The Philippine Ports Authority (PPA) Corporate Building, located at Bonifacio Drive, South Harbor Port Area, Manila, stands as a symbol of success as the agency reports its highest revenue in 50 years.
16 JANUARY 2025 — The Philippine Ports Authority (PPA) once again has achieved a milestone in the history of the state agency by posting a total revenue of P27.30 billion for 2024, surpassing its target revenue of P26.09 billion, making it the highest annualrevenue since the agency’s establishment in 1974.
According to the agency’s preliminary December 2024 financial performance report, the P27.30 billion revenue marks a 7.29% increase from the P25.45 billion recorded in 2023.
The efficient capture of revenue streams is a result of efficiency in revenue collection and management of potential income sources due to the development of new business opportunities along with the external trade in goods last year which amounted to USD 16.15 billion from the data of the Philippine Statistics Authority.
“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. 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 PPA General Manager Jay Santiago.
This remarkable fiscal performance can also be attributed to the PPA 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% increase in wharfage dues compared to 2023, a 55.07% increase in domestic wharfage volumes while import and export wharfage increased by 6.21% and 17.37%, respectively.
“This performance reflects a robust financial standing, demonstrating our ability to meet obligations and ensure long-term financial stability,” GM Santiago emphasized.
For 2025, 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 which will significantly benefit the Filipino people.
###