PPA raises 2020 dividend remittance

MANILA, Philippines — The Philippine Ports Authority (PPA) has raised the total dividend it remitted to the national coffers for 2020 in a bid to help boost the government’s anti-COVID-19 efforts.

The PPA said it remitted an additional P221 million to the National Treasury, bringing the total to P3.77 billion.

The amount represents 57.5 percent of the agency’s net income for 2020.

The PPA said the higher dividend remittance became possible after a re-computation in its corporate income tax showed a surplus payment, thus, increasing its 2020 net income to P6.55 billion from the earlier reported P6.32 billion.

This allowed the agency to give more to the national coffers, it said.

“PPA is bent on fully supporting the government in its anti-COVID-19 efforts. This additional dividend remittance will give the national government additional flexibility in managing our resources for our response efforts,” PPA general manager Jay Daniel Santiago said.

“These are critical times, and with the leadership of our strong-willed Transport Secretary Arthur Tugade, PPA will always find ways to help the government in its pandemic recovery efforts,” Santiago said.

Tugade, for his part, lauded the PPA’s efforts in helping the government in its COVID-19 response by remitting additional cash inflow.

“Once again, PPA proved that unparalleled public service results in positive development not only for the agency, but most especially to the national government, who in turn, can provide more for the people towards its desire to give Filipinos comfortable lives,” Tugade said.

Since 2016, the PPA has been consistent as one of the top-performing attached agency of the Department of Transportation.

The PPA earlier reported a three percent hike in net income in the first quarter, suggesting that economic activities are now rebounding from the effects of the pandemic.

Santiago said that if the first quarter is any indication, then the PPA is in for another good year, in spite of the pandemic.