Three DOTr agencies among top remitters in 2017; GOCC dividends for January to July 2018 top P32B

In Photo: President Duterte goes over the report on dividends remitted by state firms, as submitted by Finance Secretary Carlos G. Dominguez III, while DOTr chief Arthur P. Tugade looks on.

THREE state-owned agencies under the Department of Transportation (DOTr) were listed among the government-owned and -controlled corporations (GOCCs) with the highest amount of dividends remitted to the country’s coffers for 2017. Topping the list is the Civil Aviation Authority of the Philippines (Caap), while the Philippine Ports Authority (PPA) ranked as second, and the Manila International Airports Authority (Miaa) ranked seventh.

In a ceremony in Malacañang on Wednesday, President Duterte recognized the efforts of Caap, which remitted P6.2 billion in dividends. Caap went from years of non-remittance from 2011 to 2015 to being the top contributing GOCC.

For 2017 the total amount of dividends from the 125 GOCCs in the country is P30.46 billion.

In the same Palace ceremony, Finance Secretary Carlos G. Dominguez III reported that, in the first seven months of 2018, dividends have already reached P32 billion, higher than the dividends for the whole of 2017.

“Those dividends are for the government, for the people. These dividends will certainly auger well in achieving the objectives set by President Duterte in the service of the country and our fellowmen. So my reminder to Caap is, to give the government what is due to the government,” said Transportation Secretary Arthur P. Tugade in a mix of English and Filipino, as he received the Certificate of Acknowledgement on behalf of Caap and other members of the “Billionaire’s Club.”

Caap’s remittance represents 68 percent of it’s net income for CY 2017 amounting to P3.22 billion, including P3 billion worth of unpaid dividend arrears.

Mahigpit po ang bilin sa atin ni Secretary Tugade. Caap was not only directed to start remitting dividends but also remit the unpaid dividends over the years. We will continue to do our share in improving the financial performance of the GOCC sector,” said Caap Director General Jim Sydiongco.

“This achievement is not only for the Caap, but also an achievement we share with all the Caap employees
who worked hard to make this feat possible. The sacrifices and the dedication I see in them inspires and empowers me to continue doing our good work despite the challenges confronting us in the aviation industry. Likewise, we wish to commend our DOTr Sec. Tugade for his strong and decisive leadership that guided us all throughout the
process,” Sydiongco added.

P3B from PPA

Meanwhile, the PPA, has remitted P3 billion worth of dividends.

“We attribute this historical accomplishment to the men and women of PPA who have worked tirelessly for more than 44 years in order to make PPA one of the most professional and well-managed GOCCs. To our chairman, Sec. Art Tugade, without whose guidance in fiscal responsibility and good governance we would not have been able to overcome the operational and governance challenges which we faced during the past two years; and most especially to our President, who has inspired us to shy away from corruption and put the people’s welfare in the forefront of our daily tasks,” said PPA General Manager Jay Santiago.

For his part, Miaa General Manager Ed Monreal, whose agency has remitted P2.01 billion to the national coffers, attributed the agency’s good financial performance to strong leadership.

“Everyone is stepping up and doing their part. It’s actually inspiring. Definitely this goes to the hardworking men and women of Miaa who made sure that the revenues are properly guarded, and also created avenues to generate more funds in support of the objectives of President Duterte in the service of Filipino people,” Monreal said.

Last April 13 the three agencies turned over the dividends to Finance Secretary Dominguez.

Meanwhile, Tugade challenged the top grossing agencies to exceed their 2017 performance.

“I extend my sincerest congratulations and appreciation to your staff—and my challenge for you to exceed our 2017 performance by 20 percent. It may be difficult but certainly not impossible,” Tugade said.

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