The Philippine Ports Authority (PPA) remitted P2.187 billion to the national coffers last year, once again making it a member of the “billionaires’ club,” government-owned and controlled corporations (GOCCs) that have declared P1 billion or more in dividends.
PPA’s 2015 contribution was 20% more than the P1.817 billion remitted in 2014, putting the agency eighth in ranking out of 54 GOCCs to remit to the government last year.
PPA posted a net profit of P4.057 billion in 2015, down 4.5% from P4.248 billion in 2014. Revenues, on the other hand, were 5.6% higher at P13.167 billion from P12.443 billion in 2014.
Total dividends from GOCCs in 2015 increased to P40.2 billion, 10.6% higher than the 2014 dividend of P36.36 billion.
Land Bank of the Philippines posted the highest dividends of P6.6 billion and remitted a total of P6.85 billion, while the Philippine Amusement and Gaming Corporation made the highest total remittance at P8.869 billion.
This year’s Billionaires’ Club also includes Mactan Cebu International Airport Authority with P5.062 billion in remittances; Bases Conversion Development Authority, P3.930 billion; Development Bank of the Philippines, P2.87 billion; Manila International Airport Authority, P2.358 billion; Philippine Deposit Insurance Corp, P2.27 billion; and Philippine Reclamation Authority, P1 billion.
GOCCs are required to declare and remit at least 50% of their income as dividends to the national government.
