International Container Terminal Services (ICTSI) has submitted a letter of intent to the Philippine Ports Authority (PPA) to invest more than PHP5bn ($95.5m) to further develop two ports in Iloilo.
The proposal includes the development, management and operation of the Iloilo Port Complex and Port of Dumangas.
It is expected to help PPA modernise its existing port network to support interisland and international movement of cargo.
ICTSI chairman and president Enrique Razon Jr said: “We truly believe in the growth potential of the Visayas in general and of Iloilo in particular.
“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.”
As part of the proposal, ICTSI intends to carry out dredging and deepening works on the Iloilo Port Complex and the channel to facilitate the entry of new-generation global vessels.
In the first phase, ICTSI plans to install quayside crane-handling equipment with an investment of around PHP1.35bn ($25m).
ICTSI is expected to modernise the port of Dumangas to enable it to accommodate passenger spillover from the city port.
Automation is planned to be introduced in the operations, engineering and administration of both the ports in order to boost efficiency and security.
ICTSI global corporate head Christian Gonzales said: “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 ports into international gateways.”
Among other worldwide locations, ICTSI currently operates the Manila International Container Terminal (MICT) in the Port of Manila, Philippines.