MANILA, Feb. 28 -- The Philippine Ports Authority (PPA) is set to remit over PHP5 billion in dividends to the national treasury for 2023, a record amount breaking 2022's PHP4.4 billion record.

In a statement Wednesday, the PPA announced the approval of PHP5.06 billion as a cash dividend by the board of directors.

The amount is 58.25 percent of PPA's net earnings based on its calendar year 2023 unaudited financial statements.

"Total revenue of PHP25.44 billion for 2023 was recorded based on the unaudited figures. This is 23.89 percent or PHP4.91 billion higher than the 2022 revenue of PHP20.54 billion," it said.

PPA General Manager Jay Santiago attributed the record earnings to "good fiscal management and efficient operations" of its p...