MIAA's dividend remittance of P13.9B under Duterte admin outpaces agency performance in past 20 years

Published April 29, 2021, 6:22 PM

by Ariel Fernandez

The Manila International Airport Authority (MIAA) has remitted a staggering P13.9 billion in dividends to the national government in the first four years of the Duterte administration.

DOTr Secretary Arthur Tugade (L) and MIAA General Manager Ed Monreal (Photo from DOTr Facebook page)

According to the Department of Transportation (DOTr), the amount posted by the agency–P13,900,904,299.33 to be exact–covered the period of 2016 to 2019.

What makes the remitted dividends impressive is that in the 20 years prior to the Duterte administration, MIAA was only able to remit an accumulated P11,149,527,394.99.

“MIAA’s performance in four years show consistent good fiscal management. My congratulations to the men and women of the MIAA, with the leadership of GM (General Manager) Ed Monreal, for your sterling numbers. The Filipino people stand to benefit from your good work,” DOTr Secretary Arthur Tugade said in a statement Thursday, April 29.

It was in 2018 when MIAA made its record-breaking fiscal performance, remitting P3.42 billion in dividends to the national government.

The figure was 50 percent higher that the 2017 remittance of P2.2 billion. The 2017 remittance stood as the record for the past two decades.

The MIAA is mandated to remit at least 50 percent of its annual net income to the national government after it was granted fiscal autonomy 20 years ago.

With its continuing strong fiscal performance, the MIAA solidifies its position in the “Billionaire’s Club,” an elite circle of government-owned and controlled corporations (GOCCs) that is contributing billions of pesos in dividends to the country’s coffers.

For his part, Monreal urged the individuals serving the country’s premier gateway to continue striving for improved fiscal management and allocation of resources to ensure effective and efficient delivery of airport services at the Ninoy Aquino International Airport (NAIA).

“The MIAA remains committed in bettering its fiscal management, as we also work on improving the infrastructure and operations of the NAIA. Ultimately, our fiscal performance should resonate in our efforts in making each airport passenger satisfied beyond expectations,” Monreal said.