Philippine Ports step up infrastructure upgrades as revenues surge
(Posted on 24/05/18)
The Philippine Ports Authority (PPA) is accelerating its port infrastructure projects after port revenues posted strong figures in the first three months of the year.
PPA continues to post favourable performance after posting a banner year in 2017 in terms of revenues and dividend remitted to the national coffers.
PPA General Manager Jay Daniel R. Santiago said the positive deviation provides the agency bigger elbow room to further improve the ports with high concentration of cargoes and passengers. “We have been injecting so much investment in our ports in support of the Build-Build-Build programme of the Duterte Administration,” Santiago explained.
“Dredging as well as repair and maintenance costs comprise almost entirely our Expenses for the period, all aimed at making our ports efficient and more responsive to the demands of times,” Santiago said.“Once completed, these projects will definitely boost our revenues and eventually our income all anchored on faster turnaround of vessels and cargoes in our ports,”
Santiago added that as a sign of good tidings, the PPA also eclipsed its first quarter target by at least 60%. Total revenues registered a positive deviation with a 9% hike from P3.476 billion in 2017 to P3.783 billion raked in for the period in review, anchored on the strong performance of the Government share from Storage Fees that went up 50%; Layup Fees by 183%, among others.
Fund Management Income, on the other hand, booked a 26.6% hike for the period in review from P24.02 million last year to P30.41 million this year.
Net income, however, declined by some 4% to P2.259 billion from P2.364 billion last year owing to the agency’s high expenses for the period particularly on repair and maintenance and dredging.
Total Expenses for the period, meanwhile, soared by 37.03% from P1.112 billion last year to P1.523 billion this year. Cash and Non-cash Expenses are higher by 46.56% (P740.61 million) and 29.10% (P783.35 million), respectively. Dredging expenses, in particular went up by 644% while repair and maintenance recorded an increase of 117%.
Among the areas where ports are being improved include Puerto Princesa, Eastern Leyte, Ilocos Norte, Occidental Mindoro, Batangas, Ozamiz.
The deadly spread of COVID-19, and the economic and trade disruption the pandemic has caused, is prompting... Read more
The Federal Transport Authority (FTA) - Land & Maritime has signed a Memorandum of Understanding... Read more
The Maritime Standard has assembled an exceptionally high-quality panel for its next Webinar in the... Read more
Port of Antwerp and the Gent area of the North Sea Port are aiming to further digitalise inland waterways... Read more
The Dutch seaports of Rotterdam, Amsterdam, Terneuzen/Vlissingen, Moerdijk, and Groningen have jointly... Read more
HOPA Ports and Max Aicher North America (MANA) have announced an agreement to cooperate on the future... Read more
Navis, a part of Cargotec Corporation, and the provider of operational technologies and services that... Read more
The Trois-Rivières Port Authority (TRPA) has held its annual general assembly, which was an opportunity... Read more
Paul Goris, Executive Director of the Dry Bulk Terminals Group, has successfully moderated a webinar... Read more
The impact of the COVID-19 pandemic is only just beginning to be revealed in figures, but there are... Read more