Three state-owned agencies under the Department of Transportation (DOTr) are set to remit a total of PhP11 Billion in dividends for 2017 to the National Treasury tomorrow, 13 April 2018.
The Manila International Airport Authority (MIAA), Civil Aviation Authority of the Philippines (CAAP), and the Philippine Ports Authority (PPA) shall be remitting PhP2.01 billion, PhP6.22 billion, and PhP3 billion worth of dividends, respectively.
Transportation Secretary Arthur P. Tugade, along with top officials from the DOTr, MIAA, CAAP, and PPA, will lead the turnover of checks to Department of Finance (DOF) Secretary Carlos Dominguez III in Clark tomorrow, 13 April 2018.
Secretary Tugade commended the attached agencies for their revenue contributions.
“I always tell our revenue-generating agencies to improve their collection. This is our way of contributing to the government, especially as we usher in the Golden Age of Philippine Infrastructure,” said Tugade.
In 2016, the MIAA, CAAP, and PPA were among the top Government-Owned and Controlled Corporations (GOCCs) to transmit the highest dividends to the country’s coffers.
CAAP emerged as one of the biggest contributors, after not being able to turn over dividends from 2011 to 2015.
Upon assumption to office, Sec. Tugade instructed CAAP to remit its dividend to the government.
CAAP’s recent remittance represents 68% of CAAP’s net income for CY2017 amounting to PhP3.22 billion, including PhP3 billion worth of unpaid dividend arrears.
PPA, on the other hand, is set to remit its highest dividend in its entire corporate life since 1986. With this incoming remittance, PPA is expected to maintain its inclusion as one of the regular members of the “Billionaires Club”, an elite group of GOCCs that consistently contribute billions of pesos in dividends.
MIAA remains consistent, with last year’s remittances amounting to PhP2.26 billion.
During the previous year, various revenue-generating agencies and offices under the DOTr were able to remit a total of PhP 25.78 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).
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