PPA remits P4 B to DOF (Sabong News)

The Philippine Ports Authority (PPA) remitted P4.08 billion dividend payment to the Department of Finance, announced General Manager Jay Daniel R. Santiago. The amount remitted Monday, March 21, represents 60 percent of PPA’s P6.79 billion net income for 2021 and is 8.5 percent higher than what the state agency remitted last year, he added. “We also increased the percentage of the dividend remittance from 57 percent in 2020 to 60 percent in 2021 to help the government in its COVID-19 response as well as offer enough flexibility in the delivery of services as the country starts to recover from the pandemic,” according to Santiago. Already, the PPA contributed P43.98 billion to the national coffers in the form of taxes paid and dividend remittances from 2016 to 2021. The amount is P12.93 billion or 41.64 percent higher versus the state agency’s total contribution paid to government from 2010 to 2015. PPA also spent P19.87 billion to complete 240 port projects from 2016 to 2021. These form part of the 585 port projects completed under the Build-Build-Build program of the current administration. PPA’s strong financial performance is a testament to the sound fiscal foundation of the agency, the GM underscored. “PPA is in good standing right now due to the institutional changes implemented by the current administration to fulfill the mandate of the agency to improve and build ports to properly connect the archipelago and spur economic growth among the islands,” he pointed out. For the six-year period of the current administration, the PPA remitted P21.43 billion in dividends, P13.16 billion or 159 percent higher than the total dividend remittance recorded during the previous administration. From the total, the average annual dividend remitted to the Government during this administration is P3.57 billion versus the P1.37 billion average from 2010 to 2015. Significantly, the dividends paid from 2016-2021 is 3 percent more than the total amount of dividends paid post-EDSA through 2015 totaling P20.81 billion. In terms of taxes, the PPA during this current administration was able to pay P22.55 billion, about P9.354 billion or 70 percent higher than the figure posted during the previous administration. For its net income for the period in review, the PPA recorded P34.90 billion, P17.05 billion or 95.57 percent higher than the six-year net income posted in 2010-2015. The state agency averaged P5.82 billion net income from 2016-2021 period, double the previous administration’s annual average of P2.97 billion. Before the next administration takes over on June 30, 2022, the PPA and the Department of Transportation (DOTr) will inaugurate at least 13 more completed port projects. These include the Currimao Port in Ilocos Norte, to handle bigger, more sophisticated cruise ships, the Bulan Port in Sorsogon to provide alternative jump-off point to Masbate and Cebu, the Banago Port in Negros Occidental to provide enough capacity for the burgeoning cargo traffic to and from the area, the Ports of Baybay and Palompon in Leyte to provide enough trade and tourism connectivity to Cebu and Bohol, and the completion of the passenger terminal buildings in Batangas and Calapan, which will be considered as two of the biggest terminals in the country. “The completed projects also prepared the country to take in shipping and logistical demands from local and international players in the short- to mid- term as the world transition to normal,” Santiago stressed. “The remaining days of this administration are now focused on streamlining systems and procedures to achieve seamless interconnectivity and efficiency across all aspects of PPA operations.”