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The Philippine Ports Authority remitted P4.44 billion dividends to the national government in 2022, up 9% from the P4.08 billion in 2021
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PPA general manager Jay Daniel Santiago attributed this to the authority’s sound fiscal management and as a result of the lifting of COVID-19 pandemic restrictions
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From 2016-2022, PPA remitted a total of P25.91 billion, higher than the P8.271 billion total from 2010-2015
The Philippine Ports Authority (PPA) has remitted P4.44 billion dividends to the national government in 2022, up 9% from the P4.08 billion in 2021.
“The latest dividends contribution from PPA will greatly help our government’s recovery efforts from the pandemic especially now that we are gaining momentum towards economic recovery,” PPA general manager Jay Daniel Santiago said in a statement.
He attributed PPA’s “strong and steady financial performance” to the authority’s sound fiscal management and as a result of the lifting of COVID-19 pandemic restrictions.
For 2023, Santiago said the ports authority is gearing to surpass 2023’s dividends.
Under Republic Act No. 7656 or the Dividend Law, government-owned and controlled corporations (GOCC) such as PPA are required to declare and remit at least 50% of their net earnings, as cash, stock and/or property dividends to the national government for national development and building.
According to PPA’s unaudited financial statement for 2022, the agency generated P7.958 billion.
PPA noted that it has consistently been one of the top 10 contributors amongst GOCCs for the past years.
PPA 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, and P4.08 billion in 2021.
From 2016-2022, PPA has remitted a total amount of P25.91 billion, higher than the P8.271 billion total from 2010-2015.
