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Manila Bulletin devider Philippines devider National devider House Ways and Means panel OKs bill exempting CAAP from Dividend Law

House Ways and Means panel OKs bill exempting CAAP from Dividend Law

Published Feb 10, 2022 11:41 am

The House Committee on Ways and Means has green-lit for plenary approval House Bill (HB) 8700, which exempts the Civil Aviation Authority of the Philippines (CAAP) from the Dividend Law or Republic Act (RA) 7656.

Under the Dividend Law, all government-owned and controlled corporations (GOCC), including the CAAP, are required to declare and remit at least 50 percent of their annual net income to the national government.

Civil Aviation Authority of the Philippines (CAAP)

Transportation Committee Chairman, Samar 1st district Rep. Edgar Sarmiento authored and introduced HB 8700 to grant the CAAP more fiscal autonomy. He also sought to extend the CAAP Director-General’s term and exempt the agency from the salary standardization law or RA 11466 in order to minimize the migration of Filipino pilots to higher-paying countries.

Ways and Means Committee Chairman, Albay 2nd district Rep. Joey Salceda gave his nod to the bill for plenary during a committee hearing.

“I’m really happy that the fiscal issues related to HB 8700 have been fully threshed out by the Salceda panel... Now we can move to put in the plenary for House approval. CAAP should have the capability to respond to global changes and challenges,” Sarmiento said in a press statement Wednesday, Feb. 9.

However, during the Ways and Means virtual hearing, Department of Finance (DOF) Division Chief Lyonel Tanganco expressed that the DOF had some reservations about some of HB 8700’s provisions.

“CAAP’s financial position shows that it can pay the dividends due without affecting its viability,” Tanganco said.

“The negative impact of the COVID-19 (coronavirus disease) pandemic on the financial viability of the aviation sector is staggering. We need a highly competent CAAP to assist the industry to recover,” countered Sarmiento.

The CAAP oversees the civil aviation sector by regulating and developing the technical, operational, and safety of aviation functions and the aviation industry in the Philippines.

Related Tags

House of Representatives dividend law ways and means committee CAAP
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