PPA remits P650 million to the National Government

The Philippine Ports Authority (PPA), a Government-Owned and Controlled Corporation (GOCC) has remitted P650 million this year to the National Treasury in compliance with Republic Act 7656 which declares that all GOCCs should declare and remit at least 50% of annual net earnings to the national government.

As one of the earning government corporations, the PPA has substantially shared its net earnings to the national government since the law has been enacted in 1998.

PPA General Manager Juan C. Sta. Ana said that the port agency will always be a staunched partner of the government in moving the country forward specifically in the area of providing support to the National Government’s fiscal consolidation efforts.

The PPA is among the 19 GOCCs that turned over the check amounting
to P29.25 billion in ceremonies held at the Ceremonial Hall of Malacañang last January 28, 2011. ?