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The Philippine Ports Authority’s revenue surged 30.19% to P21.06 billion in the first 10 months of 2023, driven by increased cargo and vessel income
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October revenue alone hit P2.25 billion, exceeding the target by 3.19% and marking a 71.55% year-on-year increase
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The agency is working on 74 locally-funded projects as of October, with 36 in Luzon, 19 in Visayas, and 19 in Mindanao
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Passenger volumes rose by 19.01% in the first 10 months, fueled by the revival of domestic tourism, trade, and regular travel activities
The Philippine Ports Authority (PPA) posted a 30.19% year-on-year increase in revenue to P21.06 billion in the first 10 months of 2023, driven by higher cargo volumes and income from vessels.
In October alone, revenue totaled P2.25 billion, surpassing the monthly target of P2.18 billion by 3.19% and marking a 71.55% increase compared to the same month last year, PPA said in a statement.
Breaking down the sources of revenue, service and business income accounted for 41.33% or P8.70 billion of total revenues; regulatory income, 40.86% or P8.60 billion; and interest and gains, 17.91% or P3.75 billion.
Net income in October amounted to P9.76 billion, a 15.41% increase from the previous year.
Total expenses for the first 10 months of 2023 recorded a 46.39% increase, primarily due to increased budget utilization for ongoing projects.
PPA is currently executing 74 locally-funded projects, of which 36 ongoing projects are in Luzon, 19 in Visayas, and 19 in Mindanao. These include the construction of wharf with breakwater piles at the Port Management Office (PMO) of Northern Luzon, Capinpin Port, Orion, Bataan; expansion in PMO Bataan/Aurora, Banago Port, Bacolod development in PMO Negros Occidental, and construction of a cruise ship port in PMO Surigao.
“The figures will speak for itself, in PPA we take our job seriously and we mean business. These increasing figures are actually the fruits of the past years policy changes, planning, and strategic management,” PPA general manager Jay Santiago said.
Passenger volumes are rebounding, up 19.01% in the first 10 months of the year, attributed to the resurgence of domestic tourism, trade, and regular travel activities. Global tourism recovery and PPA’s ongoing travel campaigns resulted in around 50,000 cruise passengers during the same period.
PPA expanded routes and vessel trips in various PMOs like Panay/Guimaras, Bohol, and Negros Oriental/Siquijor, recording a total of 437,250 ship calls, marking an 11.57% growth, thanks to increased number of domestic vessels.
Santiago acknowledged the economic rebound from effects of the pandemic but expressed a need for better adaptation to digitalization plans.
“PPA has been very consistent in increasing our figures and completing quality projects. However, I believe we could have done better if we were able to adapt to the intended digitalization plans, but for now we follow the lead of DOTr [Department of Transportation] and will seek alternative digitalization options to optimize our operations,” Santiago said. PPA is an attached agency of DOTr.
