Subic Bay seaport in the Philippines is to be upgraded into a major trading hub following a PHP5.5bn ($120m) investment from Harbour Centre Point Terminal (HCPT).

HCPT will also pay an annual fee of PHP23m ($500,000) to the Subic Bay Metropolitan Administration (SBMA) toward operating costs.

Cargo operators currently pay between PHP12m ($260,473) and PHP20m ($434,122) to the SBMA every year.