ICTSI Proposal to Develop Iloilo Ports Complete, Dredging Included
- Business & Finance
The Philippine Ports Authority has deemed complete the proposal of International Container Terminal Services, Inc. (ICTSI) to develop Iloilo ports.
ICTSI received from PPA a letter of acceptance for completeness in accordance with the Revised Guidelines and Procedures for Entering into Joint Venture Agreements between Government and Private Entities (2013 NEDA JV Guidelines).
PPA will now begin to evaluate the legal, financial and technical merits of ICTSI’s proposal to modernize the Iloilo Commercial Port Complex and the Port of Dumangas within a maximum of 60 days.
Christian R. Gonzalez, ICTSI Global Corporate Head, said: “We are excited about this development as we know we submitted a fully compliant proposal that will be the most beneficial for Iloilo. We are fully committed to working with the PPA on this project, and are hopeful to be granted original proponent status (OPS).”
Over the life of the concession that will be agreed on with the PPA, ICTSI has estimated an investment of over $171.6 million to fully develop the Iloilo Port Complex – including dredging and deepening of the drafts and channel to allow the direct entry of new generation, international vessels; and purchase of modern quayside crane handling equipment estimated to cost around $26.6 million.