THE state-run Philippine Ports Authority (PPA) said on Monday it has sufficient funds to complete ongoing seaport projects and initiate new developments that will boost tourism, trade logistics, and economic growth due to its sustained revenue growth in recent years.
In a statement, PPA said it has remitted a historic P5.20 billion contribution to the national treasury for 2024, exceeding the P5.06 billion dividend in 2023 and the P4.4 billion in 2022.
The P5.20 billion remittance represents 54 percent of PPA’s net earnings last year.
PPA’s 2024 financial performance report showed the agency generated a total revenue of P27.64 billion, reflecting an 8.6 percent increase from the P25.5 billion recorded in 2023.
This growth is attributed to enhanced revenue collection, strategic income management, and the development of new business opportunities.
For December 2024 alone, PPA recorded a revenue of P2.67 billion, marking a 19.5 percent increase compared to the same period in the previous year.
PPA General Manager Jay Santiago said in a statement that with the continued upward trajectory of revenue in recent years, the agency has sufficient funds to complete ongoing seaport projects.
Major projects
For 2025, PPA is set to complete several major infrastructure projects, including the Salomague Port Expansion Project in Cabugao, Ilocos Sur; the San Andres Port Improvement and Expansion Project in Catanduanes; the Banago Port Improvement Project in Negros Occidental; and the Balingoan Port Expansion Project in Cagayan de Oro.
Additionally, cruise ship port projects are in the pipeline for Coron, Palawan; Buruanga, Aklan; and Mambajao, Camiguin, enhancing the country’s capability to accommodate growing international cruise ship demand.
In 2024, PPA recorded a total container traffic of 7.82 million twenty-foot equivalent units (TEUs), while cargo throughput or volume reached 289.52 million metric tons (MTs).
These figures reflect an increase from the 7.51 million TEU container traffic and 272.46 million MT cargo throughput recorded in 2023.
Ship calls also rose significantly, reaching 621,807 domestic and foreign vessel calls, up from 562,888 in 2023.
Passenger traffic for 2024 stood at 78.7 million including 134,742 cruise ship passengers, underscoring the growing demand for maritime transport and tourism-related activities.
Meanwhile, PPA remains one of the country’s top-performing GOCCs. In 2023, it ranked as the fourth highest dividend contributor, surpassing key state agencies such as the Philippine Amusement and Gaming Corp., Manila International Airport Authority, Subic Bay Metropolitan Authority and the Philippine Charity Sweepstakes Office.
