A P4-BILLION port project in Mindanao by the private sector can boost local trade and reduce the price of feeds, the Department of Agriculture (DA) said.

Agriculture Secretary Francisco Tiu Laurel Jr. said upon completion, the Lagonglong Port project in Misamis Oriental would reduce feed costs from 2.5 percent to as much as 10 percent.

AGRICULTURE Secretary Francisco Tiu Laurel. Photo from Department of Agriculture

"It will reduce the cost of fertilizers also by 5 percent, maybe, or as much as 10 percent, depending on the price," Laurel said during the groundbreaking ceremony for the project.

Expected to be finished by March 2025, the port will also host storage facilities and modern equipment to handle international and domestic cargo. It will also provide an annual throughput capacity of 3.3 million metric tons for bulk cargo.

The Amadi MGT Terminals Inc. will invest P1.4 billion for the initial phase of development. For its part, Aboitiz Construction will also take part in the to build the multi-grain terminal for Amadi.

Laurel also said the Lagonglong Port aligns with the DA's thrust "to boost agricultural production, ensure accessibility to affordable food, and achieve food security for our countrymen."

"We should build more ports like this. This is critical to the modernization of our country," Laurel said, noting that the port initiative will help preserve the quality of agricultural products and raw materials and enhance the transport of essential goods upon completion.

Also, the Lagonglong Port is expected to stimulate the establishment of factories, processing plants, and other value-adding facilities.

"I've seen that happen, and I've done it. In Papua New Guinea, Indonesia, and other areas in the Western Pacific where we built ports," he added.

Laurel added that he requested Amadi to allocate space for cold storage, ice stands, and silos to store various agricultural products for the DA.