3 DOTr agencies to remit P11 billion to gov’t

Three agencies of the Department of Transportation (DOTr) will remit a total of P11 billion worth of dividends to the National Treasury on Friday.

It was noted in a press release on Thursday that the Manila International Airport Authority (MIAA), the Civil Aviation Authority of the Philippines (CAAP), and the Philippine Ports Authority (PPA) will remit P2.01 billion, P6.22 billion, and P3 billion, respectively.

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

The PPA's upcoming remittance will be the highest dividend in its entire corporate life since 1986, while MIAA stays consistent with last year’s remittances amounting to P2.26 billion.

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

Transportation Secretay Arthur Tugade and other top officials from the DOTr, MIAA, CAAP, and PPA will lead the turnover of checks to Finance Secretary Carlos Dominguez III in Clark, Pampanga. — Anna Felicia Bajo/BM, GMA News