Philippine Fisheries Development Authority (PFDA), a government instrumentality with corporate powers attached to the Department of Agriculture, registered significant growth in operating income year-on-year in 2020 despite the economic challenges brought by the emergence of the coronavirus disease (COVID-19) pandemic early in the year.
The agency closed the year 2020 with an operating income of P198.05 million, a 9.32 percent increase from P181.16 million in 2019.
On the other hand, its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) climbed by 14.5 percent to P265.2 million in 2020 from P231.4 million in 2019. This record successfully surpassed the Governance Commission for GOCCs (GCG)-approved EBIDTA target of P143 million.
Based on the record, the PFDA’s FY 2020 total assets increased by 37.34 percent, equivalent to P4.7 billion, easily outperforming 2019’s P3.4 billion.
PFDA showed that it remained financially fit in providing public service amid the severe socioeconomic impacts caused by COVID-19. Throughout one of the most challenging years in history, the agency persevered to promote and develop the fishing industry, as well as contribute to the nation’s food security.
Starting the new year strong, PFDA already reached a P71.65 million operating income during the first quarter of 2021, surpassing half of last year’s total.
As the economy recovers from the pandemic, the agency is confident and eager to maintain this upward trend in the succeeding years.
Date issued: May 24, 2021