PPA remits record dividends, taxes

MANILA, Philippines — Dividends and taxes remitted by the Philippine Ports Authority (PPA) to the national coffers reached a record high of P9.41 billion last year.

In a statement, the PPA said it remitted P3.51 billion in dividends to the national coffers in 2018, 13 percent more than the previous year’s P3.1 billion.

Last year’s contribution marks PPA’s highest dividend payment in history.

PPA is mandated to remit at least 50 percent of its annual net income to the national governemnt after it was granted fiscal autonomy during the term of former president Corazon Aquino.

On top of its record high dividends, the state-owned agency likewise paid P5.9 billion in taxes for 2018, more than half of the total taxes it paid in the last 10 years.

PPA’s total revenues last year also jumped by 14 percent to P17.49 billion, which is 8.13 percent higher than the agency’s target for the year.

Transportation Secretary Arthur Tugade said PPA’s robust fiscal performance bodes well to the Duterte administration’s Build Build Build program.

“As I previously said to the men and women of the PPA, their agency’s future fiscal performance shall be measured against their latest records. The agency has achieved so much in terms of dividends remittance despite the massive infrastructure spending for port rehabilitation and development. This kind of fiscal management shall truly aid the government in achieving the Golden Age of Infrastructure,” Tugade said.

PPA general manager Jay Santiago said the agency’s performance in the last two years has placed the PPA on stable financial ground, which in turn would enable the it to continue sustaining port services at the highest standards.

“The streamlining of port processes coupled with strategic port development and modernization have greatly contributed to this strong performance as we aim for our operations to be on par with global standards,” Santiago he said.