The Philippine Ports Authority (PPA) raised an all-time high revenue of more than P20 billion in 2022 due to the resurgence of trade and travel after the lifting of pandemic restrictions.
PPA’s revenue grew by 17 percent to P20.4 billion last year from P17.5 billion in 2021, as the economy shifted to reopening after going in and out of lockdowns.
When compared to the peak of the pandemic, the revenue generated in 2022 rose by 23 percent from P16.6 billion in 2020, signaling the resurgence of trade and travel activities.
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PPA general manager Jay Santiago said last year’s income turned out to be the highest in the 48-year history of the agency. He said the PPA’s performance in 2022 proves that the economy is starting to recover to pre-pandemic level.
‘It has been business as usual since we got back and we continue to veer away from the grip of the pandemic by contributing to the economy and increasing PPA’s revenues by 16 percent more than the P17.5 billion in 2021 and P16.6 billion in 2020. We believe this is a good sign and that it is a great shift in gears during the rebound of the economy,’ Santiago said.
He said the PPA expects to earn a new record high of P21.6 billion in 2023, particularly as the agency projects upward trends in both cargo and passenger movements.
‘Consistent with our track record of continuously increasing our performance, PPA sets a target in 2023 to generate P21.6 billion to help us achieve more,’ Santiago said.
The PPA chief said the agency it optimistic of achieving, if not exceeding, its objectives as long as it keeps on streamlining its operations to cut on cost.
‘In the past 10 years, the next highest total revenue of PPA was recorded during the pre-pandemic year of 2019 amounting to P18.3 billion, which is five percent higher than the income reached in 2018. My point here, we can always surpass the initial target because we have set our own high value goals,’ Santiago said.
For 2022, the PPA saw a seven percent increase in the number of containers handled in its ports, with foreign cargoes up to 4.89 million TEUs as domestic throughput rose to 3.02 million TEUs. Passenger traffic nearly tripled to 59.07 million due to the resumption of sea travel nationwide.
Likewise, the PPA welcomed a 25-percent growth in the number of ships that docked its ports, as local shipcalls rose to 463,562 even though foreign shipcalls declined to 11,414.
Last year the PPA reported the completion of 69 projects aimed at developing seaports, including the construction of a port operations building for the Port of Coron that is set to be opened this month.
Source: Philippine Star