International Container Terminal Services Inc. (ICTSI) will operate the Iloilo Commercial Port Complex in Western Visayas for 25 years.
ICTSI said it has formally received the notice of award for the port from the Philippine Ports Authority (PPA) after it topped the 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.
“This marks a significant step towards transforming ICPC into a modern, efficient, and premier gateway for the region,” the company said in a statement.
ICTSI will begin operations of the facility upon contract signing and PPA’s issuance of the notice to proceed.
“We are elated and grateful to be entrusted with the redevelopment of the Iloilo Port. We recognize the port’s pivotal role in driving Iloilo’s economic and social growth. Our comprehensive proposal outlines significant investments in infrastructure upgrades, cargo-handling equipment, and operational efficiency measures, all aimed at transforming the Iloilo Port into a premier gateway,” said Christian Gonzalez, ICTSI executive vice president.
The Iloilo port has 627 meters of operational quay length and 20 hectares of land for container and general cargo storage, warehousing, and other cargo-handling activities.
It serves the province of Iloilo and the entire Panay Island, in Western Visayas of the Philippines.
The port will be named Visayas Container Terminal upon the turnover of the facility to ICTSI.
The port’s capacity efficiency constraints have hampered its full potential and ICTSI’s involvement aims to tackle these challenges head-on, unlocking the port’s economic engine.
“Upon signing of the contract, ICTSI 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,” the company said.
