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The Philippine Ports Authority (PPA) recorded a total revenue of P27.30 billion for 2024, another milestone in the agency’s history.
The ports authority exceeded its revenue target of P26.09 billion, making it the highest annual revenue since the establishment of PPA in 1974.
Based on a preliminary December 2024 financial performance report, the P27.30 billion revenue marks a 7.29% increase from the P25.45 billion recorded in 2023, driven by strategic reforms, efficient collection, and increased trade activity valued at $16.15 billion.
“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,” PPA General Manager Jay Santiago said.
“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,” he added.
This remarkable fiscal performance can also be attributed to the PPA management’s strategic policy reforms and the successful implementation of the Port Terminal Management Regulatory Framework (PTMRF). 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.
Key highlights include 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,” Santiago said.
For 2025, the PPA is optimistic on surpassing its 2024 achievements by providing modern, sustainable, and resilient port infrastructure.
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