PPA remits over P3B to national coffers
The Philippine Ports Authority (PPA) remitted more than P3 billion to the national treasury, its biggest ever contribution since 1996.
The amount is 54 percent higher than the P1.96 billion remitted in the past decade due to the strong performance of the Manila ports composed of the Manila International Container Terminal operated by International Container Terminal Services Inc., the Manila South Harbor, which is run by Asian Terminals, Inc., and the North Port.
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 President Corazon Aquino.
“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,” said Jay Daniel Santiago, PPA general manager.
“The continuing review of other processes involving port operations, compliance with the Quality Management Standards, and adoption of world’s best practices in port operations will definitely boost PPA’s financial standing in the next couple of years,” he added.
With the higher dividend, Santiago said PPA can guarantee that the national government can easily implement its anti-poverty measures, particularly in the areas of infrastructure spending and healthcare benefits.