State-run Philippine Ports Authority (PPA) said Thursday it posted total revenues of P27.30 billion in 2024, surpassing its target of P26.09 billion for the year.
It was also the agency’s highest annual revenues since it was established in 1974.
Preliminary data showed that the 2024 revenues represented a 7.29-percent increase from P25.45 billion it recorded in 2023.
The PPA said the efficient capture of revenue streams is a result of efficiency in revenue collection and management of potential income sources due to the development of new business opportunities along with the external trade in goods last year.
“We would like to thank President Ferdinand Marcos Jr. for his commitment to usher economic reforms, programs and initiatives that ensure liberalization, privatization and globalization in the country. We are pleased that PPA has exceeded its 2024 fiscal year target, this is the highest so far since PPA was created. This is an excellent start to the year for PPA, thanks to its employees and stakeholders with whom we share this accomplishment,” said PPA general manager Jay Santiago.
Santiago also attributed the fiscal performance to the PPA management’s strategic policy changes and the successful implementation of the Port Terminal Management Regulatory Framework (PTMRF).
PPA awarded a 25-year concession contract to International Container Terminal Services Inc. (ICTSI) for the development and operation of the Iloilo Commercial Port Complex (ICPC) in Western Visayas in 2024.
The Pasig Port was transferred to Mega Lifters Cargo Handling Corp. under a 15-year port terminal management agreement.
PPA privatized the operations of 28 terminals nationwide since June 30, 2021.
Data revealed a 16.53-percent increase in wharfage dues compared to 2023, a 55.07-percent increase in domestic wharfage volumes, while import and export wharfage climbed by 6.21 percent and 17.37 percent, respectively.
“This performance reflects a robust financial standing, demonstrating our ability to meet obligations and ensure long-term financial stability,” Santiago said.
Santiago said that for 2025, PPA remains committed to providing modern, sustainable and resilient port infrastructures and is optimistic in further surpassing prior years’ revenues.