The Philippine Ports Authority (PPA) reported a record-breaking revenue of PHP27.3 billion in 2024, exceeding its target by over PHP1 billion.
In a statement on Friday, PPA General Manager Jay Santiago highlighted that this is the highest annual revenue since the agency was established in 1974, marking a 7.29 percent increase from P25.45 billion in 2023.
Santiago credited the achievement to improved collection efficiency, effective management of income sources, and increased external trade, which reached USD16.15 billion, according to data from the Philippine Statistics Authority.
“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,” Santiago said.
He attributed the agency’s fiscal success to policy reforms and the implementation of the Port Terminal Management Regulatory Framework. Santiago also noted key partnerships with the private sector, including a 25-year concession contract with International Container Terminal Services Inc. for the Iloilo Commercial Port Complex and a 15-year terminal management agreement with Mega Lifters Cargo Handling Corp. for the Pasig Port.
“In total, PPA has privatized the operations of 28 terminals nationwide since June 30, 2021,” Santiago added.
PPA data revealed significant increases in key revenue sources in 2024 compared to 2023: a 16.53 percent rise in wharfage dues, a 55.07 percent jump in domestic wharfage volumes, a 6.21 percent increase in import wharfage, and a 17.37 percent growth in export wharfage.
“This performance reflects a robust financial standing, demonstrating our ability to meet obligations and ensure long-term financial stability,” Santiago said.