DOTr Turns Over Php50.7 Billion In Dividends From 2017-2020

DOTr Turns Over Php50.7 Billion In Dividends From 2017-2020

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The Department of Transportation (DOTr) continues with its strong fiscal performance as it remits a total of PhP50.7 billion in dividends from its attached Corporations from 2017 to 2020 or the period since the Duterte administration took over: PhP10.1 billion in 2017, PhP12.2 billion in 2018, PhP11.1 billion in 2019, and PhP17.3 billion in 2020.

Records from DOTr Finance show that the PhP50.7 billion total dividends remitted for 2017-2020 is significantly higher, or almost triple, as compared to the remitted dividends starting from 2013 to 2016, which amounted to only PhP17.7 billion.

This year alone, state-owned corporations under the DOTr, upon the instruction of Secretary Tugade, remitted in advance their respective dividends to support government spending measures amid the COVID-19 crisis. This resulted in the early remittance of dividends amounting to PhP17.3 billion, which were turned over on 27 March and 7 April 2020.

The PhP17.3 billion total dividends remitted to the Bureau of the Treasury came from the earnings of the Manila International Airport Authority (MIAA), which remitted PhP6 billion worth of dividends; Philippine Ports Authority (PPA), which remitted PhP5 billion; Civil Aviation Authority of the Philippines (CAAP) with PhP4 billion remittance; Light Rail Transit Authority (LRTA) with PhP1 billion; Cebu Ports Authority with PhP500 million; Mactan-Cebu International Airports Authority (MCIAA) with PhP500 million; North Luzon Railways Corporation (Northrail) with PhP140 million; and Clark International Airport Corporation (CIAC), which turned over PhP130 million in dividends.

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

DOTr Secretary Arthur Tugade said the dividends, which were remitted to the government’s coffers will help boost the nation’s fund while the government is exerting ways to generate resources for response efforts to contain the spread of coronavirus disease 2019 (COVID-19) pandemic and to supplement spending on various government projects.

“It’s important for us to realize the urgency of turning over in advance our respective dividends. The President has directed his administration to generate funds to help the country cope with the pandemic. And this is our way of showing how eager we are to help by doing our obligations,” Secretary Tugade said.

DOTr Agencies’ Remittances Of Its Revenue Remain High; Turned Over Php29.3 B For 2019

Meanwhile, remittances from revenues earned by the DOTr Proper and agencies attached to it remain high for the year 2019, reaching a total remittance amounting to PhP29.3 billion.

This amount came from the earnings of the DOTr-Proper, its sectoral offices and attached agencies, with the Land Transportation Office (PhP24 billion), DOTr-Proper (PhP1 billion), and the Office for Transportation Security (PhP1 billion) as top contributors.

The PhP29.3 billion in remittances for 2019 shows a steady high remittance of the DOTr since the Duterte administration took over.

In 2010, PhP14.9 billion was remitted to the National Treasury; PhP15.4 billion in 2011; PhP16.9 billion in 2012; PhP 19.4 billion in 2013; PhP23.7 billion in 2014; PhP25.6 billion in 2015; PhP26.4 billion in 2016; PhP26.3 billion in 2017; and PhP30.7 billion in 2018.

In summary, DOTr has turned over PhP17.3 billion in dividends from its attached GOCCs in 2020 and PhP29.3 billion in remittances from revenues earned by DOTr agencies, or a total PhP46.6 billion to the National Treasury.

“The continuous robust fiscal performance of the Department is a testament to the strong leadership our transportation chief exemplifies. We are relentless with our anti-corruption drive, accountability, and transparency initiatives to maintain good financial status. And the DOTr will continue to do so, especially during these trying times when our country needs funding most,” DOTr Undersecretary for Finance Garry de Guzman expressed.

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