Dividends from CAAP hit P3.5B last year
Credit to Author: LISBET K. ESMAEL| Date: Tue, 28 May 2019 16:21:39 +0000
The Civil Aviation Authority of the Philippines (CAAP) turned over its highest annual dividend to the national government, reaching P3.5 billion for 2018.
In a statement on Tuesday, the country’s aviation authority said that while it only had a dividend payable of P958.5 million, it recorded an excess cash of P2.55 billion, which allowed the agency to remit 9 percent higher than the P3.2 billion in dividends for 2017.
Earnings last year also improved to P280 million, CAAP said.
“The flying public can be assured that while we remain keen on making our airspace safe, we shall continue to be honest and judicious in our fiscal functions,” CAAP Director General Jim Sydiongco was quoted in the statement.
Transport Secretary Arthur Tugade also lauded the solid performance of CAAP, saying the amount it remitted to the national government could fuel infrastructure spending.
“CAAP has maintained a very strong fiscal performance, consistently outperforming itself year after year. As custodians of public trust, it is but right that government agencies like CAAP dispense their monetary functions with prudence, efficiency, and transparency. This is one way of adhering to President Duterte’s directive of giving the Filipinos a comfortable life,” Tugade also said in the statement.
For 2011 to 2015 period, CAAP did not remit dividends as it said it had “full fiscal autonomy.”
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