PPA makes history, to remit P5B to treasury
THE Philippine Ports Authority (PPA) will remit over P5 billion to the national treasury, its highest contribution since 1974.
PPA General Manager Jay Santiago attributed the agency’s recordbreaking figures to the good fiscal management and efficient operations of ports nationwide.
“We are once again making history with our highest dividend contribution so far. Since 2016, our dividend started at P1.96 billion and has been increasing every year, and now we have over P5 billion. This proves that we mean serious business in PPA, always for the nation,” Santiago said.
The PPA board of directors approved a cash dividend of P5.05 billion, equivalent to 58.25 percent of PPA’s net earnings in 2023. PPA’s 2023 dividend exceeded all dividends remitted to the government, surpassing its previous record of P4.4 billion.
After being granted fiscal autonomy, PPA must remit 50 percent of its net income to the national government. The unaudited figures recorded a total revenue of P25.44 billion in 2023, 23.89 percent higher than the P20.54 billion dividend in 2022.
PPA has been a consistent top performer among governmentowned and -controlled corporations (GOCCs), ranking fourth overall in 2023 with a cash remittance of P4.44 billion. The Department of Finance data showed that PPA surpassed the Philippine Charity Sweepstakes Office, Philippine National Oil Company, Subic Bay Metropolitan Authority and Clark Development Corp., among others.
From 2016 to 2023, PPA’s total dividend remittance reached P30.97 billion, the highest in decades. This reflects a trend of increasing dividend hikes, starting with P1.96 billion in 2016, followed by P3.10 billion in 2017, and P3.52 billion in 2018. The remittance reached a record high of P5.05 billion in 2019; it declined to P3.76 billion during the Covid-19 pandemic but rebounded to P4.08 billion in 2021 and reached P4.44 billion in 2022.