International Container Terminal Services Inc. (ICTSI) is expecting to secure soon the original proponent status (OPS) for its P8.7-billion unsolicited proposal to develop two e Iloilo ports.
ICTSI last year offered to rehabilitate, improve and operate two port projects in Iloilo , and formally submitted the complete proposal last April.
Christian Gonzalez, ICTSI senior vice president and global corporate head, said the company is waiting for the Philippine Ports Authority to confirm that the unsolicited proposal is complete, then be awarded the OPS soon.
ICTSI intends to upgrade the Iloilo commercial port and Dumangas Port as one project, for P8.7 billion.
Gonzalez said the project cost could change.
“Unless we’re given OPS then we’re allowed to come to the table, we will be able to refine that number. We hope that the decision on original proponent comes sooner,” he said.
Gonzalez added with the company’s development plans, Iloilo can be the major regional transshipment hub for the Visayas. Iloilo’s agri-aqua products can be shipped to domestic and foreign markets in refrigerated containers, driving costs down and making them very competitive.
Earlier, Sen. Franklin Drilon urged the PPA to act on ICTSI’s unsolicited proposal saying Iloilo is poised to become a major exporter of agricultural products once the Jalaur River Multi-purpose Project is completed in 2022.
The project will irrigate 31,000 hectares of rice land, doubling the rice production of Iloilo.
In the first half this year, ICTSI’s net income attributable to equity holders of $128.5 million grew by 42 percent from $90.2 million earned in the same period last year.
ICTSI handled a consolidated volume of 5 million twenty-foot equivalent units (TEU) in the first six months of 2019, up 7 percent from 4.7 million TEU handled a year ago.
The company’s capital expenditures for the six-month period amounted to $120.5 million, approximately 32 percent of the $380-million capex budget for the full year 2019.
ICTSI operates in 19 countries across six continents and continues to pursue container terminal opportunities around the world.