State-run Philippine Ports Authority (PPA) on Thursday reported net income expanding 15.41 percent in the first 10 months to P9.76 billion from a year ago.
The port authority posted total revenue of P21.06 billion, higher by 30.19 percent compared to last year due to higher volume of cargo and vessel income.
In October alone, revenue hit P2.25 billion, up 3.19 percent over the target of P2.18 billion and higher than a year earlier by 71.55 percent.
Total expenses for the period increased by 46.39 percent from last year due to high budget utilization of PPA project implementation.
PPA implemented 74 locally funded projects as of October 2023 with 36 ongoing projects in Luzon, 19 in the Visayas and 19 in Mindanao. This includes the contruction 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 his appreciation of all PPA employees working together to carry out the directive of 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,” Jay Santiago, PPA general manager, said.
Ports passengers statistics also continue to catch up with pre-pandemic levels as it posted an increase of 19.01 percent or 9,192,720 passengers as domestic tourism, trade, and regular travel activities pick up pace.
The PPA also reported 50,000 cruise passengers at various ports during the period.
Additional routes and vessel trips were also added at PMOs Panay/Guimaras, Bohol, and Negros Oriental/ Siquijor, reporting ship calls totaling 437,250 or growth of 11.57 percent as domestic vessel numbers rise.
“We believe this is a good sign and a great shift in gears during this rebound of the economy from the effects of the pandemic. The PPA has been very consistent in raising our figures and completing quality projects,” Sanitago said.
According to Santiago, a much more efficient PPA would have performed better were the agency allowed the chance to digitize its operation. “But for now we follow the lead of DoTr and will seek alternative digitalization options to optimize our operations.”
In 2022, the PPA completed 69 projects and in the first half of 2023, 30 more seaport projects were completed in the unaugural year of President Ferdinand ‘Bongbong’ Marcos, Jr.
