3 DOTr Agencies Among Top to Remit Highest 2017 Dividends

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Three (3) state-owned agencies under the Department of Transportation (DOTr) were listed among the GOCCs with the highest amount of dividends remitted to the country’s coffers for 2017. Topping the list is the Civil Aviation Authority of the Philippines (DOTr-CAAP), while Philippine Ports Authority (PPA) ranked as 2nd, and the Manila International Airports Authority (MIAA) ranked 7th.

In a ceremony in Malacanang yesterday, President Rodrigo Duterte recognized the efforts of CAAP, which remitted PhP6.2 Billion in dividends. CAAP went from years of non-remittance from 2011 to 2015 to being the top contributing Government-Owned and Controlled Corporation (GOCC). 

For 2017, the total amount of dividends from the 125 GOCCs in the country is PhP30.46 Billion.

“Ang dividends na ‘yan ay para sa gobyerno, para sa tao. These dividends will certainly auger well in achieving the objectives set by President Duterte in the service of the country and our fellowmen. Kaya ang bilin ko sa CAAP, ibigay sa gobyerno ang para sa gobyerno,” said Transportation Secretary Arthur Tugade, who received the Certificate of Acknowledgement on behalf of CAAP and other members of the “Billionaire’s Club.”

CAAP’s remittance represents 68% of CAAP’s net income for CY2017 amounting to PhP3.22 billion, including PhP3 billion worth of unpaid dividend arrears.

“Mahigpit po ang bilin sa atin ni Secretary Tugade. CAAP was not only directed to start remitting dividends, but also remit the unpaid dividends over the years. We will continue to do our share in improving the financial performance of the GOCC sector,” said CAAP Director General Jim Sydiongco.

“This achievement is not only for the CAAP, but also an achievement we share with all the CAAP employees who worked hard to make this feat possible. The sacrifices and the dedication I see in them inspires and empowers me to continue doing our good work despite the challenges confronting us in the aviation industry. Likewise, we wish to commend our DOTr Sec. Tugade for his strong and decisive leadership that guided us all throughout the process,” DG Sydiongco added.

Meanwhile, the Philippine Ports Authority (PPA), has remitted PhP3 Billion worth of dividends.

“We attribute this historical accomplishment to the men and women of PPA who have worked tirelessly for more than 44 years in order to make PPA one of the most professional and well-managed GOCCs. To our Chairman, Sec. Art Tugade, without whose guidance in fiscal responsibility and good governance we would not have been able to overcome the operational and governance challenges which we faced during the past 2 years; and most especially to our President, who has inspired us to shy away from corruption and put the people’s welfare in the forefront of our daily tasks,” said PPA General Manager Jay Santiago.

For his part, MIAA GM Ed Monreal, whose agency has remitted PhP2.01 Billion to the national coffers, attributed the agency’s good financial performance to strong leadership.

“Everyone is stepping up and doing their part. It’s actually inspiring. Definitely this goes to the hardworking men and women of MIAA who made sure that the revenues are properly guarded, and also created avenues to generate more funds in support of the objectives of President Duterte in the service of Filipino people,” Monreal said.

Last April 13, the 3 agencies turned over the dividends to Finance Secretary Carlos Dominguez.

Finance Secretary Carlos Dominguez also reported that in the first seven months of 2018, dividends have already reached PhP32-Billion, higher than the dividends for the whole of 2017.

Meanwhile, Sec. Tugade challenged the top grossing agencies to exceed their 2017 performance.

“I extend my sincerest congratulations and appreciatin to your staff—and my challenge for you to exceed our 2017 performance by 20%. It may be difficult but certainly not impossible,” Tugade said.

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