PPA revenues at all-time high of P27B

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The Philippine Ports Authority (PPA) achieved its highest annual revenue after posting a total of P27.3 billion in 2024, surpassing its target of P26 billion.

Based on the agency’s preliminary December 2024 financial performance report, the P27.3- billion revenue marks a 7.3 percent increase from the P25.45 billion recorded in 2023.

This is PPA’s highest revenues since the agency’s establishment in 1974.

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PPA general manager Jay Santiago in a statement yesterday said 2024’s performance can be attributed to the efficiency in revenue collection and management of potential income sources as well as the external trade in goods last year which amounted to $16.15 billion. 

PPA said strategic policy changes and the successful implementation of the Port Terminal Management Regulatory Framework contributed to this performance.

In 2024, PPA awarded a 25-year concession contract to International Container Terminal Services Inc. for the development and operation of the Iloilo Commercial Port Complex in Western Visayas. The Pasig Port was transferred to Mega Lifters Cargo Handling Corp. under a 15-year port terminal management agreement.

PPA said there was a 16.5 percent increase in wharfage dues compared to 2023, a 55 percent increase in domestic wharfage volumes while import and export wharfage increased by 6 percent and 17 percent, respectively. The report did not provide the absolute numbers.

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