MANILA, Philippines - The Civil Aviation Authority of the Philippines (CAAP), a government-owned and controlled corporation (GOCC), will turn over to Malacañang dividends amounting to P1.4 billion.
The turn-over of checks will be held around 10 a.m. at the Rizal Hall Malacañang Palace on Monday, Feb. 6.
President Aquino will receive the check amounting to P1.4 billion from CAAP.
The amount represents 50 percent of the CAAP’s net income since its creation as a GOCC in 2008 through Republic Act 9497.
As such, CAAP is covered by the provisions of RA 7656 mandating all GOCCs to declare dividends to the National Government, under certain conditions and for other purposes.
CAAP director general Ramon Gutierrez will personally hand over to President Aquino the P1.4 billion check which accounts for the dividends payment for the calendar year 2008 to 2010.
“The turnover of the P1.4 billion check from CAAP is a testament to the agency’s commitment to support the administration’s goal of achieving a regular sustainable and increasing share for the National Government in GOCC profits,” CAAP chief financial officer Abner Bondoc said.