International Container Terminal Services Inc. (ICTSI) has formally received the 25-year franchise for the operation of the Iloilo Commercial Port Complex (ICPC).
ICTSI said it has received the notice to proceed from the Philippine Ports Authority.
In January, ICTSI topped the bid for the privatization of key port terminal in Panay island, with the company topping the PPA’s minimum bid requirement of a fixed P500 million fee for the sixth to the 10th year of the concession and a minimum annual concession fee of P100 million for the sixth year by offering P750 million for the fixed fee portion.
ICTSI is projected to spend about P1.1 billion for the modernization of the port complex that boasts of 627 meters of operational quay length and 20 hectares of land for container and general cargo storage, warehousing, and other cargo-handling activities.
ICTSI earlier said it will focus on improving terminal productivity and service quality by investing in the development and rehabilitation of the terminal infrastructure and the deployment of cargo-handling equipment.
ICPC serves the province of Iloilo and the entire Panay island, in Wester Visayas. It is located away from the older port facilities on the Southern coast of the island in the Panay Gulf. It is one of the country’s safest and most natural harbors with Guimaras Island shielding the port from storms and making it ideal for harboring ships and vessels.
The poart will then be named Visayas Container Terminal upon the turnover of the facility to ICTSI.
