NextGen Day

In the most recent fiscal year, the Philippine Ports Authority (PPA) paid PHP4.44 billion in dividends to the federal government, an increase of 9% from the year before.

PPA General Manager Jay Santiago said in a statement on Wednesday that the payment, which is a requirement of its status as a government-owned and controlled corporation (GOCC), marks the PPA’s sixth year being listed among the top 10 contributors among GOCCs.

“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,” Santiago added.

The pre-pandemic remittance record, PHP5.05 billion in 2019, the greatest amount received by the office since its founding in 1986, is getting close to being reached.

We are now reaping the advantages of management reforms over the previous years, he continued, and this is a clear demonstration that honest and transparent public service goes a long way.

The PPA, according to Santiago, is also on schedule to pay out greater dividends in the fiscal year 2023.

According to him, the PPA’s current performance is a far cry from what it was a few years ago; from 2010 to 2015, it sent in a total of PHP8.3 billion, as opposed to PHP25.9 billion from 2016 to 2022.

“What really helped was the streamlining of port processes and of course, port modernization which we started to ensure we’re up to par with global standards and performance,” he said. “Malaking bagay po ‘yung streamlining ng mga proseso natin sa pantalan at pati na rin syempre ‘yung port modernization na sinimulan natin.”

The PPA must declare and remit at least 50% of its net earnings as cash, stock, or property dividends to the national government for national development and building, according to Republic Act No. 7656, also known as the “An Act Requiring Government Owned or Controlled Corporations to Declare Dividends under Certain Conditions to the National Government, and for Other Purposes” (dividend law).

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