State-run Philippine Ports Authority (PPA) reported a 23 percent increase in profit in the first half of the year compared with the same period last year, as it was able to reduce costs.
PPA said its net income reached P6.19 billion in the first semester versus the P5.02 billion it earned in the comparable period in 2022.
Its profit is also 7.85 percent higher than PPA’s target for the first six months of the year.
PPA posted total revenues of P10.46 billion during the period, up 10.83 percent from its P9.44 billion total revenues in 2022.
The agency said total expenses six months into the year also declined by 3.23 percent or P142.52 million from a year ago. Even cash expenses decreased by 24.63 or P657.26 million due to lower administrative costs and financial expenses this year, the PPA added.
In a statement, Jay Santiago, PPA general manager, said the increase in income and decrease in the agency’s cost is due to the better management of its finances and responsible use of public funds.
It can be recalled that PPA increased its budget utilization to 83 percent in 2022, from a 71 percent budget utilization in 2021 and 62 percent in 2020.
Its budget utilization increased by approximately 12 percent each year from 52 percent in 2015 which shows a significant change in the implementation of its projects in the past six years, the agency said.
In the first semester, PPA has completed 30 seaport projects and it aims to complete an additional 19 projects before the end of the year, said Santiago.
Construction of the country’s first cruise terminal located in Barangay Jubang in Dapa, Siargao, is ongoing and will be completed this October.
The P560-million port project in Siargao will have a dedicated international cruise terminal as well as a domestic cargo terminal near the area, as the current domestic terminal is no longer feasible for the larger vessels.
The over P500-million port project in Coron, Palawan, meanwhile, will be opened this year and will also have a cruise terminal.
To continuously address the needs of stakeholders and exceed their expectations as part of its goal to provide world-class services and facilities, PPA said it has launched its Port Users and Locators Satisfaction Outlook, which is set to roll out to its 25 Port Management Offices this month.
