The Philippine Fisheries Development Authority (PFDA) will remit P128.4 million to the Treasury for 2023 pay-out in response to the Department of Finance’s (DOF) call for a 25-percent increase in remittances.
The government-owned and -controlled corporation (GOCC) booked a net profit of P171.2 million in 2023.
Previous to the recent directive, all GOCCs are required to remit 50 percent of annual revenues to the national government, which scaled up to 75 percent upon the announcement by the DOF for increased remittances.
PFDA chairman and Department of Agriculture Secretary Francisco Tiu Laurel said the agency was willing to adhere to new regulations to improve the country’s financial status.
“We have to support the government in what it needs as long as it will not affect your own operations,” Tiu Laurel told the board in a recent meeting.
The PFDA remitted P74.3 million in dividends in 2022, representing 50 percent of its net profit for the same year.
The PFDA is tasked to develop, operate and maintain fishery post-harvest infrastructures and facilities and provides market information and related services.
The PFDA assured the public of continued smooth operations despite the higher dividend payout, citing the strong performance of its various units with collection rates exceeding 90 percent.
