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The Philippine Ports Authority remitted P4.08 billion representing dividends to the national coffers in 2021, up 8.5% from 2020
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The amount is equivalent to 60% of net income compared to 57% in 2020
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The port regulator completed 240 port projects from 2016 to 2021
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PPA and its mother agency, the Department of Transportation, will inaugurate at least 13 more completed port projects before June 30
The Philippine Ports Authority has remitted a total of P4.08 billion in dividends to the national coffers for 2021, larger by 8.5% than its contribution in 2020.
The amount remitted to the Department of Finance on March 21 represents 60% of PPA’s P6.79 billion net income in 2021, the ports authority said in a statement.
PPA general manager Jay Daniel Santiago said PPA had increased the percentage of its dividend remittance from 57% in 2020 to 60% in 2021 “to help the government in its COVID-19 response, as well as offer enough flexibility in the delivery of services as the country starts to recover from the pandemic.”
As a government-owned and controlled corporation, PPA was mandated to remit 50% of its annual net income to the national coffers after it was granted fiscal autonomy during the term of former president Corazon C. Aquino.
For the period 2016 to 2021, PPA remitted a total of P43.98 billion of taxes and dividends to the national coffers. It said the amount is 41.64% higher than the total contribution from 2010 to 2015.
Of that amount, P21.43 billion represented dividends, which were 159% higher than the P8.267 billion remitted from 2010 to 2015.
In terms of taxes, PPA paid P22.55 billion from 2016 to 2021, greater by 70% than the 2010 to 2015 figure.
The state-owned agency also reported P19.87 billion in total expense to complete 240 port projects from 2016 to 2021.
“PPA is in good standing right now due to the institutional changes implemented by the current administration to fulfill the mandate of the agency to improve and build ports to properly connect the archipelago and spur economic growth among the islands,” Santiago said.
PPA recorded P34.90 billion in net income from 2016 to 2021, 95.57% higher than the net income for 2010 to 2015.
Before June 30 this year, PPA and its mother agency, the Department of Transportation, are set to inaugurate at least 13 more completed port projects.
These projects include Currimao Port in Ilocos Norte, which is ready to handle bigger cruise ships; Bulan Port in Sorsogon, an alternative jump-off point to Masbate and Cebu; Banago Port in Negros Occidental, which will provide more capacity for the burgeoning cargo traffic to and from the area; ports of Baybay and Palompon in Leyte, to enable greater trade and tourism connectivity to Cebu and Bohol; and the completion of the passenger terminal buildings in Batangas and Calapan, soon-to-be two of the biggest terminals in the country.
“The projects that were completed also prepare the country to take in the shipping and logistical demands of both local and international players in the short- to mid-term as the world transitions to the normal,” Santiago noted.
He said the “remaining days of this administration are now focused on further streamlining systems and procedures to achieve seamless interconnectivity not only of the ports but also its processes, resulting in efficiency across all aspects of PPA operations.”
