14 MAY 2019, MANILA—The Philippine Ports Authority (PPA) continued its strong fiscal performance in 2018 as it remits P3.5 billion in dividends to the national coffers for 2018.
On top of this, the state-owned agency likewise paid P5.9 billion in taxes for 2018, more than half of total taxes paid in the last 10 years.
Overall, the PPA is contributing a record-breaking amount of P9.4 billion in terms of dividends and taxes to the National Government for the past year, which can be used for the Government’s various social welfare, health and other projects.
Latest data from the PPA showed that total dividends for 2018 amounts to P3.5 billion, setting another all-time record for the PPA. Last year, PPA remitted some P3.1 billion, its highest recorded dividend in the last 30 years. Dividend payment for 2018 overshadowed last year’s dividend and marks PPA’s highest dividend payment in its history.
While growth percentage slowed down for the period covered, the increase in dividend remains high as the 2018 figure is 13% higher than the 2017 dividend.
PPA is mandated to remit at least 50% of its annual net income to the National Government after it was granted fiscal autonomy during the term of President Corazon C. Aquino.
Meanwhile, total revenues for 2018 reached P17.49 billion or 8.13% higher than the target for the year. The amount is also higher by P14% compared to the total revenues recorded a year earlier.
According to PPA General Manager Jay Daniel R. Santiago, the agency’s performance in the past two years has placed the PPA on stable financial ground which will enable it to continue sustaining port services of the highest standards.
“This was achieved amid the agency’s massive infrastructure spending in port repair, modernization and development in support of the government’s Build, Build, Build program for the Philippines to achieve the ‘Golden Age’ of infrastructure,” Santiago said.
“The streamlining of port processes and aligning it with global standards coupled with strategic port development and modernization have greatly contributed to this strong performance,” Santiago said.
“This is also a testament to the resiliency of the Philippine economy as it continues to thrive despite external pressures from different foreign economies,” Santiago added.
With this, the PPA is expected to once again land in the higher echelon of the ‘Billionaires Club’ of Government Owned and Controlled Corporations contributing billions of pesos in dividends to the National Government. PPA is a consistent member of this club in the last decade but belonging only to the bottom half of the club. It only upped the ante when the new administration took over in 2016.