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The Philippine Ports Authority (PPA) remitted an additional P221 million to the national treasury to help efforts against the COVID-19 pandemic
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The additional amount raises PPA’s total dividends remitted to the national coffers for 2020 to P3.77 billion, representing 57.5% of the agency’s net income
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After a re-computation, PPA’s corporate income tax revealed a surplus payment, which increased its 2020 net income to P6.55 billion from the earlier reported P6.32 billion
The Philippine Ports Authority (PPA) remitted an additional P221 million to the national treasury to help in government efforts against the COVID-19 pandemic.
The additional amount raises PPA’s total dividends remitted to the national coffers for 2020 to P3.77 billion, representing 57.5% of the agency’s net income for the year.
PPA in a statement said a re-computation of its corporate income tax revealed a surplus payment that increased its 2020 net income to P6.55 billion from the earlier reported P6.32 billion, allowing the agency to give more to the national coffers.
READ: PPA net income inch up 3% in Q1
“PPA is bent on fully supporting the government in its anti-COVID-19 efforts. This additional dividend remittance will give the national government additional flexibility in managing our resources for our response efforts,” PPA general manager Jay Daniel Santiago said.
As a government-owned and controlled corporation (GOCC), PPA is 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 2020 though, the PPA Board approved the increase in remittance to assist in the government’s fight against the COVID-19 pandemic.
PPA is member of the “billionaires’ club” of GOCCs that contributes billions of pesos in dividends to the national coffers. A consistent member of the club though situated in the lower half in the last decade, PPA rose in ranking from 2016 when it started remitting higher dividends.
Since 2016, PPA has recorded P17.391 billion in dividends and has posted a total of P14.87 billion in income tax to the Bureau of Internal Revenue.
