SOURCE: PPA
The Philippine Ports Authority (PPA), an entity that has consistently demonstrated top performance among government-owned and controlled corporations, has recently achieved a significant milestone. The organization has announced an intended remittance of over P5 billion in dividends, marking its highest contribution to the National Treasury since its creation in 1974. This groundbreaking achievement is a testament to PPA's commendable fiscal management and efficient operations.
The decision to remit an impressive total of Php 5,057,764,538 in cash dividends was approved by the PPA Board of Directors on February 27, 2024. This amount, equivalent to 58.25% of PPA’s Net Earnings, is based on its Calendar Year 2023 Unaudited Financial Statements.
The record-breaking dividend for 2023 surpasses all dividends previously remitted to the government, including PPA's past record of P4.4B in 2022. As an organization granted fiscal autonomy, the PPA is required to remit 50% of its annual net income to the National Government. This year, they've gone beyond the call of duty, contributing an additional 8.25%.
The PPA's total revenue for 2023 was recorded at Php 25.44 billion, according to unaudited figures. This is a significant increase of 23.89% or Php4.91 billion from the 2022 revenue of Php20.54 billion.
The PPA's consistent performance and fiscal contributions demonstrate its status as a leading dividend contributor among Government-Owned and Controlled Corporations (GOCCs). In 2023, the agency secured its position as the fourth-highest dividend contributor, with a cash remittance of Php4.44 billion.
This outstanding achievement surpasses the contributions of other notable GOCCs, including the Philippine Charity Sweepstakes Office (PCSO), Philippine National Oil Company (PNOC), Subic Bay Metropolitan Authority (SBMA), and Clark Development Corporation (CDC), among others.
PPA General Manager Jay Santiago attributes the agency's record-breaking figures to good fiscal management and efficient operations of Port Management Offices nationwide. The PPA's success story is a shining example of what can be achieved when sound fiscal management is combined with efficient operations.
The PPA's journey of fiscal growth has been an admirable one, with the organization consistently increasing its dividend contributions since 2016. Over the period of 2016-2023, the PPA has a total dividend remittance of Php 30.97 billion, including the Php 5B dividend due of 2023. This marks the highest remittance in decades.
The trend of increasing dividend hikes by the PPA paints a picture of constant growth and advancement. Starting from 2016 with Php1.96 billion, followed by Php3.10 billion in 2017, Php3.52 billion in 2018, and a record-high of Php5.05 billion in 2019.
The PPA demonstrated resilience and adaptability during the COVID-19 pandemic. Despite the challenges, the organization managed to remit Php3.76 billion in 2020, proving that even in the face of adversity, the PPA remains committed to its fiscal responsibilities.
The year 2021 saw the PPA rebound strongly, remitting Php4.08 billion in dividends. This was followed by Php4.44 billion in 2022, a clear indication of the organization's determination and resilience.
With its record-breaking dividend contribution, the PPA has not only set a new standard for itself but also for other GOCCs. The organization's fiscal excellence serves as an inspiring model for other corporations to emulate.
With its record-breaking dividend remittance, the PPA has proven that it is a force to be reckoned with in the fiscal landscape of the Philippines. This trailblazing achievement sets a promising precedent for the future, and we can only anticipate further growth and success for the PPA.
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