PPA earns P6.8 billion in 2021

MANILA, Philippines — The Philippine Ports Authority (PPA) is remitting P4.08 billion in dividends to the national coffers after posting a net income of P6.79 billion last year.

PPA general manager Jay Santiago said the dividend payment, which represents 60 percent of the agency’s earnings last year, will be remitted to the Department of Finance today.

“The amount is 8.5 percent higher than what we remitted last year,” Santiago said.

“We also increased the percentage of the dividend remittance from 57 percent in 2020 to 60 percent in 2021 to help the government in its COVID-19 response, as well as offer enough flexibility in the delivery of services as the country starts to recover from the pandemic,” he said.

Santiago attributed the strong financial performance of the PPA to the sound fiscal foundation of the agency.

The PPA said it was able to post an average net income of P5.82 billion from 2016 to 2021, higher compared to the annual average of P2.97 billion during the previous administration.

It said its total contribution to the government in the form of taxes paid and dividend remittances from 2016 to 2021 stands at P43.98 billion.

The PPA and the Department of Transportation are set to inaugurate at least 13 more completed port projects before the term of the Duterte administration ends.

Among these projects are the Currimao Port in Ilocos Norte, Bulan Port in Sorsogon, Banago Port in Negros Occidental, Ports of Baybay and Palompon in Leyte, and the completion of the passenger terminal buildings in Batangas and Calapan.

“The projects that were completed also prepared the country to take in the shipping and logistical demands both from local and international players in the short- to mid-term as the world transition to the normal,” Santiago said.

“The remaining days of this administration are now focused on further streamlining systems and procedures to achieve seamless interconnectivity not only of the ports, but also its processes, resulting in efficiency across all aspects of PPA operations,” he said.