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The Philippine Ports Authority posted revenues of P27.30 billion in 2024, surpassing its P26.09-billion target
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This is the agency’s highest annual revenue since the agency’s establishment in 1974
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The 2024 revenue is also 7.3% higher than the P25.45 billion recorded in 2023
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PPA attributes the record performance to efficient revenue collection and management of potential income sources, and successful implementation of its Port Terminal Management Regulatory Framework
The Philippine Ports Authority (PPA) posted revenues of P27.30 billion in 2024, the highest since the agency’s establishment in 1974.
The 2024 revenue surpassed the P26.09-billion target and is also 7.3% higher than the P25.45 billion recorded in 2023 based on PPA’s preliminary December 2024 financial performance report, the agency said in a statement.
The record performance is the result of “efficiency in revenue collection and management of potential income sources due to the development of new business opportunities,” as well as external trade in goods hitting $16.15 billion in the first 11 months of the year, PPA noted.
The increase in vessel traffic due to improved economic activity also resulted in a 16.53% increase in wharfage dues in 2024 compared to 2023, a 55.07% increase in domestic wharfage volumes, while import and export wharfage increased by 6.21% and 17.37%, respectively.
“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 Daniel Santiago.
Moreover, PPA attributes its 2024 fiscal performance to its management’s “strategic policy changes and the successful implementation of the Port Terminal Management Regulatory Framework (PTMRF),” which is the agency’s guidelines in the awarding of port terminal management contracts.
In 2024, PPA awarded a 25-year concession contract to International Container Terminal Services Inc. for the development and operation of the Iloilo Commercial Port Complex, which was renamed Visayas Container Terminal. This is the first port that was bid out under Tier 1 (full concession) of the PTMRF.
READ: PPA hands over Iloilo Commercial Port to Visayas Container Terminal
Additionally, the 15-contract for Pasig Port was transferred to Mega Lifters Cargo Handling Corp. under Tier 3 (contactor handles above-ground fixtures and mobile-handling equipment) of the PTMRF.
READ: Mega Lifters bags Pasig River, Pagadian port contracts
In total, PPA said it has privatized the operations of 28 terminals nationwide since it started bidding out contracts under the PTMRF in 2020.
“This performance reflects a robust financial standing, demonstrating our ability to meet obligations and ensure long-term financial stability,” Santiago said.
For 2025, PPA said it “remains committed to providing modern, sustainable, and resilient port infrastructure and committed to remain optimistic in further surpassing prior years’ revenues throughout the agency’s history which will significantly benefit the Filipino people.”
Earlier, Santiago said PPA is looking at P28.11 billion in revenue this year.
