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Mahusay! PPA earns P25.4B in 2023, achieves high collection efficiency ratio

Philippines | National

Mahusay! PPA earns P25.4B in 2023, achieves high collection efficiency ratio

By Aaron Recuenco

Philippine Ports Authority General Manager Jay Daniel Santiago

The strategic financial reforms in the Philippine Ports Authority (PPA) again paid off in 2023 with the agency earning a total of P25.4 billion in revenues which reflected a more than 99 percent collection efficiency ratio.

Also for 2023, PPA ranked fourth among the government-owned and -controlled corporations (GOCCs) with top dividend contributors to the national government’s coffers.

PPA General Manager Jay Daniel Santiago attributed the success in collecting government revenues to compliance and cooperation of Port Management Offices (PMOs) across the country especially on Cash and Carry System implementation.

Santiago explained that the Cash and Carry System allows the payment in cash, manager’s/cashier’s check or PPA pre-approved company check by shipping lines, shippers, or consignees.

The payment is made prior to withdrawal of cargoes from the port or loading of cargo into the vessel for charges against cargoes or before departure of the vessel for charges against the vessel.

“We also ensure strict compliance from port customers with their contractual obligations and other rules and regulations set forth by the PPA,” said Santiago.

Based on the unaudited financial statement for calendar year 2023, PPA earned a total of P25.4 billion, which Santiago said, demonstrated a remarkable performance compared to the recorded P20.4 billion revenue in 2022.

The PPA is tasked to supervise, control, regulate, construct, maintain, operate, and provide facilities and services necessary in the ports nationwide under its jurisdiction.

Related Tags

Philippine Ports Authority revenue collection

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