ICTSI – 25th anniversary; MICT – 25th million teu

ICTSI was established in 1987 initially for the purpose of bidding for the privatised build-operate-transfer (BOT) concession of MICT; this was awarded in May 1988 following the ‘People Power’ revolution, when the Philippines was rebuilding a democracy, reforming institutions and re-crafting the nation’s charter.

It was this initial privatisation of government-owned or controlled assets that became the benchmark for subsequent similar government projects to raise money for the country’s bankrupt treasury.

ICTSI took over control of the facility in June 1989, which, at the time, was underdeveloped with two dilapidated quay cranes projected to have a fully developed annual capacity of 450,000 teu.  Since then the facility has seen its annual double-digit volume growth disrupted only as a result of the 1997 Asian financial crisis.