The Philippine Ports Authority is remitting more than P5 billion in dividends to the Bureau of Treasury, the biggest since its creation in 1974.

The PPA Board of Directors approved the amount equivalent to 58.25 percent of the agency’s net earnings in 2023, according to its unaudited financial statement.

Last year, PPA’s total revenue stood at P25.44 billion based on the unaudited figures, 23.89 percent or P4.91 billion higher than the 2022 revenue of P20.54 billion.

Among the Government Owned and Controlled Corporations, the PPA is said to be a consistent top earner and dividend contributor, even surpassing that of the Philippine Charity Sweepstakes Office, Philippine National Oil Company, Subic Bay Metropolitan Authority and Clark Development Corporation.

PPA general manager Jay Santiago attributed the agency’s record-breaking profits to the good fiscal management and efficient operations of public ports nationwide.

“We are again making history with our highest dividend contribution so far. Kung matatandaan niyo po since 2016 nagsimula ang dividend natin sa P1.96 billion hanggang kada taon po eh pataas ng pataas and now we have over P5 billion. This proves that we mean serious business in PPA, always for the nation,” Santiago said.

From 2016 to 2023, PPA had a total dividend remittance of P30.97 billion, marking the highest remittance in decades.

The trend of increasing dividends of the PPA started from 2016 with P1.96 billion, followed by P3.10 billion in 2017, P3.52 billion in 2018 and P5.05 billion in 2019. Dividends declined to P3.76 billion during the Covid-19 pandemic in 2020 but gradually recovered to P4.08 billion in 2021 and the P4.44 billion in 2022.