• PPA 2016 net income rises 8% to P6.159B

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    The Philippine Ports Authority on Monday reported a net profit of P6.159 billion for 2016, up nearly 8 percent from P5.705 billion in 2015.

    The increase in cargo volume and vessel traffic at the ports helped boost its revenue results, said PPA General Manager Jay Daniel R. Santiago said in a statement.

    “All tariff items demonstrated growth with the exception of storage charges due to the introduction of various anti-port congestion efforts,” Santiago.

    Port-related fees from Asian Terminals Inc. contributed to the bottom line, the PPA said

    Its Fund Management Income posted a 2-percent increase to P90.69 million, the PPA said, citing renewed investor confidence, upbeat consumer spending and improved peace and order situation under the Duterte administration.
    Revenue totaled P14.227 billion, up 7 percent from P13.286 billion.

    “With these kinds of figures, even with the higher forex rate in favor of the dollar, we will be able to maintain our share to government coffers that it can use for its socioeconomic programs,” Santiago said.

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