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Published
By EMMIE V. ABADILLA
Revenue from the Philippine Ports Authority (PPA) in March 2020 fell 79 percent from ₱ 1.401 billion in the same period last year to ₱ 300.93 million, approximately 16 days after the government closed Luzon.
Logo of the Philippine Ports Authority
(MANILA NEWSLETTER)
Unaudited net income during the first three months of the year also decreased by 25 percent from ₱ 3,337 billion in 2019 to ₱ 2,538 billion this year, as all of the agency’s revenue sources posted negative results for the period. .
Even with PPA regulatory revenue, only Manila North Harbor Port, Inc. posted a positive deviation of 3.75%, while fees from International Container Terminal Services, Inc. and Asian Terminals, Inc. decreased by 8% and 15 %, respectively. .
The low net income registered in March and later in the first quarter of the year was due to the effects of the COVID-19 pandemic, explained PPA general manager Jay Santiago.
China first imposed a blockade on January 23, 2020. The Philippine government imposed the Enhanced Community Quarantine across Luzon from March 15 to the present.
“As early as January, there has been a slowdown in cargo movement as China, being the location of several transshipment centers and a number of large manufacturing companies, has imposed the necessary restrictions to control the spread of the dreaded disease,” stressed. .
“Other countries, including the Philippines, did the same, thus justifying its negative effect in almost all areas of our sources of income.”
“Fortunately, with the relaxation of some trade restrictions, we will be able to stop the downward trend in the coming months, particularly when the country can already lift its restrictions on some commercial and trade processes,” Santiago added.
Total revenue for the first three months, meanwhile, decreased 17% to ₱ 3,753 billion from ₱ 4,509 billion recorded in the same period last year. For March, revenue fell 59% to ₱ 726.64 million from ₱ 1,773 billion.
Of PPA’s revenue sources for the quarter, those most affected are fees from your ship’s Lay-up operations, which decreased by 71%, followed by Storage, which decreased by 57.42%, and drag and drop. now stowed at 41%.
Those most affected include installation fees, storage fees, and participation in the terminal appointment booking system or TABS.
Total expenses for the quarter, on the other hand, increased by 7.32% to ₱ 1,215 billion from ₱ 1,132 billion in the same period last year in which most of the expenses went to Personnel Services which increased by almost 11%.
For March, expenses increased 14% to ₱ 425.71 million from ₱ 372.72 million.
At the end of last month, the PPA has remitted at least $ 5 billion in dividends to the National Government to assist in the country’s fight against COVID-19.
The amount remitted was by far the highest dividend recorded in the agency’s 45 years of existence.
PPA is mandated to remit at least 50% of its net income to the national coffers annually.
PPA is a regular member of the GOCC’s top 10 “billionaire club” that send dividends to the Government.
To further assist the government in its fight against the dreaded disease, PPA is now modernizing the Eva Macapagal Super Terminal located within Pier 15 of the South Port of Manila to become a COVID-19 treatment facility using P100 million financial support from the López Group of Companies.
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