PH Ports Authority to remit P5.2 billion to nat'l government

MANILA -- The Philippine Ports Authority (PPA) is remitting P5.2 billion to the national government.

In a statement, the PPA said this record amount is 54 percent of its earnings based on its 2024 unaudited financial statements. The agency remitted P5.06 billion in dividends to the state coffers in 2023.

PPA said it made P27.64 billion for in revenue last year, up 8.61 percent from the P25.45 billion it made in 2023. The agency said this is because of enhanced revenue collection, strategic income management, and the development of new business opportunities. 

The PPA also said it will complete more infrastructure projects in 2025.

These include the Salomague Port Expansion Project in Cabugao, Ilocos Sur; the San Andres Port Improvement and Expansion Project in Catanduanes; the Banago Port Improvement Project in Negros Occidental; and the Balingoan Port Expansion Project in Cagayan de Oro.

The agency also said it will work on cruise ship ports in Coron, Palawan; Buruanga, Aklan; and Mambajao, Camiguin.

Under Republic Act 7656, also known as the Dividends Law, government-owned and controlled corporations (GOCCs) are mandated to declare and remit at least 50 percent of their annual net earnings as cash dividends to the national government.

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