• As shippers suffer from the fallout of the Red Sea conflict, the Philippine Ports Authority (PPA) is spending P3.5 billion this year for port upgrades to minimize the impact of external disruptions on the local industry.
• For this year, the PPA expects cargo and passenger traffic to grow by as much as 7.5 percent, bullish that opportunities will outweigh the risks down the line.
• If achieved, this means that cargo volume will reach an all-time high of 291 million metric tons (MMT). The PPA also sees passenger footprint surpassing 78 million, nearing the pre-pandemic high of 83.72 million.
• Based on PPA data, cargo volume grew by five percent to 271.97 MMT last year from 259.14 MMT in 2022. Also, passenger traffic ballooned by 24 percent to 73.61 million, marking the recovery of trade and travel now that border restrictions are lifted.

https://www.philstar.com/business/2024/02/08/2331685/ppa-spend-p35-billion-upgrade-ports