THE Philippine Ports Authority (PPA) yesterday said its revenue grew 30.19 percent to P21.06 billion in the first 10 months of 2023.
Its service and business income accounted for 41.33 percent or P8.70 billion of total revenues, while regulatory income amounted to P8.60 billion.
Recorded interest and gains were at P3.75 billion.
PPA said their net income amounted to P9.76 billion – 15.41 percent higher from the same period in 2022.
The state-owned corporation said its expenses reached P3.6 billion from January to October, up 46.39 percent from the year before, due to high budget utilization for their project implementation.
In October alone, the PPA said revenue jumped by 71.55 percent to P2.25 billion.
As of October, PPA is implementing 74 locally-funded projects, 36 of which are in Luzon. Nineteen are in Visayas, while another 19 are in Mindanao.
These include the construction of a wharf with breakwater piles at the Port Management Office (PMO) of Northern Luzon, the Capinpin Port, the Bacolod development in PMO in Negros Occidental, and the construction of a cruise ship port in PMO Surigao.
PPA also said the number of passengers at ports is also catching up with pre-pandemic levels at 9,192,720, or 19 percent more than 2022 numbers.
The Philippines also welcomes about 50,000 cruise passengers during the period.
The PPA noted that it opened more PMOs at Panay/ Guimaras, Bohol, and Negros Oriental/Siquijor thus growing total ship calls by 11.57 percent to 437,250. (ABS-CBN News)
