CAAP REMITS OVER P21 BILLION IN DIVIDENDS, CONTRIBUTIONS UNDER DUTERTE ADMINISTRATION, SURPASSES P1.3 BILLION TOTAL REMITTANCE FROM 2008 TO 2016
Press Release: The Civil Aviation Authority of the Philippines (CAAP) remains steady in its strong fiscal performance after handing over more than P21 billion in remittances to the National Treasury from 2016 to 2020.
For the period mentioned, CAAP, an attached agency of the Department of Transportation (DOTr) remitted almost 20 times more than its total P1.3 billion remittance from 2008-2016 combined. This feat has solidified CAAP’s membership in the ‘Billionaires' Club,’ an elite circle of government-owned and controlled corporations (GOCCs) that have remitted billions of pesos in dividends and remittances to the national government.
Below are the exact comparative figures of CAAP’s remittances:
2008 – 2016 : P1,362,980,000.00
2017 – 2020 : P21,127,789,260.88
Since 2016, CAAP, as ordered by DOTr Secretary Art Tugade, has consistently turned over billions of pesos in remittances year after year.
The whopping P21 billion in total remittances is broken down as follows: P5.4 billion (2017), P6.2 billion (2018), P3.5 billion (2019), and P6 billion (2020). This is remarkably higher than the agency’s total remittances in the past 8 years before the Duterte administration took office in 2016.
To note, for 2020 alone, CAAP Director General Jim Sydiongco reported that the agency was able to remit a total of P6 billion despite the aviation industry being among the hardest-hit sectors by the COVID-19 pandemic.
“The Year 2020 has been a rough year for the aviation sector, to say the least. With nations closing borders, airlines facing bankruptcy, to employees getting laid off – we can say that the industry has been on life support. But that did not hinder us from performing our obligations. While we are greatly challenged by a raging global crisis, we remain committed to practice accountability, transparency, and good governance as mandated by the good Secretary,” DG Sydiongco said.
Early last year, Secretary Tugade directed all state-owned corporations of the DOTr, including CAAP, to remit in advance their respective dividends and remittances to support government spending measures amid the COVID-19 crisis and other essential government projects.
Meanwhile, the transportation chief commended the constant strong fiscal performance of CAAP as this will not only help generate resources for COVID-19 efforts and for other projects but will also set a benchmark beyond the term of the Duterte administration.
“Since 2016, CAAP demonstrated how sound and judicious fiscal management should be done in the interest of the public. Now, whoever will take over the agency when we step down in 2022, I am sure that the achievements reached by CAAP, under the leadership of Director General Jim Sydiongco, will be the standard. CAAP has set the bar high,” Secretary Tugade said.
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