The Philippine Ports Authority (PPA) surpassed its target revenues for 2024 when it collected a total of P27.30 billion, which is considered the highest since the establishment of the agency in 1974.
PPA General Manager Jay Daniel Santiago said revenue collection target for last year was P26.09 billion but the efficiency in revenue collection and the management of potential income sources led to more than a billion more additional revenues.
He said the 2024 revenue collection is also 7.29 percent higher compared to what was collected in 2023, or P25.45 billion which was considered as one of the highest for that year—and ranked PPA fourth among the government-owned and -controlled corporations (GOCCs) with top dividend contributors to the national government’s coffers.
Santiago attributed the good revenue collection to strategic reforms to take advantage of the development of new business opportunities along with the external trade in goods last year which amounted to $16.15 billion from the data of the Philippine Statistics Authority.
“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 Santiago.
“We would like to thank President Ferdinand R. Marcos Jr. for his commitment to usher economic reforms, programs, and initiatives that ensure liberalization, privatization, and globalization in the country,” he added.
Santiago said the excellent fiscal performance of the PPA can also be attributed to the management's strategic policy changes and the successful implementation of the Port Terminal Management Regulatory Framework (PTMRF).
Notably, in 2024, 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.
Additionally, the Pasig Port was transferred to Mega Lifters Cargo Handling Corp. under a 15-year port terminal management agreement. In total, PPA has privatized the operations of 28 terminals nationwide since June 30, 2021.
Specifically, the data reveals 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 increased 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,” said Santiago.
For 2025, he said the PPA remains committed to providing modern, sustainable, and resilient port infrastructures and committed to remain optimistic in further surpassing prior years’ revenues throughout the agency’s history.