The Philippine Ports Authority (PPA) has raised its 2020 dividend remittance to the national government to P3.77 billion after it forwarded an additional P221 million to the National Treasury recently.
The additional dividends were remitted after a re-computation of its corporate tax income showed surplus payments, increasing its actual net income to P6.55 billion from the P6.32 billion reported earlier.
With this, the port regulator’s contribution now represents 57.5 percent of the agency’s net income last year.
According to PPA General Manager Jay Daniel R. Santiago, the additional remittance will help the government in its initiatives in addressing the pandemic.
“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,” he said.
Department of Transportation (DOTr) Secretary Arthur P. Tugade thanked the port regulator for its prudence and agreed that the additional cash inflow is “critical” for the government’s Covid-19 response efforts.
“Once again, PPA proved that unparalleled public service results in positive development not only for the agency but most especially to the national government, who in turn, can provide more for the people towards its desire to give Filipinos comfortable lives,” Tugade said.
Since 2016, the PPA has been consistent as one of the top-performing attached agencies of the DOTr and to date was able to remit a total of P17.391 billion in dividend to help in the implementation of various social and health programs of the government.
“PPA is celebrating its 47th Founding Anniversary in less than two months, and this signals our desire to uplift everyone as we continue to move forward, and recover and heal together as one nation,” Santiago said.