21 JULY 2023, MANILA —The Philippine Ports Authority (PPA) showed a net income of Php 6.19B during the first half of 2023, higher by 7.85% against target, and a 23.18% or 1.16B increase compared to Php 5.02B net income for the same period in 2022.
Comparative revenue figures show that all revenue groupings showed improvement in terms of Service and Business Income at 13.94% or Php 630.21M increase and Regulatory Income at 8.04% or a Php 393.58M increase. Overall, PPA's total revenue as of end of June, 2023 grew by 10.83% 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% decrease or Php 142.52M 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.
PPA General Manager Jay Santiago disclosed that the exemplary performance of PPA in higher income and lesser expenditure costs can be attributed to the sound fiscal management and the responsible use of its financial resources, among others.
“Natutuwa po ako at nagpapasalamat sa lahat ng empleyado ng PPA para po sa magandang performance natin, sa unang kalahating bahagi ng taon ay makikita niyo naman po ang pagtaas ng revenue at net income ng PPA at ang malaking bawas sa gastos ng ahensya. 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.
It can be recalled that PPA budget utilization improved to 83% in 2022, a huge leap from its 71% budget utilization in 2021 and 62% in 2020, a more or less 12% increase in budget utilization every year since its utilization of 52% in 2015, showing marked improvements in project implementation over the past 6 years.
“Makikita niyo naman po sa mga pasilidad natin, mga bago at modern na rin po ang mga pantalan natin at maayos po ang papatakbo ng PPA. Sa katunayan, sa unang taon po ng administrasyon ni Pangulong Bongbong Marcos, tayo po ay nakapagtapos na ng 30 seaport projects at balak pa po nating magtapos ng karagdagang 19 projects bago magtapos ang taon”, GM Santiago concluded.
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 6 years.