The Philippine Ports Authority (PPA) has reached a historic milestone by posting a total revenue of ₱27.30 billion for 2024, surpassing its target of ₱26.09 billion. This achievement marks the highest annual revenue since the agency’s establishment in 1974.
According to the agency’s preliminary December 2024 financial performance report, the ₱27.30 billion revenue represents a 7.29% increase from the ₱25.45 billion recorded in 2023.
The impressive revenue growth is attributed to efficient revenue collection, effective management of potential income sources, and the development of new business opportunities. Additionally, external trade in goods amounted to USD 16.15 billion, as reported by the Philippine Statistics Authority.
“We would like to thank President Ferdinand R. Marcos Jr. for his commitment to ushering in 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, making this the highest revenue 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 is optimistic about further surpassing prior years’ revenues, significantly benefiting the Filipino people.
