The Philippine Ports Authority (PPA) achieved its highest annual revenue ever in 2024, surpassing P27 billion, largely attributed to strategic policy changes and privatization efforts.
The Philippine Ports Authority ( PPA ) achieved a historic milestone in 2024 by generating a total revenue of P27.30 billion, marking the highest annual earnings since its inception in 1974. This impressive figure represents a 7.29 percent increase compared to the P25.45 billion earned in 2023, according to the agency's preliminary December 2024 financial performance report.
PPA General Manager Jay Santiago expressed his elation over this accomplishment, stating, 'We are pleased that PPA has exceeded its 2024 fiscal year target, the highest so far since it was created... thanks to its employees and stakeholders with whom we share this accomplishment.'Santiago attributed this success to the PPA management's strategic policy changes and the effective implementation of the Port Terminal Management Regulatory Framework. Several key initiatives contributed to this positive financial performance. In 2024, PPA awarded a 25-year concession contract to International Container Terminal Services Inc. to develop and operate the Iloilo Commercial Port Complex in Western Visayas. Similarly, the Pasig Port was transferred to Mega Lifters Cargo Handling Corp. under a 15-year port terminal management agreement. Since June 30, 2021, PPA has privatized the operations of 28 terminals nationwide.The data reveals a significant increase in various revenue streams. Wharfage dues soared by 16.53 percent in 2024 compared to 2023, while domestic wharfage volumes surged by an impressive 55.07 percent. Import and export wharfage also witnessed growth, jumping by 6.21 percent and 17.37 percent respectively. Santiago emphasized that this performance reflects the PPA's strong financial standing, enabling them to meet their obligations and ensure long-term financial stability. Looking ahead to 2025, the PPA remains dedicated to providing modern, sustainable, and resilient port infrastructures to support the country's economic growth
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