Together we make things happen - Philippine Ports Authority

f i n a n c i a l P E R F O R M A N C EThe global recession has not only posed a threat but has immediately taken its tollon what could have been a moderately improving Philippine economy at the latterpart of 2008. At the close of the year, PPA suffered a loss of momentum in its financialperformance. Despite prudent fiscal measures, losses brought about by revaluationinevitably undermined the Authority’s revenue efforts for the year.RevenueIn 2008, PPA posted gross revenues of P 6.626 billion representing an increment ofP 379.31 million or a 6.07% growth over the previous year. This is a 3.82% positivedeviation from the year’s projected revenue target of P 6.812 billion. In particular,income from port operations amounted to P 6.511 billion, an improvement ofP 412.41 million or a 6.76% rise in port revenue from 2007.By source, ICTSI fees contributed the bulk or 37.04% of total port revenues atP 2.412 billion. On the other hand, wharfage fees generated the second largestcontribution of P 1.357 billion or 20.84% to PPA coffers. Likewise, significantcontribution came from Arrastre/Stevedoring fees of P 1.169 billion or 17.97%.In addition, other revenue sources include: Other Income - P 339.46 million or 5.21%;Dockage fees - P326.43 million or 5%; Port Dues - P 285.56 million or 4.39%; StorageFees - P 231.01 million or 3.55%; Port Usage Fees - P 202.72 million or 3.11%; TerminalFees - P 173.76 million or 2.67%; and Fund Management Income - P 99.91 million or 2%.PPA’s frontline units or the Port District Offices (PDOs) generated combined revenuesof P6.525 billion in 2008. PDO Manila/Northern Luzon, a traditional best performerand host to the country’s major ports of North Harbor, South Harbor and MICT, postedP4.544 billion or 69% percent of PPA’s gross revenue for the year. It is followed by PDOsSouthern Luzon - P676.22 million or 10%; Southern Mindanao -P527.92 million or 8%;Northern Mindanao - P400.40 million or 6%; and Visayas -P375.75 million or 5%.Philippine Ports Authority • Annual Report 2008 1 Fund Management IncomePPA generated a Fund Management Income (FMI) in 2008 of P 99.91 million, falling bymore than P 28.88 million or 22.43% from 2007. This is however P 9 million or 10.51%above the projected FMI for the year of P90.41 million.