MANILA, Philippines -- A unit of Hong Kong-listed First Pacific Co. Ltd. said Friday it is in talks with the Philippine government and a partner to develop North Harbor, Manila's busiest port.

The listed subsidiary, Metro Pacific Investments Corp., said it expects to make an initial investment over the next five years of between P5-6 billion ($101.3-121.5 million) to remove silt deposited by the polluted Pasig River into the capital's oldest port.

The foray into shipping would be through a "negotiated bid," Metro Pacific told the Philippine Stock Exchange in a disclosure statement, and would be made with a partner, called North Harbour Centre Port Terminal Inc.

Metro Pacific said it expects the partners would eventually have to reclaim land from Manila Bay to expand the port, which is used for domestic shipping.