23 NOVEMBER 2023, MANILA — The Philippine Ports Authority (PPA) has reported a notable increase in revenues and profit for the last ten months of the year, generating a total revenue of Php 21.06B or 30.19% growth over the same 10-month period during the previous year due to higher volumes of cargo and vessel income.
For the month of October 2023, the actual revenue is Php 2.25B or 3.19% over the target of Php 2.18B and higher than the revenue last year of the same month by 71.55%. Service and Business Income accounted for 41.33% or Php 8.70B of total revenues while Regulatory Income is at 40.86% or Php 8.60B while recorded Interest and Gains was at 17.91% or 3.75B. Net Income amounted to Php 9.76B which is 15.41% or Php 1.30B higher compared to the net income for the same period in 2022.
The total expenses of PPA for the first 10 months of 2023 recorded an increase by 46.39% or Php 3.60B compared to the total expenditures incurred during the same period last year due to the high budget utilization for PPA project implementation.
PPA is implementing a total of 74 locally funded projects as of October 2023 with 36 ongoing projects in Luzon, 19 in Visayas, and 19 in Mindanao. This includes the contruction of wharf with breakwater piles at the Port Management Office (PMO) of Norther 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.
PA General Manager Jay Santiago expressed appreciation to all PPA employees working together to carry out the direction of the management’s efficient administration of expenses and streamlined delivery of services to port users and stakeholders.
“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.”, said GM Santiago who is now on his second term as the lead chief executive of PPA after his re-appointment under this current administration in October last year.
Ports passengers statistics also continue to catch up with pre-pandemic levels as it posted an increase of 19.01% or 9, 192, 720 passengers due to the resumption of domestic tourism, trade, and regular travel activities. With the revival of the global tourism activity and the continued #PPAsyalTayo travel campaign of PPA, a total of more or less 50,000 cruise passengers were also recorded during the period.
Additional routes and vessel trips were also added at PMOs Panay/ Guimaras, Bohol, and Negros Oriental/ Siquijor thus recording total ship calls of 437,250 or a growth of 11.57%, driven also by the increase in the number of domestic vessels.
“We believe this is a good sign and a great shift in gears during this rebound of the economy from the effects of the pandemic, 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 and will seek alternative digitalization options to optimize our operations”, added Santiago.
It can be recalled that in 2022, the PPA was able to complete 69 projects and on the first half of year 2023, a total of 30 seaport projects were completed during the first year of President Ferdinand ‘Bongbong’ Marcos, Jr.