PPA’s P27.3-B revenue highest in 50 years

PPA’s P27.3-B revenue highest in 50 years | Daily Tribune

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

Based on preliminary PPA data from its December 2024 financial performance report, the agency said that the year’s total revenue was 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 totaled $16.15 billion, per Philippine Statistics Authority data.

“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,” said PPA general manager Jay Santiago.

Highest since PPA was created

“We are pleased that PPA has exceeded its 2024 fiscal year target; the revenue is the highest so far since the PPA was created. This is an excellent start to the year for the year, thanks to its employees and stakeholders with whom we share this accomplishment,” he added.

Santiago 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.

In 2024, the PPA awarded a 25-year concession contract to International Container Terminal Services Inc. for the development and operation of the Iloilo Commercial Port Complex 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, the PPA has privatized the operations of 28 terminals nationwide since 30 June 2021.

Agency data reveals a 16.53 percent increase in wharfage dues compared to 2023, 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.