DOTr agencies remit B to Treasury in 2017

The three top earning agencies of the Department of Transportation (DOTr) remitted R11-billion dividends earned in 2017 to the National Treasury, the department reported over the weekend.

The Manila International Airport Authority (MIAA) turned over R2.01 billion; the Civil Aviation Authority of the Philippines (CAAP), R6.22 billion and the Philippine Ports Authority (PPA). R3 billion.

In 2016, the MIAA, CAAP and PPA ranked among the highest revenue earning Government-Owned and -Controlled Corporations (GOCCs).

The CAAP, which was not being able to turn over dividends from 2011 to 2015 was one of the biggest contributors for that year.

In 2017, the CAAP’s remittance represented 68 percent of its R3.22-billion net income, including R3 billion worth of unpaid dividend arrears.

On the other hand, the PPA turned over its highest dividend in its entire corporate life since 1986 and is now is expected to become a regular member of the “Billionaires Club,” an elite group of GOCCs consistently contributing billions of pesos to the national coffers.

The MIAA, consistent with last year’s remittances, forked in R2.26 billion.

In 2016, various revenue-generating agencies and offices under the DOTr remitted a total of R25.78 billion to the Bureau of Treasury in full, with contributions coming from the Land Transportation Office (LTO), Maritime Industry Authority (MARINA), Toll Regulatory Board (TRB), Office of Transport Security (OTS) and the Land Transportation Franchising and Regulatory Board (LTFRB).

Transportation Secretary Arthur P. Tugade, along with top officials from the DOTr, MIAA, CAAP and PPA, led yesterday’s turnover of checks to Department of Finance (DOF) Secretary Carlos Dominguez III in Clark, Pampanga.

The dividends are DOTr’s “way of contributing to the government, especially as we usher in the Golden Age of Philippine Infrastructure,” he underscored.