The Philippine Ports Authority (PPA) on Wednesday remitted P4.44 billion to the national government last year, up 9 percent from P4.08 billion in 2021.
“The latest dividends contribution from PPA will greatly help our government’s recovery efforts from the pandemic especially now that we are gaining momentum towards economic recovery,” Jay Santiago, PPA general manager, said.
In 2019, the agency turned over a total P5.05 billion cash dividend to the National Treasury, the highest since its creation in 1986. From 2016 to 2022, the PPA remitted a total P25.91 billion, the highest remittance in the past decades.
Under Republic Act No. 7656 or known as dividend law, the PPA is required 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.
Santiago attributed the success of PPA’s strong and steady financial performance to the authority’s sound fiscal management and by the lifting of the COVID-19 restrictions.
“This is a clear manifestation that honest and transparent public service goes a long way, we are now reaping the benefits of management reforms over the past years,” he added.
