The Board of Investments (BoI) has approved the registration of the P14.89-billion investment by the Manila North Harbor Port Inc., for the development and management of the largest domestic port in the Philippines.
Trade Undersecretary and BoI managing head Adrian S. Cristobal Jr. said the proposed Manila North Harbor Port project would involve equipping the port with new cargo handling machinery and the upgrade of information technology systems.
“Over the next five years, the project is estimated to provide 49 percent net value added for the services they will provide. Commercial operations of the North Harbor project began last month and are estimated to create 1,448 jobs,” Cristobal said in a statement.
Cristobal added that the project, which would address foreign and domestic loading and unloading of goods and passengers, would boost the country’s cargo capacity.
Cargo volume at Manila North Harbor Port, located at Tondo, Manila, is growing at an average of 5 percent a year.
The project is expected to be completed in six years.