Jan-July dividends larger than 2017

We attribute this accomplishment to the men and women of the PPA who have worked tirelessly for more than 44 years.

The various government owned and controlled corporations (GOCC) contributed dividends totaling P32 billion in only the first seven months of the year, 6.6 percent more than all of 2017.

This compared with dividends of only P30 billion in 2017, the Department of Finance said on Thursday.

This developed as three GOCC under the Department of Transportation (DoTr) were among the biggest contributors of dividends to the country’s coffers for 2017.

The law requires GOCC to remit at least half of their income to the nation’s coffers by May each year, based on revised quidelines.

Topping the list is the Civil Aviation Authority of the Philippines (CAAP) followed by the Philippine Ports Authority (PPA) and finally the Manila International Airports Authority (MIAA).

In simple rites in Malacañang, President Duterte recognized the efforts of the CAAP which remitted P6.2 billion in dividends. The CAAP did not remit dividends from 2011 to 2015 but is now a top contributing GOCC.

A total P30.46 billion worth of dividends were received from the 125 GOCC for fiscal year 2017, the government said.

“These dividends will certainly augur well in achieving the objectives set by President Duterte in the service of the country and our fellowmen. I told CAAP to give the government its due in dividends,” said Transportation Secretary Arthur Tugade.

The CAAP remittance represents 68 percent of the agency’s net income in 2017 amounting to P3.22 billion, including P3 billion worth of dividend arrears.

“The CAAP was not only directed to start remitting dividends but also dividend arrears accumulated over the years. We will continue to do our share in improving the financial performance of the GOCC sector,” CAAP director general Jim Sydiongco said.

“This achievement is not only for the CAAP (that) we share with all the employees who worked hard to make this feat possible. The sacrifices and the dedication I see in them inspires and empowers me to continue doing our good work despite the challenges confronting us in the aviation industry. Likewise, we wish to commend Secretary Tugade for his strong and decisive leadership that guided us all throughout the process,” Sydiongco said.

The PPA also remitted P3 Billion worth of dividends.