THE Philippine Ports Authority (PPA) said it ordered ports across the country to revisit their revenue targets for 2017.
In a statement, the PPA said it wants more “realistic” revenue estimates after the agency’s net profit rose 32% in the five months to May, while revenue rose 11.63% to P6.05 billion due to heightened trade activity.
General Manager Jay Daniel R. Santiago said in the statement that “Port Managers were enjoined to reassess their accomplishments from the start of the year to the present and forecast their revenues for the remaining months of the year keeping in mind the prevailing economic conditions.”
While he did not indicate the direction of the proposed revisions, he said managers should be guided by expectations that gross domestic product could grow as much as 7.5%.
“The intention is to set a more realistic revenue commitment,” Mr. Santiago said in the statement.
In February the PPA downgraded its revenue forecast to flat in the best case, citing the deterioration of foreign exchange rates, the transfer of several ports to local governments and freeport zones, and disruptions in the mining industry.
