3 DOTr agencies to remit P11 billion dividends

MANILA, Philippines — Three agencies under the Department of Transportation (DOTr) will remit P11 billion in dividends to the state coffers today.

In a statement yesterday, the DOTr said the Civil Aviation Authority of the Philippines (CAAP) would remit P6.22 billion in dividends, while the Manila International Airport Authority (MIAA) would hand over P2.01 billion, and the Philippine Ports Authority would give P3 billion.

Transportation Secretary Arthur Tugade, along with top officials from the DOTr, MIAA, CAAP, and PPA, will lead the turnover of checks to Finance Secretary Carlos Dominguez in Clark today.

“I always tell our revenue-generating agencies to improve their collection. This is our way of contributing to the government, especially as we usher in the golden age of Philippine infrastructure,” Tugade said.

The three agencies were among the government-owned and controlled corporations (GOCCs) to transmit the highest dividends to the national government.

CAAP emerged as one of the biggest contributors, after not being able to turn over dividends for the period of 2011 to 2015.

CAAP’s recent remittance represents 68 percent of the net income for last year, amounting to P3.22 billion, as well as P3 billion in unpaid dividend arrears.

Meanwhile, PPA’s latest remittance is the agency’s highest dividend in its entire corporate life since 1986.

Given the latest remittance, the PPA is expected to  maintain its position as part of the “Billionaires Club” which is an elite group of GOCCs that consistently contribute billions of pesos in dividends.

MIAA’s contribution, on the other hand, is consistent with the previous year’s remittances which amounted to P2.26 billion.

During the previous year, various agencies under the DOTr were able to remit a total of P25.78 billion to the Bureau of the Treasury.

Contributions came from agencies such as the Land Transportation Office, Maritime Industry Authority, Toll Regulatory Board, Office of Transport Security, and the Land Transportation Franchising and Regulatory Board.