PPA to remit record P5-B dividend

By Raymond Carl Dela Cruz

February 28, 2024, 2:34 pm

MANILA – The Philippine Ports Authority (PPA) is set to remit over PHP5 billion in dividends to the national treasury for 2023, a record amount breaking 2022’s PHP4.4 billion record.

In a statement Wednesday, the PPA announced the approval of PHP5.06 billion as a cash dividend by the board of directors.

The amount is 58.25 percent of PPA’s net earnings based on its calendar year 2023 unaudited financial statements.

“Total revenue of PHP25.44 billion for 2023 was recorded based on the unaudited figures. This is 23.89 percent or PHP4.91 billion higher than the 2022 revenue of PHP20.54 billion,” it said.

PPA General Manager Jay Santiago attributed the record earnings to “good fiscal management and efficient operations” of its port management offices nationwide.

“Since 2016, nagsimula ang dividend natin sa PHP1.96 billion hanggang kada taon po eh pataas ng pataas (Since 2016, our dividend was PHP1.96 billion and every year, it has been increasing) and now we have over PHP5 billion. This proves that we mean serious business in PPA, always for the nation,” Santiago said.

In 2023, the PPA was recognized by the Department of Finance as one of the leading dividend contributors among government-owned and controlled corporations (GOCC) in the country, ranking fourth overall.

From 2016 to 2023, PPA has a total dividend remittance of PHP30.97 billion --starting from 2016 with PHP1.96 billion, PHP3.10 billion in 2017, PHP3.52 billion in 2018, a record-high of PHP5.05 billion in 2019, PHP3.76 billion during the Covid-19 pandemic in 2020, a rebound to PHP4.08 billion in 2021, PHP4.44 billion in 2022, and PHP5 billion in 2023.

PPA, as a GOCC, has been granted fiscal autonomy and must remit 50 percent of its annual net income to the national government. (PNA)