Jun 092013

MANILA, Philippines – Dividends remitted by the Philippine Ports Authority (PPA) to the national coffers jumped 23.5 percent last year, making it one of the largest contributors among government-owned and controlled corporations (GOCCs).

PPA general manager Juan Sta. Ana said the agency has consistently been among the profitable government agencies sharing its net earnings to the National Government since the law was enacted in 1998.

Sta. Ana said PPA’s total dividend payment reached P1.009 billion last year from P817 million in 2011.

 “The port agency will always be a strong partner of the government in moving the country forward specifically in the area of providing support to the National Government’s fiscal consolidation efforts,” he stressed.

He added that PPA landed seventh in the top 10 list of the biggest contributors for 2012 out of the 38 GOCCs that paid their respective dividends.

Other major contributors include Philippine Amusement and Gaming Corp., Land Bank of the Philippines, Development Bank of the Philippines, Bases Conversion and Development Authority, Power Sector Assets and Liabilities Management Corp., Manila International Airport Authority, Philippine Reclamation Authority, Philippine Deposit Insurance Corp. and the Philippine National Oil Co.

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Republic Act 7656 requires GOCCs to remit at least 50 percent of its annual gross earnings to the National Government.

For 2013, the government aims to keep its budget deficit at below P238 billion or two percent of the projected gross domestic product (GDP).

The deficit limit for this year is lower by about two percent than the actual budget gap of P242.83 billion recorded last year.

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