PPA remits P3.54 billion to Treasury in 2020

MANILA, Philippines — The Philippine Ports Authority (PPA) remitted a total P3.54 billion to the Bureau of the Treasury last year, six percent more than what is required by the law despite reduction in business volume, according to the Department of Finance (DOF).

The dividend contribution of PPA, which is under the Department of Transportation (DOTr), represents 56 percent of its 2020 net income after tax of P6.138 billion.

Government-owned- and- controlled corporations (GOCCs) are required by law to declare and remit to the national government at least 50 percent of their net income as dividends.

“This sets the example for other GOCCs to follow, especially at this time when we need all the financial support we can muster to continue funding our pandemic response and COVID-19 vaccination program,” said Finance Secretary Carlos Dominguez.

He said that even with the reduction in PPA’s business volume, the state-run firm remitted P3.541 billion in 2020, slightly lower than the P4 billion in 2019.

Since the start of the Duterte administration, the PPA has been one of the largest dividend contributors to government coffers, remitting a total of P17.17 billion in dividends to assist the government in the implementation of its priority programs.

Covering the period from January 1 to March 26, the PPA ranks as the third biggest dividend contributor to the BTr, next to the National Transmission Corp. (Transco) with P8.3 billion and the Philippine Deposit Insurance Corp. (PDIC) with P7.1 billion.

A total of 10 GOCCs remitted a combined P21.44 billion in dividends to the BTr during this period.