MANILA – Department of Transportation (DOTr) Secretary Arthur Tugade congratulated the Philippine Ports Authority (PPA) as it is set to remit more than PHP3 billion in dividends to the national government, its highest contribution since 1986.
Tugade lauded PPA’s efforts to generate revenue, but challenged the agency to not rest on their laurels.
“Your future performance shall be measured by your latest best performance. This is how the quest for excellence goes,” Tugade said in press statement on March 14.
The state-owned agency’s dividend for 2017 is the highest in its corporate lifetime, while also eclipsing all its remitted dividends in the last decade by at least 30%. The figure is also higher by 54% compared to the PHP1.956-Billion worth of remittances in 2016.
PPA’s remittances over the recent years have earned them membership into the “Billionaire’s Club,” an elite group of GOCCs that consistently remit billions worth of dividends.
Tugade said the improvement in the performance of PPA, and the entire DOTr, can be attributed to the strong and sound leadership of President Rodrigo R. Duterte.
“We are inspired to work with greater zeal because of the brand of leadership we see in President Durerte. These improvements, whether in policy or increase in revenue, just reflect the faith and trust of our people to the President. Tiwala ang tao dahil alam nilang ayaw na ayaw ng Presidente sa corrupt at tamad,” Tugade added.
For his part, PPA General Manager Jay Daniel Santiago said the reforms implemented by the new administration have contributed to the attainment of PPA’s record-breaking figures.
“We are reaping the benefits of the reforms management implemented in the last two years, that include among others, reduction of documentary requirements, faster turnaround time of trucks and vessels in ports, and modernization of strategic ports,” Santiago said.
Santiago likewise commended the strong performance of Manila ports composed of the Manila International Container Terminal, Manila South Harbor, and the North Port. He also recognized PPA’s 24 other Port Management Offices that posted favorable performances in the past year.
Under the Dividends Law, all Government-Owned and Controlled Corporations (GOCCs) are required to remit at least 50% of their annual net income to the national government.
The PPA, one of various GOCCs under the DOTr, is mandated to establish, develop, regulate, manage, and operate a rationalized national port system for further trade and national development. (DOTr-PR/PNA)
