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Manila Bulletin devider Business devider PFDA vows higher dividend payments to state coffers

PFDA vows higher dividend payments to state coffers

Published Apr 8, 2024 06:03 am

Following the recent request to support government spending, the Philippine Fisheries Development Authority (PFDA) vowed to increase this year’s dividend remittance to the Bureau of the Treasury.

In a statement on Monday, April 8, the PDFA said it will remit 75 percent of its dividend payouts after the Department of Finance (DOF) requested government cooperation to increase contributions that will be utilized for public spending.

This would mean that the fisheries industry will submit a total value of P128.4 million, a P54 million increase from its previous year.

To compare, the PFDA previously had a 50 percent contribution of its dividend payouts to the Treasury bureau.

Furthermore, Department of Agriculture (DA) Secretary Francisco P. Tiu Laurel, Jr. and the management of the board assured that this increment will not affect the strong performance of the PFDA, as their collection rate is higher than 90 percent.

“We have to support the government in what it needs as long as it will not affect your operations," Tiu Laurel told board members during a meeting in Iloilo City.

The PFDA manages, operates, and maintains the infrastructures and facilities of the fishery industry.

The Treasury received P74.3 million in dividends from the fishery department last year, equivalent to 50 percent of their P171.2 million net profit in 2022.

Related Tags

national treasury PHILIPPINE FISHERIES DEVELOPMENT AUTHORITY fisheries
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