PPA reports record net income of ₱7.3 B, up 31% » Manila Bulletin Business

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PPA reports record net income of ₱7.3 B, up 31%

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By EMMIE V. ABADILLA

The Philippine Ports Authority (PPA) booked the “highest income in its history,” netting ₱7.28 billion last year, up 31 percent from 2018, after changing processes from manual to automated, installing higher productivity port equipment, complying with the world’s best port management practices and shifting employees’ outlook about public service, announced General Manager Jay Daniel R. Santiago.

Significantly, the agency’s earnings were 47 percent higher than its original target of ₱4.941 billion for 2019. Compared to its 2017 net income of ₱4.473 billion, last year’s income was 54 percent more.

Combining all the growth percentages in the first 3 years of the current administration, PPA’s net income grew at an annual rate of 17 percent, the highest revenue growth percentage in the last 15 years.

In all, PPA hauled in ₱18.352-billion revenues, up 5 percent and 1 per cent over the original 2019 target, versus the preceding year’s figure of ₱17.5 billion.

On the other hand, the agency’s total expenses decreased by at least 15.5 percent to P8.008 billion against the 2018 figure of ₱9.476 billion due to the significant decreases in the Repair and Maintenance aspect related to land improvement and other financial expenses.

Non-cash expenses also declined by 15% to ₱2.727 billion due to the decreases in the amortization of the agency’s intangible assets and other losses.

“With this strong performance, the PPA shall again be able to help government achieve its goal of giving comfortable lives to every Filipino, not only through higher dividend remittance but also through fast delivery of port services to our stakeholders and port users,” Santiago added.

The Port Management Offices that posted significant positive performance include South Harbor, Batangas, Davao, Surigao and Bataan/Aurora. The positive deviation comes mainly from Lay-up fees, Ro-Ro fees, Domestic Dockage fee, Pilotage, the use of Vessel Traffic Monitoring System and other income.

Soon, the PPA will revisit its first-quarter performance targets against current global concerns, like the continuing threat of the COVID-19 virus, the exit of Great Britain from the European Union, the West Philippine Sea, as well as safety and environmental issues.

“With these continuing threats, ‘business as usual’ is not an option,” the GM acknowledged. However, the risks could hopefully be reduced with management anchored on best practices and public-service committed government personnel.
And “Our gateways connecting to the tourism and trade centers of the world, will remain competitive and responsive to any current global demands.”

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