THE Department of Transportation (DOTr) and its attached agencies have remitted P52.7 billion in dividends from 2017 to 2020.
Arthur Tugade, DOTr secretary, said the dividends which were remitted to the government coffers will help boost the nation’s fund as the government is exerting ways to generate resources for response efforts to contain the spread of the coronavirus disease and supplement spending on various government projects.
“It’s important for us to realize the urgency of turning over in advance our respective dividends. The President has directed his administration to generate funds to help the country cope with the pandemic. And this is our way of showing how eager we are to help by doing our obligations,” Tugade said.
The P52.7 billion total dividends remitted for 2017-2020 is significantly higher, or almost triple, compared with dividends remitted from 2013 to 2016 which amounted to only P17.7 billion, according to the DOTr.
This year alone, the DOTr had remitted dividends amounting to P19.3 billion which were turned over on March 27, April 7 and April 20, 2020.
The P19.3 billion dividends remitted this year to the Bureau of the Treasury came from the earnings of eight state-owned corporations of the DOTr: Civil Aviation Authority of the Philippines which remitted P6 billion; Manila International Airport Authority, P6 billion; Philippine Ports Authority, P5 billion; Light Rail Transit Authority, P1 billion; Cebu Ports Authority, P500 million; Mactan-Cebu International Airports Authority, P500 million; North Luzon Railways Corp., P140 million; and Clark International Airport Corp., P130 million.
Under the law, all government-owned and -controlled corporations are mandated to remit in full their respective minimum dividends to the Treasury on or before May 15 of each year.
Meanwhile, the DOTr lauded the management of 2GO Group Inc., particularly its chairman Dennis Uy, for waiving the rental fees for the two vessels that were mobilized as quarantine facilities.
“This is a most welcome development, and this magnanimity of Dennis Uy and 2GO all the more reinforces the Bayanihan spirit that prevails in this monumental effort of both government and the private sector to fight the COVID-19 pandemic,” the DOTr said.
It added that in the most transparent manner, Tugade himself laid down the terms and conditions of the lease agreement, including the negotiated rental fee.
The initial rate quoted was P120 million and from that amount, the negotiating panel was able to arrive at a P35-million rental fee concession for the two vessels for a two-month term, taking into consideration vessel operating expenditures such as its fuel, electricity, water, maintenance, supplies, and actual salaries of manpower of the crew and hotel staff to effectively run the ship, and equating it with bed space usage.
Tugade also mentioned that if it was the best offer under the circumstances, he is amenable to it, but it will be without prejudice to further concessions he will attempt to seek from the ownership. Since then and up to now, no payment was made.
