PPA remittance hits P5.2-B high

The Philippine Ports Authority (PPA) reported that its governing board greenlighted the remittance of P5.2 billion to the National Treasury for 2024, beating its previous record in dividend remittance.

The PPA, in a statement on Monday, disclosed that the PPA board approved the transfer of P5.2 billion on 3 March, representing 54 percent of PPA’s net earnings based on its 2024 unaudited financial statements.

The payout exceeded the P5.06 billion dividends in 2023 and P4.4 billion in 2022.

Under Republic Act 7656 or the Dividends Law, government-owned and controlled corporations are mandated to declare and remit at least 50 percent of annual net earnings as cash dividends to the government.

In 2023, PPA ranked fourth among the highest dividend contributors, ahead of the Philippine Amusement and Gaming Corp., Manila International Airport Authority, Subic Bay Metropolitan Authority and the Philippine Charity Sweepstakes Office.

Revenue growth

Meanwhile, PPA’s 2024 financial performance report showed the agency generated a total revenue of P27.64 billion for the year, an 8.61 percent increase from the P25.45 billion recorded in 2023.

The PPA attributed the growth to enhanced revenue collection, strategic income management, and the development of new business opportunities, further bolstered by a thriving external trade sector, with data from the Philippine Statistics Authority indicating that external trade in goods reached $15.45 billion in 2024.

For December 2024 alone, PPA recorded a revenue of P2.67 billion, marking a 19.49 percent increase compared to a year ago.

PPA general manager Jay Santiago emphasized that with the continued upward trajectory of revenue in recent years, the agency has sufficient funds to complete ongoing seaport projects and initiate new developments that will boost tourism, trade logistics and economic growth.

Ongoing projects

In 2025, PPA is set to complete several major infrastructures, including the Salomague Port Expansion Project in Cabugao, Ilocos Sur; the San Andres Port Improvement and Expansion Project in Catanduanes; the Banago Port Improvement Project in Negros Occidental and the Balingoan Port Expansion Project in Cagayan de Oro.

Additionally, cruise ship port projects are in the pipeline for Coron, Palawan; Buruanga, Aklan; and Mambajao, Camiguin, enhancing the country’s capability to accommodate growing international cruise ship demand.

Moreover, the report noted that in 2024, PPA recorded a total container traffic of 7.82 million twenty-foot equivalent units (TEUs), while cargo throughput reached 289.52 million metric tons (MTs).

These figures reflect an increase from the 7.51 million TEU container traffic and 272.46 million MT cargo throughput recorded in 2023.

Ship calls also rose significantly, reaching 621,807 domestic and foreign vessel calls, up from 562,888 in 2023.

Passenger traffic for 2024 stood at 78,742,521, including 134,742 cruise ship passengers, underscoring the growing demand for maritime transport and tourism-related activities.