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Manila Bulletin devider Philippines devider National devider Marcos lauds PPA for outstanding contribution in boosting Philippine economy

Marcos lauds PPA for outstanding contribution in boosting Philippine economy

Published May 9, 2024 01:00 am

President Marcos has lauded the Philippine Ports Authority (PPA) for being a consistent top performer among government-owned and controlled corporations (GOCCs) as reflected in its cash dividends that were remitted to the national government in the past years.

PPA General Manager Jay Daniel Santiago also received a Certificate of Acknowledgement of Dividend Remittances from the President and the Deparrtment of Finance, the award was in recognition of the agency’s contribution to economic growth and enhancing the quality of life for citizens. 

"It goes beyond merely recognizing the GOCCs for their contributions to the nation’s coffers. This occasion encourages greater performance and excellence across government corporations that hold a major stake in our country’s progress," said the President in his speech during the ceremony at the Philippine International Convention Center (PICC), Pasay City.

The PPA has been a consistent top performer among the GOCCs. 

In 2023, it remitted P5.06 billion as cash dividends, equivalent to 58.25% of PPA’s Net Earnings based on its Calendar Year 2023 Unaudited Financial Statements.

The cash dividends broke its 2022 record of P4.4 billion and lead to the PPA’s recognition as fourth overall with a cash remittance

"We are again making history with our highest dividend contribution so far. If you remember, since 2016, we started our dividend at P1.96 billion and it went up every year until we reached P5 billion this year,” said Santiago. 

“This proves that we mean serious business in PPA," he added.

The 'Dividends Law' of 1994 or Republic Act No. 7656, requires all GOCCs to send the national government a minimum of 50 percent of their net annual earnings. Its goal is to provide funding for different social and economic initiatives as well as government infrastructure projects. 

Marcos believes that GOCCs will surpass the Php99.98 billion total dividends remitted in 2023, which is 46% higher than the Php 68.34 billion collected in 2022. 

"Last year, dividends remitted reached an unprecedented P100 billion. I’m sure that we will surpass it this year. And if the amount remitted as of May 3, which is P88.56 billion, is any indication then we are on track to meet that goal," the President said.

Related Tags

Philippine Ports Authority GOCCs PBBM
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