The Civil Aviation Authority of the Philippines (CAAP) remitted P3.5 billion in dividends to the national government for 2018, its highest annual remittance yet.
CAAP, a usual member of the “Billionaires’ Club,” an elite circle of government-owned and controlled corporations (GOCC) that remit billions of pesos to the national coffers, has a computed dividend payable of P958.5 million for 2018. However, the state aviation authority has reported an excess cash of P2.55 billion, and deemed it appropriate to increase the dividend payment to P3.5 billion while still maintaining its economic viability.
CAAP from 2011 to 2015 had refused to remit dividends, arguing that under Republic Act No. 9497, or the Civil Aviation Authority Act of 2008, it has full fiscal autonomy. However, CAAP in 2016 started remitting as ordered by Transportation Secretary Arthur Tugade.
For 2017, the aviation authority paid P6.2 billion in dividends, representing CAAP’s net income then, amounting to P3.22 billion, and the inclusion of P3 billion worth of unpaid dividend arrears.
In 2018, the agency performed even better with a notable growth of around P280 million in net income.
“CAAP has maintained a very strong fiscal performance, consistently outperforming itself year after year. As custodians of public trust, it is but right that government agencies like CAAP dispense their monetary functions with prudence, efficiency and transparency. This is one way of adhering to President Duterte’s directive of giving the Filipinos a comfortable life,” Tugade said.
CAAP director general Jim Sydiongco, for his part, said the agency remains steadfast in its mission of serving the best interest of the Filipino people.
“The flying public can be assured that while we remain keen on making our airspace safe, we shall continue to be honest and judicious in our fiscal functions. As directed by Secretary Tugade, we steer clear of corruption for we truly look forward to providing better facilities and services for the connectivity and mobility of Filipinos,” Sydiongco expressed.
