THE Philippine Ports Authority (PPA) is expected to net some P10 billion in profits in 2022, a value that is more than a third larger than its net income before the pandemic hit the Philippines three years ago.
In a spot interview, PPA General Manager Jay Daniel R. Santiago said the port agency’s revenues rose by as much as 15 percent last year on the back of robust volumes of cargo.
“In terms of revenues, we’re already at the P16 billion to P17 billion range or around [a] 14-percent to 15-percent increase year-on-year for 2022,” he said in a mix of Filipino and English.
Taking into account its expenses and other charges, the PPA expects to net roughly P10 billion in profits for 2022.
The estimated value represents a 39-percent difference from the P7.2 billion it recorded in 2019, the year before the pandemic wreaked havoc in the Philippines and the rest of the world.
This also represents a 90-percent surge from the P5.2 billion net income it reported for 2021.
“From our end, cargo volume is robust that’s why we had a good performance last year. Now is that reflective of the total economy? I don’t know, but it definitely signals that our consumption is huge,” Santiago explained.
With this trend, he said the PPA aims to grow its revenues by as much as 8 percent this year.
“For 2023, we expect to increase by 7 percent to 8 percent—that’s the target that we always exceed,” Santiago said.