PPA dividend contribution to gov’t hit P4.44B in 2022
MANILA, Philippines — The Philippine Ports Authority (PPA) on Wednesday announced that its remittance to the national government rose to P4.44 billion in 2022, vowing to surpass this in 2023.
The PPA, in a statement, said its 2022 dividend remittance to the national government increased by 9 percent from the previous year’s P4.08 billion.
“The latest dividend contribution from PPA will greatly help our government’s recovery efforts from the pandemic especially now that we are gaining momentum toward economic recovery,” said PPA general manager Jay Santiago.
Santiago said the agency was targeting to surpass last year’s dividend remittance in 2023.
He said that Santiago from 2016 to 2022, the PPA had remitted a total of P25.91 billion.
The highest per year, so far, was posted in 2019 when the agency remitted P5.05 billion.
Santiago attributed the PPA’s rising remittance and financial performance to its fiscal management and 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,” said Sntiago.
“Malaking bagay po yung streamlining ng mga proseso natin sa pantalan at pati na rin syempre yung port modernization na sinimulan natin para hindi tayo napag-iiwanan when it comes to global standards and performance,” he added.
(The streamlining of our processes at the port helped a lot and also, of course, the port modernization that we have started so that we would not be left behind when it comes to global standards and performance.)
PPA’s remittances are in accordance with Republic Act No. 7656 or “An Act Requiring Government Owned or Controlled Corporations to Declare Dividends under Certain Conditions to the National Government, and for other purposes.”
Under the said law, the PPA is required to declare and remit at least 50 percent of its net earnings to the National Government for national development and building.