PPA's net income for first semester 2023 soars to P6.19B
Published Jul 22, 2023 03:38 am
The net income of the Philippine Ports Authority (PPA) has soared to P6.19 billion for the first half of this year, registering a 23.18 percent increase of the income of the agency compared to the same period last year.
PPA General Manager Jay Daniel Santiago lauded the port managers and all personnel of the agency for adhering to the policy reforms, especially on sound fiscal management and the responsible use of its financial resources to which he attributed the good performance.
“We can say that this is a great start for PPA this year especially because we implemented the reduction of representation expenses, as well as fuel costs due to the rationalization of the use of service vehicles, among others,” said Santiago.
Based on the PPA data for the first semester of 2023, the target from January to June this year is P5.02 billion which indicated a 7.85 percent increase, or 1.16 billion, from what was supposed to be earned in the period.
Comparative revenue figures also showed that all revenue groupings showed improvement in terms of Service and Business Income at 13.94 percent or P630.21M increase and Regulatory Income at 8.04 percent or a P 393.58M increase.
Overall, PPA's total revenue as of end of June, 2023 grew by 10.83 percent or 1.02B increase amounting to Php 10.46B compared to Php 9.44B total revenue generated during the same period last year.
The total expenses of PPA also recorded a 3.23 percent decrease or P142.52M compared to the total expenditures incurred during the same period last year.
Cash expenses also recorded a decrease of 24.63% or Php 657.26M due to lower recorded expenditures of admin costs and financial expenses this year.
Earlier, Santiago disclosed an 83 percent budget utilization rate in 2022, which he said, was a huge leap from its 71 percent budget utilization in 2021 and 62 percent in 2020, a more or less 12 percent increase in budget utilization every year since its utilization of 52 percent in 2015.
This, he said, showed marked improvements in project implementation over the past six years.
The PPA earlier reported the completion of 30 seaport projects since President Ferdinand “Bongbong” Marcos assumed the top national leadership last year.
Santiago said the construction of 19 more projects are ongoing and are expected to be completed before the end of 2023.
“The PPA’s strong and steady financial performance is a clear manifestation that honest and transparent public service is a great factor in being a consistent top GOCC performer over the past six years,” said Santiago.