MANILA, Philippines — State-run Philippine Ports Authority (PPA) has remitted a record high P21 billion worth of dividends to the national coffers under the Duterte administration, the agency said yesterday.
The PPA said it also turned over P4.08 billion to the government as part of its dividend contributions from its net income in 2021.
The amount brings the PPA dividends to the government to P21.48 billion under the Duterte administration, exceeding the P20.5 billion it contributed between 1994 and 2016.
Finance Secretary Carlos Dominguez III said the government needs all the financial contribution it can get from state-run firms to expand its resources for pandemic recovery.
“The PPA’s exceptional track record under the Duterte administration is a model that other GOCCs [government-owned and controlled corporations] should emulate,” he said.
“We need all the help we can get from our state-run firms to further strengthen our fiscal position amid the external risks we are currently facing as we sustain our economic recovery.”
According to Dominguez, the PPA dividends, along with the remittances of other GOCCs, were used by the government to fund its social protection and public health interventions at the height of the pandemic.
Under Republic Act 7656 or the Dividends Law, all state-owned enterprises are mandated to declare and remit to the government at least 50 percent of their profit, either as cash, stock or property dividends.