PPA 2020 net income falls 16%, pays 56% gov’t dividend

PHILSTAR

THE Philippine Ports Authority (PPA) said Thursday that net income in 2020 was P6.138 billion, down 16%, mainly due to the impact of the public health crisis on its operations.

“The amount is above the (net income) target of P5.557 billion,” the agency said in a statement.

The PPA said 56% of its net income will be remitted to the National Government to help with its pandemic containment efforts, over and above the legal requirement for government-owned and -controlled corporations to pay a 50% dividend.

“The PPA Board has approved the initiative to give 56% of its net income for 2020 to the national coffers to assist the government in its COVID-19 (coronavirus disease 2019) response,” the ports regulator said.

PPA General Manager Jay Daniel R. Santiago said the agency expects the pandemic containment effort to be a “long and winding road.”

“As a response, we are increasing our dividend to P3.541 billion representing 56% of PPA’s 2020 net income to help (the) government,” he said.

Transportation Secretary Arthur P. Tugade said the dividend should help in the procurement of the coronavirus vaccines and in providing aid and financial support to the most vulnerable members of society.

“It is in this light that I am calling on government agencies under the Department of Transportation to help the government sustain the momentum in its fight against COVID-19 by properly remitting their dividends to the national treasury,” Mr. Tugade added. — Arjay L. Balinbin