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May 31, 2024

PPA remits P4.08 billion as dividends to NG

The Philippine Ports Authority (PPA), which manages more or less 2,500 commercial and fishing ports around the country, has turned over P4.08 billion in cash as its dividend contribution to the national government (NG).

Under the Dividend Law, or Republic Act 7656 of 1994, government owned or controlled corporations (GOCCs) must remit at least 50 percent of their earnings to NG.

Given this, the PPA wrote a check for the Bureau of Treasury which acknowledged the receipt of the dividends.

The PPA consistently turned over an appropriate amount of its annual earnings as dividends that Finance Secretary Carlos G. Dominguez said totaled P21.48 billion from 2017 to 2022.