CAAP remits over P21B in dividends

Published May 24, 2021, 9:19 AM

by Emmie V. Abadilla

The Civil Aviation Authority of the Philippines (CAAP) handed over more than P21 billion in remittances to the National Treasury from 2016 to 2020, almost 20 times more than its total P1.3 billion remittance in the preceding 8 years (2008-2016).
The agency’s total remittance is broken down as follows: P5.4 billion (2017), P6.2 billion (2018), P3.5 billion (2019), and P6 billion (2020).
The feat solidified CAAP’s membership in the ‘Billionaires’ Club,’ the circle of government-owned and controlled corporations (GOCCs) which remitted billions of pesos in dividends and remittances to the national coffers.
Last year alone, CAAP Director General Jim Sydiongco reported the agency remitted P6 billion to the government although the aviation industry was among the hardest-hit by the COVID-19 pandemic.
“The Year 2020 has been a rough year for the aviation sector, to say the least,” he explained.
“With nations closing borders, airlines facing bankruptcy, to employees getting laid off – we can say that the industry has been on life support. But that did not hinder us from performing our obligations,” he underscored.
Early last year, Transport Secretary Arthur Tugade directed all state-owned corporations of the DOTr, including CAAP, to remit dividends and remittances in advance to support government spending measures amid the COVID-19 crisis and other essential government projects.
The transportation chief commended the constant strong fiscal performance of CAAP.
This will not only help generate resources for COVID-19 efforts and for other projects but will also set a benchmark beyond the term of the Duterte administration, according to Tugade.
“Since 2016, CAAP demonstrated how sound and judicious fiscal management should be done in the interest of the public,” he concluded.