PFDA to remit P128 million to Treasury

4 weeks ago

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Buckets of fish are sold at the Navotas fish port in this file photo. — PHILIPPINE STAR/MICHAEL VARCAS

THE Philippine Fisheries Development Authority (PFDA) said it will remit a dividend of P128.4 million from its 2023 earnings to the Bureau of the Treasury.

In a statement, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said that the PFDA’s remittance to the government represents a dividend payout rate of 75%. It earned P171.2 million in 2023.

Government-owned and -controlled corporations are required by law to remit at least 50% of their annual earnings to the National Government.

Mr. Laurel said the dividend payout was enabled by the strong performance of its various units.

“We have to support the government in what it needs as long as it will not affect (our) own operations,” he added.

He added that Finance Secretary Ralph G. Recto had urged agencies to increase their dividend payouts “to help fund the government’s spending plans.”

The PFDA develops, operates and maintains fishery post-harvest infrastructure and facilities and provides market information and related services. — Adrian H. Halili