International Container Terminal Services, Inc. (ICTSI) has submitted a proposal to develop two ports in Iloilo, Philippines, for an estimated total investment of over PhP5bn (US$94m).
The company submitted a Letter of Intent to the Philippine Ports Authority (PPA) to modernise the infrastructure and superstructure of the Iloilo Port Complex and the Port of Dumangas, and eventually manage and operate them.
The US$94m investment estimated to fully develop the Iloilo Port Complex will include dredging and deepening of the port and its entry channel to allow handling of larger vessels.
During the project’s first phase, ICTSI plans to invest PhP1.35bn (US$25m) in new port equipment, which is set to include modern quayside cranes.
According to a company statement, the port operator is also planning to invest in the development of the Port of Dumangas “in order to seamlessly handle the spill over from the city port”.
ICTSI also plans to introduce new systems in the ports’ operations, engineering and administration, noting that the introduction of automation will promote efficiency and security.
The company’s chairman and president Enrique Razon Jr. said: “We truly believe in the growth potential of the Visayas in general and of Iloilo in particular. That growth is anchored on the building of infrastructure and the delivery of basic utilities and services.
“With the development of port superstructure and the cost-efficient delivery of electric services, we hope to be able to help Iloilo in attaining its full potential.”
ICTSI’s global corporate head Christian Gonzalez said that the company expects the ports’ development to increase efficiency, improve connectivity for cargo movement within the country, and ultimately turn the ports into international gateways.