By Emmie V. Abadilla The Philippine Ports Authority (PPA) last year remitted P9.41 billion to the National Government (NG) in dividends and taxes to be used for social welfare, health and other projects, the state agency yesterday reported. In terms of dividends, PPA turned over P3.51 billion to the national coffers and paid P5.9 billion in taxes, more than half of the total taxes it paid in the last 10 years. Latest data from the agency showed that total dividends for 2018 amounted to P3.51 billion, another all-time high. In 2017, PPA remitted P3.1 billion, its highest recorded dividend then in the last 30 years. However, dividend payment for 2018 overshadowed the previous year’s, and now marks its highest dividend payment in history. While growth percentage slowed down for the period covered, the increase in dividend remained high, 13% higher last year than 2017 dividends, specifically. PPA is mandated to remit at least 50% of its annual net income to the NG after it was granted fiscal autonomy during the term of former President Corazon C. Aquino. Meanwhile, total revenues for 2018 reached P17.49 billion, 8.13% higher than the target for the year. The amount is also higher by 14% compared to the total revenues recorded a year earlier. Department of Transportation (DOTr) Secretary Arthur Tugade lauded the PPA for its robust fiscal performance which should contribute to the Duterte administration’s “Build, Build, Build” Program. “PPA’s future fiscal performance shall be measured against their latest records. The agency has achieved so much in terms of dividends remittance despite the massive infrastructure spending for port rehabilitation and development. This kind of fiscal management shall truly aid the government in achieving the ‘Golden Age of Infrastructure’,” Secretary Tugade underscored. In the last two years alone, PPA's performance has put the agency on stable financial ground, enough to continue sustaining port services of the highest standards, PPA General Manager Jay Daniel Santiago confirmed. “The streamlining of port processes coupled with strategic port development and modernization have greatly contributed to this strong performance as we aim for our operations to be on par with global standards,” he elaborated. The overall remittance of Government Owned and Controlled Corporations (GOCCs) is a positive indication of the country’s growing economic status worldwide. “This is also a testament to the resiliency of the Philippine economy as it continues to thrive despite external pressure from different foreign economies,” Santiago added. With this, the PPA is expected to once again land in the higher echelon of the "Billionaires' Club" of GOCCs contributing billions of pesos in dividends to the NG. PPA has been a consistent member of this club in the last decade although it was only at "the bottom half of the club." The state agency only upped the ante when the Duterte administration took over in 2016.