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Philippines Economy News

Transport GOCCs make advance dividend payment of over P10-B

transport goccs make advance dividend payment of over p10 b 816x445 - Transport GOCCs make advance dividend payment of over P10-B

THE Philippine Ports Authority (PPA), the Civil Aviation Authority of the Philippines (CAAP), and the Manila International Airport Authority (MIAA), made an advance dividend payment of more than P10 billion Friday.

In a statement, the Department of Transportation (DoTr) said PPA remitted over P4 billion while CAAP and MIAA handed over P3 billion each.

The funds will be used to support government iefforts to contain COVID-19 and other projects.

“Under the law, all Government Owned and Controlled Corporations (GOCCs) are mandated to remit in full their respective minimum dividends to the National Treasury on or before 15 May of each year,” the DoTr said.

Mr. Tugade said: “These remittances are the people’s money and we are giving it back at the soonest possible time when it is very much needed with urgency.”

“Napapanahon at nararapat lamang na pakinabangan ito ng mga taumbayan lalo sa panahon ng pagsubok na ito (It is appropriate for the people to benefit from these dividends during these challenging times),” he added.

The government has announced an initial P27.1 billion economic stimulus package to help sectors affected by COVID-19.

The government placed Luzon under a month-long lockdown in a bid to contain the spread of the disease, closing most private businesses and suspending public transport. — Arjay L. Balinbin

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