International Container Terminal Services, Inc. (ICTSI) has submitted a proposal to the Philippine Ports Authority (PPA) to develop two ports in Iloilo – the Iloilo Port Complex and the Port of Dumangas.
In line with the future development needs of Iloilo and the Visayas, ICTSI submitted a Letter of Intent to modernize the ports’ infrastructure and superstructure, and to eventually manage and operate the two Iloilo ports.
Overall, the company hopes to be able to assist the port authority in its goals to upgrade the Philippine port network in the hope of facilitating inter-island and international cargo movement.
Enrique K. Razon Jr ., ICTSI chairman and president, commented: “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.”
Over the life of the concession that will be agreed on with the PPA, ICTSI has estimated an investment of over ₱5 billion (approx. $90.5 million) to fully develop the Iloilo Port Complex.
An integral part of this investment will include the dredging and deepening of the port itself and the channel to allow the direct entry of new generation, international vessels.