PPA eyes to remit P5B to NG

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The Philippine Ports Authority (PPA) targets to remit P5 billion in dividends to the national government this year.

PPA is one of the top dividend contributors among government-owned and controlled corporations (GOCCs) in the country, following its P4.44 billion remittance for 2023.

According to the latest statement of the Department of Finance, PPA was listed in the top 4 in terms of remittance of dividends among the 51 GOCCs that contributed to a total of P99.98 billion to the National Treasury as of Dec. 31, 2023.

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Topping the list of contributors is Bangko Sentral ng Pilipinas with P55.6 billion, followed by the Philippine Deposit Insurance Corp. with P14.05 billion and the Philippine Amusement and Gaming Corp. with P6.96 billion in the third spot.

PPA’s increasing dividends have been a trend since 2016 with P1.96 billion, P3.10 billion in 2017, P3.52 billion in 2018 and its highest remittance at P5.05 billion in 2019.

In 2020, it remitted P3.76 billion, P4.08 billion in 2021 and P4.44 billion in 2022.

“We are here to bring results and effective outcomes. We are very serious in maintaining the PPA’s strong and steady financial performance not only this year but for the years to come,” said Jay Santiago, PPA general manager, in a statement.

Republic Act No. 7656 or  the dividend law requires the PPA to declare and remit at least 50 percent of its net earnings as cash, stock and/or property dividends to the national government for national development and building.

In 2023, PPA recorded a total of 32.7 percent increase in total revenue compared to 2022.

A total of 81 projects were also added to the physical and infrastructure development performance of PPA in which 39 projects are in Luzon, 23 in Visayas and 19 in Mindanao.

PPA has bidded out nine ports in Opol in Misamis Oriental; Jagna, Tupal, Ubay, Talibon, Getafe in Bohol; and Balbagon, Benoni and Guinsilban in Camiguin.

This brings the total to 28 ports that were bid out to the private sector since the implementation of the Port Terminal Management Regulatory Framework.

For 2024, programs and projects have been lined up as early as January, including 79 infrastructure projects nationwide and the completion of 29 infrastructure projects.

Green port initiatives will also be prioritized to help mitigate the effects of climate change while maintaining sustainable and resilient port development programs, PPA said.

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