Billionaire Enrique Razon Jr.’s International Container Terminal Services Inc. (ICTSI) said its P8.7-billion offer to modernize and operate port projects in Iloilo province in Visayas was moving forward.
The company said in a statement its proposal covering the Iloilo Commercial Port Complex and the Port of Dumangas has been deemed complete by the Philippine Ports Authority (PPA).
ICTSI, which operates the Manila International Container Terminal and dozens of port projects around the world, said a maximum 60-day review of the project’s legal, financial and technical details was underway.
“We are excited about this development as we know we submitted a fully compliant proposal that will be the most beneficial for Iloilo,” Christian R. Gonzalez, global corporate head at ICTSI, said on Monday.
“We are fully committed to working with the PPA on this project, and are hopeful to be granted original proponent status (OPS),” he added.
An OPS means the project has been accepted by the PPA and then forwarded to the National Economic and Development Authority, whose board will issue the final approval for a competitive challenge.
The offer involves the full development of the Iloilo Port Complex.
This includes dredging and deepening of the facility to allow larger and newer international vessels. The offer includes purchasing modern quayside crane handling equipment and expanding the port’s capabilities.
ICTSI is also offering to “substantially invest” in the development of the Port of Dumangas, which has roll-on, roll-off operations.
The Iloilo-Dumangas bid is ICTSI’s first foray in the Visayas.
The company added the project would pave the way for 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.”
“We are confident that we will be able to assist the Philippine government more in its goals of upgrading the country’s port network; and help Iloilo attain its full potential in facilitating even greater trade facilitation … ,” Gonzalez said.