The payment was made in compliance with Republic Act No. 7656, which requires government-owned and controlled companies (GOCCs) such as the PPA to declare and remit at least 50% of their annual net earnings as cash, stock or property dividends to the national government.
For 2012, the national government received a total of P28 billion in dividend payments from 38 GOCCs.
The P1.009 billion remitted by PPA is 24% higher than the P817 million it paid in 2011, and propelled the agency to number seven among the top 10 biggest contributors last year.
The top 10 GOCC dividend remitters were Philippine Amusement and Gaming Corp. (P7.18 billion), Land Bank of the Philippines (P6.24 billion), Development Bank of the Philippines (P3.16 billion), Bases Conversion Development Authority (P2.3 billion), Power Sector Assets & Liabilities Management Corp. (P2 billion), Manila International Airport Authority (1.54 billion), Philippine Ports Authority, Philippine Reclamation Authority (P1 billion), Philippine Deposit Insurance Corp. (P650 million), and the Philippine National Oil Company (P500 million), respectively.
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