PPA remits an additional P221 million to NG, raising its 2020 dividend remittance to P3.77B

25 MAY 2021, MANILA—The Philippine Ports Authority (PPA) remitted an additional P221 million to the National Treasury in a bid to help the Government in its anti-COVID-19 efforts.

The additional amount raises the total dividend remitted to the Government for year 2020 by an additional P221M or a total of P3.77 billion representing 57.5% of the agency’s net income for 2020.

This became possible after a re-computation in its corporate income tax revealed a surplus payment, thus, increasing its 2020 net income to P6.55 billion from the earlier reported P6.32 billion which allows the agency to give more to the national coffers.

“PPA is bent on fully supporting the Government in its anti-COVID-19 efforts. This additional dividend remittance will give the National Government additional flexibility in managing our resources for our response efforts,” PPA General Manager Jay Daniel R. Santiago said.

“These are critical times, and with the leadership of our strong-willed Transport Secretary Arthur Tugade, PPA will always find ways to help the Government in its pandemic recovery efforts,” Santiago said.

DOTr Secretary Arthur P. Tugade, for his part, again lauded this effort by the PPA in helping the government by remitting additional cash inflow, which is critical in its COVID-19 response.

“One after the other, agencies under the DOTr are reporting huge financial performances annually since the first year of the Duterte administration,” Tugade said.

“Once again, PPA proved that unparalleled public service results in positive development not only for the agency but most especially to the National Government, who in turn, can provide more for the people towards its desire to give Filipinos comfortable lives,” Tugade stressed.

“I am urging each and every agency under the DOTr to continue doing its duties and responsibilities to the Filipinos particularly at this time, and together we will eventually veer away from the clutches of this pandemic,” Tugade added.

Since 2016, the PPA has been consistent as one of the top-performing attached agencies of the DOTr and to date was able to remit a total of P17.391 billion in dividend to help in the implementation of various government social and health programs.

The PPA also posted a total of P14.87 billion in income tax to the Bureau of Internal Revenue since 2016 where the biggest tax paid was recorded in 2018 at a total of P5.90 billion.

“PPA is celebrating its 47th Founding Anniversary in less than two months, and this signals our desire to uplift everyone as we continue to move forward, and recover and heal together as one nation,” Santiago said.