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3 DOTr agencies remit over PhP10 billion dividends in advance to fund PHLs fight vs COVID 19 other govt projects

MANILA, PHILIPPINES – The Department of Transportation (DOTr), through the Philippine Ports Authority (PPA), Civil Aviation Authority of the Philippines (CAAP), and Manila International Airport Authority (MIAA), has remitted in advance over ten (10) billion pesos in dividends to the country’s coffers today, 27 March 2020, to support government spending measures in the fight to contain the coronavirus disease 2019 (COVID-19) pandemic, along with other government projects.

The PhP10 billion represents the total dividends of the three (3) agencies for calendar year 2019, with PPA remitting in advance over PhP4 billion; CAAP, PhP3 billion; and the MIAA, PhP3 billion.

Under the law, all Government Owned and Controlled Corporations (GOCCs) are mandated to remit in full their respective minimum dividends to the National Treasury on or before 15 May of each year.

DOTr Secretary Arthur Tugade lauded the efforts of the 3 agencies in keeping their good financial performance for the past four years.

“This only goes to show that with good leadership, especially with anti-corruption practices espoused by President Rodrigo Roa Duterte, it is the people that will ultimately benefit. These remittances are the people’s money and we are giving it back at the soonest possible time when it is very much needed with urgency. Napapanahon at nararapat lamang na pakinabangan ito ng mga taumbayan lalo sa panahon ng pagsubok na ito,” Secretary Tugade expressed.

It can be recalled that the three DOTr agencies were listed among the GOCCs with the highest amount of dividends remitted to the National Treasury in 2017.

Since the Duterte administration took over in 2016, the three agencies have consistently been remitting billions of pesos in dividends each year.

Since 2016, PPA has remitted a total of PhP12.6 billion in dividends: PhP1.9 billion for 2016, PhP3.1 billion for 2017, PhP3.5 billion for 2018, and PhP4 billion for 2019.

“We are all together in this battle [against COVID-19 pandemic]. That is why when the good Secretary ordered us to remit in advance the PPA’s dividends for 2019, we definitely made sure that it shall be. Aside from keeping our ports operational during this whole enhanced quarantine period in order that the flow of commodities will be unhampered, this is our own way of letting people know that we are one with them,” said PPA General Manager Jay Santiago.

As for CAAP, the agency has remitted a total of over PhP18 billion since 2016: PhP5.3 billion for 2016; PhP6.2 billion for 2017, and PhP3.5 billion for 2018, and PhP3 billion for 2019.

“Although the Aviation sector is facing a severe challenge now, we are grateful that what we have achieved in the past year will now greatly benefit our countrymen. Despite this mountainous hurdle, we will not waste any effort to continue improving our performance and we will serve the Filipinos to the best of our ability,” said CAAP Director General Jim Sydiongco.

For its part, MIAA, since 2016, has remitted a total of PhP10.9 billion in dividends: PhP2.2 billion for 2016, PhP2.2 billion for 2017, PhP3.4 billion for 2018, and PhP3 billion for 2019.

“We give credit to the leadership and guidance of Secretary Tugade who had been very supportive in the reforms and projects that took MIAA where it is now – a premier gateway that continues to improve and gain recognition. Its good financial performance is also the fruit of the inspiring hard work of our airport personnel who have dedicated their time and effort to serve our countrymen and visitors. Until now, even with the threat of the COVID-19 pandemic, some of them are risking their lives to fulfill their duties,” MIAA General Manager Ed Monreal said.

Since 2016, the three agencies have remitted to the National Treasury a total of PhP41.6 billion in dividends.

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Press Release

27 March 2020