC in terms of dividend remittances.
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.
Santiago attributed the success of PPA's strong and steady financial performance to the authority's sound fiscal management and by the lifting of the COVID-19 restrictions. "This is a clear manifestation that honest and transparent public service goes a long way, we are now reaping the benefits of management reforms over the past years. Malaking bagay po yung streamlining ng mga proseso natin sa pantalan at pati na rin syempre yung port modernization na sinimulan natin para hindi tayo napag-iiwanan when it comes to global standards and performance," Santiago concluded.