Billionaire Enrique Razon Jr.’s International Container Terminal Services, Inc. (ICTSI) has offered to develop two ports in Iloilo to the tune of P5 billion.
ICTSI, in a stock exchange filing on Monday, identified the ports as the Iloilo Port Complex and the Port of Dumangas. The offer was made to the Philippine Ports Authority.
“ICTSI believes that the ports’ development will not only improve efficiency but will, more importantly, evolve the ports into becoming the Philippines’ Visayas hub that will improve connectivity for cargo movement within the country. Our vision is to ultimately turn these two ports into international gateways,” Christian R. Gonzalez, ICTSI global corporate head, said in the filing.
ICTSI, an international player whose local operations include Manila, Subic and Davao, said it wanted to upgrade and eventually manage and operate the two Iloilo ports.
“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. With the development of port superstructure and the cost-efficient delivery of electric services, we hope to be able to help Iloilo in attaining its full potential,” Razon said.
ICTSI noted an “integral part of this investment” would include the dredging and deepening of the port facilities. This would allow the direct entry of new generation, international vessels.
New port equipment to be brought in during the first phase alone has been estimated to cost P1.35 billion, and would include modern quayside crane handling equipment.
ICTSI is also offering to substantially invest in the development of the Port of Dumangas in order to seamlessly handle the spillover from the city port. —MIGUEL R. CAMUS