ICTSI proposal to develop Iloilo ports complete
The Philippine Ports Authority has recently deemed complete the proposal of International Container Terminal Services, Inc. (ICTSI) to develop Iloilo ports, the company said in its release.
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.
Once it receives the OPS, ICTSI’s proposal will be turned over to the National Economic and Development Authority (NEDA) for evaluation. If it gains the approval of NEDA, the proposal will go through a Swiss challenge.
Over the life of the concession that will be agreed on with the PPA, ICTSI has estimated an investment of over PhP8.7 billion 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 Php1.35 billion.
ICTSI is also offering to substantially invest in the development of the Port of Dumangas in order to seamlessly handle the spill over from the city port.
The Iloilo-Dumangas bid is ICTSI’s first foray in the Visayas with the end goal of providing a national network of ports with ICTSI’s brand of operational synergy that would further improve the country’s supply chain and competitiveness in global trade.
About International Container Terminal Services, Inc.
Headquartered and established in 1988 in Manila, Philippines, International Container Terminal Services, Inc. (ICTSI) is in the business of port development, management and operations. As an independent business with no shipping, logistics or consignee-related interests, ICTSI works and transacts transparently with any stakeholder in the port community. ICTSI’s portfolio of terminals and projects spans developed and emerging market economies in the Asia Pacific, the Americas, and Europe, the Middle East and Africa. ICTSI has received global acclaim for its public-private partnerships with governments divesting of their port assets to the private sector.