Three state-owned agencies under the Department of Transportation and Communications have remitted P11 billion in dividends for 2017 to the National Treasury.
The ceremonial turnover of checks to Finance Secretary Carlos Dominguez was led by DOTr Secretary Arthur P. Tugade, Undersecretary for Aviation Capt. Manuel Antonio “Skee” Tamayo, CAAP director general Capt. Jim C. Sydiongco, PPA general manager Jay Daniel Santiago and MIAA represented by Cecilio A. Bobila, AGM for Airport Development and Corporate Affairs.
The event was held at the Asean Convention Center in Clark, Pampanga during the third leg of the press launch of the Philippines’s hosting of this year’s 51st ADB Annual Meeting scheduled for May 3 to 6 this year.
The Civil Aviation Authority of the Philippines remitted P6.22 billion, Philippine Ports Authority, P3 billion; and the Manila International Airport Authority, P2.01 billion.
CAAP had not remitted dividends for the past four years but now emerged as one of the biggest contributors to the national treasury.
CAAP’s recent remittance represented 68 percent of CAAP’s net income for 2017 amounting to P3.22 billion, including P3 billion worth of unpaid dividend arrears.
Tugade commended the attached agencies for their revenue contributions.
“ This is our way of contributing to the government, especially as we usher in the Golden Age of Philippine Infrastructure,” said Tugade.
There are over 200 government-owned-and-controlled corporations, mandated by the state to submit at least 50 percent of their revenue as dividends to the national government.