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Philippines
Thursday, March 28, 2024

PPA to  remit over P3b in dividends

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State-run Philippine Ports Authority said on Tuesday it will remit over P3 billion in dividends, its highest contribution to the national coffers since 1986.

The dividend from 2017 also eclipsed by at least 30 percent all the dividends it remitted to the government at least in the last decade, including its record P2.158 billion in 2015.

PPA is mandated to remit 50 percent of its annual net income to the national government after it was granted fiscal autonomy during the term of the late President Corazon Aquino.

PPA general manager Jay Daniel Santiago the agency posted record-breaking figures due to the reforms implemented by the new administration.

“This is a clear manifestation that we are reaping the benefits of the reforms management implemented in the last two years, that include among others, reduction of documentary requirements, faster turnaround time of trucks and vessels in ports, and modernization of strategic ports,” Santiago said. 

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