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The Philippine Ports Authority is set to remit over P5 billion in dividends to the national treasury, its highest annual remittance to date
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The PPA Board on February 27 approved the P5.058 billion cash dividend, equivalent to 58.25% of PPA’s net earnings for 2023
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The latest dividend is also 13.6% higher than the P4.4 billion dividend remitted in 2022
The Philippine Ports Authority (PPA) is set to remit over P5 billion in dividends to the national treasury, its highest annual remittance to date.
The PPA Board on February 27 approved the P5.058-billion cash dividend, equivalent to 58.25% of PPA’s net earnings for 2023, the ports authority said in a statement. The latest dividend is also 13.6% higher than the P4.4 billion dividend remitted in 2022.
As a government-owned and controlled corporation (GOCC), the PPA is mandated under Republic Act (RA) No. 7656 or the Dividends Law of 1994 to declare and remit at least 50% of its annual net earnings to the national government.
Among the GOCCs, PPA has consistently been one of the top contributors, with last year being recognized as the fourth top contributor for its P4.4 billion remittance.
PPA general manager Jay Daniel Santiago attributed the agency’s milestone to the sound fiscal management and efficient operations of its port management offices nationwide.
“We are again making history with our highest dividend contribution so far,” he said.
Since 2016 when dividends were at P1.96 billion, every year has seen a steady increase.
“And now we have over P5 billion. This proves that we mean serious business in PPA, always for the nation,” Santiago said.
PPA remitted P1.96 billion in 2016, P3.10 billion in 2017, P3.52 billion in 2018, a record-high of P5.055 billion in 2019, P3.7 billion in 2020, P4.08 billion in 2021, and P4.44 billion in 2022.
Including the latest dividend, PPA from 2016 to 2023 has remitted a total of P30.97 billion to the national coffers.
Based on unaudited figures, PPA recorded a P25.44-billion revenue for 2023, a 23.89% increase from the P20.54 billion it posted in 2022.
PPA ports last year also recorded a 5% year-on-year increase in cargoes handled while container traffic dropped 5.1% to 7.499 twenty-foot equivalent units.
Shipcalls surged 18.1% to 562,562 vessels while passenger traffic is back to pre-pandemic levels growing 24.4% to 73.613 million.
