PPA profit jumps to P7.2B in 2019
Credit to Author: The Manila Times| Date: Thu, 20 Feb 2020 17:10:46 +0000
The Philippine Ports Authority (PPA) posted a P7.280-billion net income last year, 47 percent better than its annual target of P4.941 billion.
Latest data from PPA showed that its 2019 net income was 31 percent higher than the 2018 figure of P5.553 billion. Also, the latest figure is the highest in PPA’s history.
The agency’s total revenues also soared by 5 percent to P18.352 billion from P17.5 billion in 2018.
PPA General Manager Jay Daniel Santiago attributed the robust growth in the agency’s net income to “changes being implemented by the current administration.”
“The changes range from manual to automated processes, installation of sophisticated, effective and higher productivity port equipment, compliance with the world’s best port management practices and most especially, the shift in the outlook of employees to public service with reliability, integrity and accountability,” said Santiago.
South Harbor, Batangas, Davao, Surigao and Bataan/Aurora were among the port management offices that recorded significant positive performance.
“The positive deviation comes mainly from lay-up fees, ro-ro (roll-on, roll-off) fees, domestic dockage fee, pilotage, utilization of the vessel traffic monitoring system and other income,” the statement said.
Meanwhile, PPA’s total expenses decreased to P8 billion from P9.476 billion in 2018 and its non-cash expenses to P2.727 billion.
“With this strong performance, the PPA again shall be able to help government achieve its goal of giving comfortable lives to every Filipino not only through higher dividend remittance but also through efficient, effective and fast delivery of port services to our stakeholders and port users,” said Santiago.
The PPA would be revisiting its first quarter targets to take into account global concerns like the spread of the coronavirus disease 2019, Brexit, dispute in the West Philippine Sea, and other safety and environmental concerns.
“Even with the continuing threat of global concerns, ‘business as usual’ is not an option but reducing the risk of these threats coupled with management anchored on best practices and public-service committed government personnel, our gateways connecting to the tourism and trade centers of the world, will remain competitive and responsive to any current global demands,” Santiago said.