State-run Philippine Ports Authority (PPA) said Thursday its net income grew 15.41 percent to P9.76 billion in the first 10 months of the year from a year ago.
The port authority posted total revenue of P21.06 billion, up by 30.19 percent from last year on higher volumes of cargo and vessel income.
It said that in October 2023, the actual revenue amounted to P2.25 billion, up 3.19 percent over the target of P2.18 billion and higher than by 71.55 percent than last year’s.
The total expenses of PPA in the first 10 months of 2023 climbed 46.39 percent from the same period last year on the high budget utilization for PPA project implementation.
The PPA was implementing 74 locally funded projects as of October 2023, with 36 ongoing projects in Luzon, 19 in Visayas and 19 in Mindanao.
These include the construction 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.
PPA general manager Jay Santiago expressed appreciation to PPA employees for 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 year’s policy changes, planning, and strategic management,” said Santiago.