(Eagle News) — The Department of Finance has lauded the Philippine Ports Authority for its 2020 remittance of P3.541 billion in 2020 despite the COVID-19 pandemic.
The amount is 6 percent more than the required amount under the law, as it represents 56 percent of the PPA’s 2020 net income after tax of P6.138 billion.
Under Republic Act No. 7656 or the Dividend Law, government-owned and -controlled corporations are required to declare and remit to the national government at least 50 percent of their net income as dividends.
In a statement, Finance Secretary Carlos Dominguez said the PPA “sets the example for other GOCCs to follow, especially at this time when we need all the financial support we can muster to continue funding our pandemic resp0nse and COVID-19 vaccination program.”
Dominguez also thanked Transportation Secretary Arthur Tugade, who oversees the PPA, for ensuring that GOCCs under his watch always comply with the provisions of the Dividend Law and fulfill their responsibility.
He also cited the efforts of Finance officials for continuing to instill fiscal discipline among GOCCs.
According to the DOF, the PPA has been a consistent top-performing agency of the DOTr, remitting a total of P17.17 billion in dividends.
From January 1 to March 26, 2021, the PPA ranks as the third biggest dividend contributor to the Bureau of Treasury, next to the National Transmission Corporation (Transco) with P8.3 billion and the Philippine Deposit Insurance Corp. (PDIC) with P7.1 billion.
Ten GOCCs have already remitted a combined P21.44 billion in dividends to the BTr during this period.