The Philippine Ports Authority has signed with Metro Pacific Investments and its partner Harbour Centre Port Terminal a US$308 million, 25-year contract to modernise the Manila North Harbour, the Manila Standard reported.
"The joint venture will take over the management and operation of the North Harbor beginning January 1," Ports Authority general manager Oscar Sevilla said.
The Ports Authority last month accepted Metro Pacific and Harbour Centre's $308 million bid to develop, operate and maintain the port terminal.
Metro Pacific said the amount would cover the capital needed to reconfigure the port, expand its area to 70 hectares from 52, and improve its facilities.
The port's more than 1,000 workers will be retained, and 20,000 more will be hired.
The modernisation is aimed at boosting inter-island shipping. The harbor will be dredged to accommodate the bigger ships, tankers and international luxury liners.
The port will also be fitted with modern cranes and have a bigger and wider container and cargo depot to handle more containers from the South.
"The joint venture will take over the management and operation of the North Harbor beginning January 1," Ports Authority general manager Oscar Sevilla said.
The Ports Authority last month accepted Metro Pacific and Harbour Centre's $308 million bid to develop, operate and maintain the port terminal.
Metro Pacific said the amount would cover the capital needed to reconfigure the port, expand its area to 70 hectares from 52, and improve its facilities.
The port's more than 1,000 workers will be retained, and 20,000 more will be hired.
The modernisation is aimed at boosting inter-island shipping. The harbor will be dredged to accommodate the bigger ships, tankers and international luxury liners.
The port will also be fitted with modern cranes and have a bigger and wider container and cargo depot to handle more containers from the South.