A Metro Pacific Investments Corporation-led joint venture has won a $311m contract to build the North Harbour development project in the Philippines.

The joint venture with Harbour Centre Port Terminal will rebuild the existing ports, expand the operational area from 52ha to 70ha and modernise operational facilities.

The Philippine Ports Authority expects the project to reduce port rates by an average of 10-15% and raise more than P6.8bn revenues over 25 years.

Phase I of the project, scheduled to be completed over a period of six years, will complete the crane rail for two load on-load off berths at Terminal 1 as well as pavement concreting of container yards.

Phase II of the project, covering the development of terminals 2 and 3 and the second passenger terminal building at slip 5, will take three years after the completion of Phase I.