The Board of Investments (BOI) on Thursday said it approved the registration of the P2.35-billion Iloilo City seaport modernization project, making the 25-year project eligible for incentives from the government.
The Department of Trade and Industry’s (DTI) lead investment promotions agency said that it had issued a certificate of registration to International Container Terminal Services Inc. (ICTSI) for the modernization, management and operation of the Visayas Container Terminal (VCT).
The BOI said the VCT is a “landmark” project that will transform the old Iloilo commercial port complex into a “state-of-the-art facility” and will position it as a key driver of regional economic growth and competitiveness.
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“This initiative is vital to our national development, facilitating the movement of goods and people across our islands and strengthening our position in international trade,” Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said in a statement.
The project is part of the port terminal management contract between the ICTSI and the Philippine Ports Authority.
The modernization will include investments in advanced cargo handling equipment, information technology systems and enhanced civil infrastructure, which set “a new benchmark” for service quality in the region.
The BOI noted that the modernized port is expected to generate over 3,000 jobs, with the Visayas region, directly and indirectly, benefiting through a multiplier effect across related industries.
The agency said that the improved operational efficiency, expanded cargo handling capabilities and enhanced connectivity promise to attract new investments across Panay Island and neighboring areas.
With its registration under the BOI, the project will be entitled to a three-year income tax holiday and a five-year enhanced deduction period as well as duty-free importation of equipment.
The BOI approved P1.62 trillion worth of projects in 2024, with the value reaching a new record high as it soared 28.6 percent from a year before.