3 DOTr agencies to remit P11 billion to government

  • 3 agencies of the Department of Transportation (DOTr) are going to remit P11-Billion worth of dividends to the National Treasury
  • The 3 DOTr agencies are Manila International Airport Authority (MIAA), Civil Aviation Authority of the Philippines (CAAP), and the Philippine Ports Authority (PPA)

Three agencies of DOTr will be remitting a total of P11 billion worth of dividends to the National Treasury on Friday.

According to a DOTr press release on Thursday, the DOTr agencies MIAA, CAAP and PPA will remit P2.01 billion, P6.22 billion, and P3 billion, respectively.

CAAP’s remittance represents 68 percent of its net income in 2017, plus P3 billion worth of unpaid dividend arrears after not being able to turn over dividends from 2011 to 2015.

MIAA stays consistent with last year’s remittances amounting to P2.26 billion.

Meanwhile, PPA’s upcoming remittance will be the highest dividend in its entire corporate life.

According to the press release, the 3 aforementioned agencies were among the Government-Owned and Controlled Corporations (GOCCs) with the highest dividends sent to the country’s coffers in 2016.

DOTr Secretary Arthur Tugade and other top officials of the agencies involved will lead the turnover of checks to Finance Secretary Carlos Dominguez III in Clark, Pampanga.