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The Philippine Ports Authority will remit P5.20 billion in dividends to the national coffers for fiscal year 2024
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The remittance represents 54% of PPA’s net earnings in 2024 and exceeds the P5.06 billion dividend in 2023
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For 2024, PPA generated a total revenue of P27.64 billion, its highest annual revenue since the agency’s establishment in 1974 and 8.61% higher than the P25.45 billion recorded in 2023
The Philippine Ports Authority (PPA) will remit P5.20 billion in dividends to the national coffers for fiscal year 2024.
The PPA Board of Directors on March 3 approved the remittance, which represents 54% of PPA’s net earnings in 2024. It exceeds the P5.06 billion dividend in 2023 and P4.4 billion in 2022, PPA said in a statement.
PPA as a government-owned and -controlled corporation (GOCC) is mandated under Republic Act (RA) No. 7656 or the Dividends Law of 1994 to declare and remit at least 50% of its annual net earnings to the national government.
Amongst the GOCCs, PPA has consistently been one of the top contributors. In 2023, it ranked as the fourth highest dividend contributor.
For 2024, PPA generated a total revenue of P27.64 billion, its highest annual revenue since the agency’s establishment in 1974 and 8.61% higher than the P25.45 billion recorded in 2023.
PPA attributed the growth to enhanced revenue collection, strategic income management, and the development of new business opportunities, and was further bolstered by “a thriving external trade sector” which reached $15.45 billion in 2024 according to data from the Philippine Statistics Authority.
For December 2024 alone, PPA recorded a revenue of P2.67 billion, marking a 19.49% year-on-year increase.
PPA general manager Jay Daniel Santiago said with the agency’s continued upward trajectory of revenue in recent years, it has sufficient funds to complete ongoing seaport projects and initiate new developments that will boost tourism, trade logistics, and economic growth.
For this year, PPA is set to complete several major infrastructure projects, including the Salomague Port Expansion Project in Cabugao, Ilocos Sur; the San Andres Port Improvement and Expansion Project in Catanduanes; the Banago Port Improvement Project in Negros Occidental; and the Balingoan Port Expansion Project in Cagayan de Oro.
Additionally, cruise ship port projects are in the pipeline for Coron, Palawan; Buruanga, Aklan; and Mambajao, Camiguin, enhancing the country’s capability to accommodate growing international cruise ships demand.
In 2024, PPA recorded a total container traffic of 7.82 million twenty-foot equivalent units (TEUs), up 4.2% from 7.508 million TEUs in 2023, while cargo throughput grew 6.26% to 289.52 million metric tons (MTs) from 272.462 million mt.
Ship calls also rose significantly, reaching 621,807 calls, up 10.5% from 562,888 in 2023. Passenger traffic for 2024 stood at 78.74 million, 6.9% higher year-on-year.
For this year, Santiago earlier said they target to handle 301.47 million mt cargoes and 85.41 million passengers.
