The Philippine Ports Authority (PPA) on Wednesday remitted more than P5 billion of its earnings to the Bureau of the Treasury, its largest dividend contribution to the national government since its creation in 1974.
The PPA board of directors approved a total P5,057,764,538 as cash dividends equal to 58.25 percent of its net unaudited earnings in 2023.
This surpassed all its other dividend remittances to the government, including a previous record of P4.4B in 2022. Granted fiscal autonomy during the term of then President Corazon Aquino, the PPA remits at least 50 percent of its annual net income to the national government each year.
Preliminary PPA revenue totaled P25.44 billion last year, 24 percent or P4.91 billion higher than revenue of only P20.54 billion in 2022.
The agency is a consistent top performer among government-owned and controlled corporations. Last year the agency was recognized as one of the leading dividend contributors among government owned or controlled corporations (GOCCs), ranking fourth overall with a cash remittance of P4.44 billion.
Based on Department of Finance (DOF) data, PPA is rated fourth highest dividend contributor among GOCCs last year, even surpassing GOCCs like the Philippine Charity Sweepstakes Office (PCSO), the Philippine National Oil Company (PNOC), Subic Bay Metropolitan Authority (SBMA), and Clark Development Corporation (CDC), among others.
PPA general manager Jay Santiago attributed the agency’s record-breaking figures to the good fiscal management and efficient operations of its port management offices nationwide.
He noted the steady rise in dividend contributions of only P1.96 billion in 2016 that now tops P5 billion. “This proves we mean serious business in PPA. We have always been for the country,” Santiago said.
