Philippine Ports Authority hits record high P27 billion revenue in 2024

MANILA, Philippines — The Philippine Ports Authority (PPA) has recorded its highest annual revenue in history at P27.3 billion, thanks to the expansion of global trade and privatization of more ports.

Preliminary data from the PPA showed that its revenue ballooned by seven percent in 2024 from P25.45 billion in 2023, allowing the agency to book a new all-time high.

PPA general manager Jay Santiago attributed the milestone to the acceleration of international trade in the post-pandemic period and the turnover of more ports to the private sector.

 Originally, the PPA was targeting to collect just P26.09 billion in revenue last year.

The agency found momentum to surpass that mark, favored by the policy bias of the Marcos administration to privatize mostly transport assets. 

“We would like to thank President Marcos 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 target, and this is the highest so far since it was created,” Santiago said.

 The PPA last year transferred multiple ports to private hands in line with efforts to upgrade their capacity for future demand.

 In particular, the PPA gave the notice to proceed to the Razon-led International Container Terminal Services Inc. (ICTSI) for the P10.53 billion rehabilitation of the Iloilo Commercial Port Complex (ICPC).

 ICTSI has renamed the ICPC as the Visayas Container Terminal. The port is now equipped to handle larger vessels, improving the trade potential of Western Visayas. 

Under its 25-year contract, ICTSI has to spend P5.81 billion for the rehabilitation and upgrade of the port and P4.72 billion for the payment of concession fees. The operator is keen on turning the infrastructure into a logistics powerhouse. 

Further, the PPA awarded this year the 15-year concession to manage the Pasig Port to the Mega Lifters Cargo Handling Corp. To date, the PPA has privatized the operations and maintenance of 28 terminals nationwide since 2021.

Santiago also said that the PPA pulled off its highest revenue in history in 2024 partly because of the 17 percent jump in wharfage dues, mirroring the increase in exports and imports. 

“This performance reflects our robust financial standing, demonstrating our ability to meet all of our obligations and ensuring long-term financial stability,” Santiago said.