DOTr remits P10 billion dividends in advance
Richmond Mercurio (The Philippine Star) - March 29, 2020 - 12:00am

MANILA, Philippines — The Department of Transportation (DOTr) has advanced the remittance of P10 billion in dividends to the country’s coffers to support government spending in the fight against the coronavirus disease or COVID-19.

The P10 billion represents the total dividends of the Philippine Ports Authority (P4 billion), Civil Aviation Authority of the Philippines (P3 billion) and Manila International Airport Authority (P3 billion) for calendar year 2019.

Under the law, all government owned and controlled corporations are mandated to remit in full their respective minimum dividends to the National Treasury on or before May 15 of each year.

“These remittances are the people’s money and we are giving it back at the soonest possible time when it is very much needed with urgency,” Transportation Secretary Arthur Tugade said.

Since 2016, PPA has remitted a total of P12.6 billion in dividends.

“We are all together in this battle [against COVID-19 pandemic]. That is why when the good Secretary ordered us to remit in advance the PPA’s dividends for 2019, we definitely made sure that it shall be,” PPA general manager Jay Santiago said.

CAAP, for its part, has remitted over P18 billion since 2016.

“Although the aviation sector is facing a severe challenge now, we are grateful that what we have achieved in the past year will now greatly benefit our countrymen. Despite this mountainous hurdle, we will not waste any effort to continue improving our performance and we will serve the Filipinos to the best of our ability,” CAAP director general Jim Sydiongco said.

MIAA, meanwhile, has remitted a total of P10.9 billion in dividends since 2016.

“Its good financial performance is also the fruit of the inspiring hard work of our airport personnel who have dedicated their time and effort to serve our countrymen and visitors. Until now, even with the threat of the COVID-19 pandemic, some of them are risking their lives to fulfill their duties,” MIAA general manager Ed Monreal said.

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