Ports regulator posts record high revenue

The Philippine Ports Authority (PPA) has posted a new all time high revenue in 2023.

PPA said revenue last year reached P25.4 billion, eclipsing its previous record high revenue of P20.4 billion generated in 2022.

Of the total, PPA said only 0.37 percent were accounts receivable from port dues of vessels, cargo charges, rentals, and other miscellaneous fees.

“The PPA continues to achieve outstanding performance supported by its excellent fiscal management, reflected in its collection efficiency ratio, which mirrors the agency’s robust revenue collection by its Port Management Offices,” it said.

PPA said its efficacy in collecting government revenues resulted in overall collection efficiency ratio for the year standing at an impressive 99.12 percent.

“This success is attributed to the stringent enforcement of the Cash and Carry System in which payment in cash, manager’s/cashier’s check or PPA pre-approved company check is made by the parties primarily liable – such as shipping lines, shippers, or consignees – prior to withdrawal of cargoes from the port or loading of cargoes unto the vessel for charges against cargoes or before departure of the vessel for charges against the vessel,” the PPA said.

It also ensures strict compliance from port customers with their contractual obligations and other rules and regulations set forth by the agency.

The PPA is mandated to supervise, control, regulate, construct, maintain, operate, and provide facilities and services necessary in the ports nationwide under its jurisdiction.

According to the PPA, it has lined up 79 projects and targets to complete 29 of them within the year.