With 50 years of running the state-run sea gateways, the Philippine Ports Authority (PPA) on Thursday reported that it realized its highest revenue in 2024, totaling P27.30 billion, exceeding targets of P26.09 billion.

Based on the preliminary data from the PPA for its December 2024 financial performance report, it said this year’s total revenue is 7.29 percent higher compared to P25.45 billion recorded in 2023. 

This was due to efficiency in revenue collection and management of potential income sources due to the development of new business opportunities along with the external trade in goods last year, which amounted to $16.15 billion from the data of the Philippine Statistics Authority.

“We would like to thank President Ferdinand R. Marcos Jr. for his commitment to usher economic reforms, programs, and initiatives that ensure liberalization, privatization, and globalization in the country. We are pleased that PPA has exceeded its 2024 fiscal year target, this is the highest so far since PPA was created. This is an excellent start to the year for PPA, thanks to its employees and stakeholders with whom we share this accomplishment,” said PPA General Manager Jay Santiago.

He said last year’s fiscal performance can also be attributed to the PPA management's strategic policy changes and the successful implementation of the Port Terminal Management Regulatory Framework (PTMRF).

In 2024, PPA awarded a 25-year concession contract to International Container Terminal Services Inc. (ICTSI) for the development and operation of the Iloilo Commercial Port Complex (ICPC) in Western Visayas.

Also, the Pasig Port was transferred to Mega Lifters Cargo Handling Corp. under a 15-year port terminal management agreement. 

In total, PPA has privatized the operations of 28 terminals nationwide since 30 June 2021.

Specifically, the data reveals a 16.53 percent increase in wharfage dues compared to 2023, and a 55.07 percent increase in domestic wharfage volumes, while import and export wharfage increased by 6.21 percent and 17.37 percent, respectively.

“This performance reflects a robust financial standing, demonstrating our ability to meet obligations and ensure long-term financial stability,” Santiago emphasized.