Philippine Ports Authority sets P21.6-B revenue target

THE Philippine Ports Authority (PPA) has set a revenue target of P21.6 billion for 2023 after achieving a record-high topline last year at P20.4 billion amid the lifting of pandemic restrictions.

PPA General Manager Jay Daniel R. Santiago said the agency’s target this year is consistent “with our track record of continuously increasing our performance… to help us achieve more.”

In 2022, PPA described last year’s revenues, which were 16.6% higher compared with P17.5 billion in 2021, as its highest since its inception or in 48 years. It attributed the performance to fiscal management and the lifting of coronavirus 2019 restrictions.

“It has been business as usual since we got back, we continue to veer away from the grip of the pandemic by contributing to the economy and increasing our revenues by 16%,” Mr. Santiago said. “We believe this is a good sign and a great shift in gears during this rebound of the economy.”

According to Mr. Santiago, the biggest total revenue recorded by PPA in the past 10 years was in 2019 amounting to P18.3 billion.

“In the past 10 years, the next highest total revenue of PPA was recorded during the pre-pandemic year 2019… 5% higher than the income reached in 2018, so my point is, we can always surpass the initial target because we have set our own high-value goals,” he said.

Last year, PPA completed 69 projects, which include port expansion projects, the construction of back-up areas, development projects, and the construction of roll-on and roll-off ramps.

The agency also reported an increase in the number of containers it handled in its ports and in the volume of domestic cargoes in 2022 by 7.15% and 5.01%, respectively. — Justine Irish D. Tabile