The Philippines' two main port operators said on Wednesday the state regulator has approved a total 11 percent tariff rate hike for their vessel-related container handling services, Reuters reports. The two-step tariff increase will be imposed at the Manila International Container Terminal operated by International Container Terminal Services Inc (ICTSI) , and at Manila's South Harbor operated by Asian Terminals Inc .
A 6 percent fee increase would take effect 30 days after publication of the tariff hike order issued last month by the Philippine Ports Authority, ICTSI and Asian Terminals said in separate disclosures.
A second tariff increase would be implemented six months after the first hike, they said.
Shares of ICTSI and Asian Terminals climbed 2.5 percent and 1.8 percent respectively on Wednesday, outpacing the broader market index which gained 0.9 percent.
ICTSI also owns or operates 22 other port facilities -- five others in the Philippines and one each in China, Ecuador, Poland, Brazil, Madagascar, Syria, Georgia, Brunei, Indonesia, Japan, India, Colombia, Argentina, Croatia, Mexico and the United States.
A 6 percent fee increase would take effect 30 days after publication of the tariff hike order issued last month by the Philippine Ports Authority, ICTSI and Asian Terminals said in separate disclosures.
A second tariff increase would be implemented six months after the first hike, they said.
Shares of ICTSI and Asian Terminals climbed 2.5 percent and 1.8 percent respectively on Wednesday, outpacing the broader market index which gained 0.9 percent.
ICTSI also owns or operates 22 other port facilities -- five others in the Philippines and one each in China, Ecuador, Poland, Brazil, Madagascar, Syria, Georgia, Brunei, Indonesia, Japan, India, Colombia, Argentina, Croatia, Mexico and the United States.