6 MAY 2024, MANILA — The Philippine Ports Authority (PPA) has once again proven its performance in the recent 2024 Government- Owned or - Controlled Corporations (GOCC's) Day headed by President Ferdinand Marcos Jr. on May 6, 2024 at the Philippine International Convention Center (PICC), Pasay City.
PPA was represented by General Manager Jay Santiago who received the recognition from the President and the Department of Finance, together with 46 other GOCCs. A Certificate of Acknowledgment of Dividend Remittances was given to PPA in recognition of its 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 front of GOCC leaders and board members.
For 2023, PPA 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, breaking its 2022 record of P4.4 billion.
President 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 Php100 billion. I’m sure that we will surpass it this year. And if the amount remitted as of May 3, which is Php88.56 billion, is any indication then we are on track to meet that goal," added the President.
The PPA has been a consistent top performer among government-owned and controlled corporations. For 2023, the agency was recognized as one of the leading dividend contributors among GOCCs in the country, ranking fourth overall with a cash remittance of Php4.44 billion.
Based on the data of the Department of Finance (DOF), PPA was the 4th highest dividend contributor among GOCCs in 2023 following only the Land Bank of the Philippines (P32.12 billion), Philippine Deposit Insurance Corporation (P10.68 billion) and the Bangko Sentral ng Pilipinas (P9.2 billion) and surpassing other GOCCs like the Philippine Amusement and Gaming Corporation (PAGCOR) (P4.60 billion), Manila International Airport Authority (P3.45 billion), Subic Bay Metropolitan Authority (P3.07 billion), Philippine Charity Sweepstakes Office (P2.7 billion), Philippine National Oil Co. (P2.64 billion), and National Transmission Corporation (P2.16 billion), among the top 10 GOCC dividend contributors.
"We are again making history with our highest dividend contribution so far, kung matatandaan niyo po since 2016 nagsimula ang dividend natin sa Php1.96 billion hanggang kada taon po eh pataas ng pataas and now we have over Php5 billion. This proves that we mean serious business in PPA," according to PPA GM Santiago.
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.
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