The Philippine Ports Authority earned revenues of P25.4 billion in 2023, its highest annual collection to date
The amount is 24.5% more than the P20.4 billion recorded in 2022
PPA’s overall collection efficiency ratio last year stood at 99.12%
The agency remitted P4.44 billion in dividends to the national coffers last year
The Philippine Ports Authority (PPA) booked its highest annual collection to date at P25.4 billion in 2023, 24.5% more than the P20.4 billion recorded in 2022.
Of the total, only 0.37% were accounts receivable from port dues of vessels, cargo charges, rentals, and other miscellaneous fees, PPA said in a statement.
PPA’s overall collection efficiency ratio last year stood at 99.12%, which the agency attributed to the stringent enforcement of the “cash and carry system”. Under the system, payment in cash, manager’s/cashier’s check or PPA pre-approved company check is made by parties primarily liable – such as shipping lines, shippers, or consignees – prior to withdrawal of cargoes from the port or loading of cargoes unto the vessel for charges against cargoes or before departure of the vessel for charges against the vessel.
The agency said it also ensures strict compliance from port customers with their contractual obligations and other rules and regulations set forth by the ports authority.
For 2023, PPA remitted P4.44 billion in dividends to the national coffers and aims to increase this amount to P5 billion in 2024. A government-owned and controlled corporation, PPA is mandated under Republic Act No. 7656 or the Dividends Law of 1994 to declare and remit at least 50% of their annual net earnings to the national government.
PPA ports last year also recorded a 5% year-on-year increase in cargo volume handled while container traffic dropped 5.1% to 7.499 twenty-foot equivalent units.
Shipcalls surged 18.1% to 562,562 vessels. Passenger traffic was back to pre-pandemic levels growing 24.4% to 73.613 million in 2023.