PPA remits P4.44B dividends to government

  • The Philippine Ports Authority remitted P4.44-billion in dividends to the national coffers for 2023
  • By 2024, the agency aims to increase its remittance to P5 billion
  • PPA had the fourth-highest remittance among government-owned and -controlled corporations in 2023
  • It posted a 32% year-on-year increase in revenue last year
  • It recorded a total of 81 port infrastructure projects in 2023 and has lined up 79 infrastructure projects for 2024

The Philippine Ports Authority (PPA) remitted P4.44 billion in dividends to the national coffers last year and aims to increase this amount to P5 billion in 2024.

The agency had the fourth-highest remittance in 2023 among 51 government-owned and controlled corporations (GOCC), according to the Department of Finance.

Republic Act (RA) No. 7656 or the Dividends Law of 1994 mandates all GOCCs, such as PPA, to declare and remit at least 50% of their annual net earnings to the national government.

“This 2024 our goal is at least P5B in dividends, we are continuously making history in PPA’s dividend remittance,” PPA general manager Jay Daniel Santiago said in a separate statement.

PPA has consistently been one of the top 10 contributors among GOCCs for the past years. It remitted P1.96 billion in 2016; P3.10 billion in 2017; P3.52 billion in 2018; P5.505 billion in 2019; P3.7 billion in 2020; P4.08 billion in 2021; and P4.44 billion in 2022.

Other top contributors are the Bangko Sentral ng Pilipinas with P55.61 billion, Philippine Deposit Insurance Corporation with P14.05 billion, and Philippine Amusement and Gaming Corporation with P6.96 billion.

In 2023, PPA recorded a 32% year-on-year increase in revenue.

A total of 81 projects were also added to the physical and infrastructure development performance of PPA. Of the total, 39 projects were in Luzon, 23 were in Visayas, and 19 in Mindanao.

For 2024, programs and projects have been lined up as early as January, including the 79 infrastructure projects nationwide and the completion of 29 infrastructure projects. Green ports initiatives will also be prioritized to help mitigate the effects of climate change while maintaining sustainable and resilient port development programs.

READ: PPA remittance to government up 9% in 2022