PPA RECORDS P1.16 BILLION INCREASE IN NET INCOME

the increase in revenue and net income of PPA and the large reduction in costs. We can say that this is a great start for PPA this year especially because we implemented the reduction of representation expenses, as well as fuel costs due to the rationalization of the use of service vehicles, among others,” said Santiago.

Comparative revenue figures show that all revenue groupings showed improvement in terms of Service and Business Income at percent or P630.21 million increase and Regulatory Income at 8.04 percent or a P393.58 million increase. Overall, PPA’s total revenue as of end of June, 2023 grew by 10.83 percent or by a P1.02 billion increase amounting to P10.46 billion compared to P9.44 billion total revenue generated during the same period last year.

The total expenses of PPA also recorded a 3.23 percent decrease or P142.52 million compared to the total expenditures incurred during the same period last year. Cash expenses also recorded a decrease of 24.63 percent or P657.26 million due to lower recorded expenditures of admin costs and financial expenses this year.

PPA General Manager Jay Santiago disclosed that the exemplary performance of PPA in higher income and lesser expenditure costs can be attributed to the sound fiscal management and the responsible use of its financial resources, among others.

“I am happy and grateful to all the employees of PPA for our very good performance during the first half of the year. You can see

It can be recalled that PPA budget utilization improved to 83 percent in 2022, a huge leap from its 71 percent budget utilization in 2021 and 62 percent in 2020, a more or less 12 percent increase in budget utilization every year since its utilization of 52 percent in 2015, showing marked improvements in project implementation over the past six years.

“You can see from our facilities that our docks are new and modern and the PPA has been very efficient in running them. In fact, in the first year of President Marcos’ administration, we were able to complete 30 seaport projects and we plan to complete an additional 19 projects before the end of this year,” Santiago concluded.

The PPA’s strong and steady financial performance is a clear manifestation that honest and transparent public service is a great factor in being a consistent top GOCC performer over the past six years.