INTERNATIONAL Container Terminal Services Inc. (ICTSI) has been awarded a 25-year concession by the Philippine Ports Authority (PPA) to develop and operate the Iloilo Commercial Port Complex (ICPC) in Panay, Western Visayas.
The Razon-led port operator on Monday said it received the notice of award for its sole bid to operate the ICPC in accordance with PPA Administrative Order (AO) 03-2016 or the Port Terminal Management Regulatory Framework (PTMRF).
ICTSI will begin operating the facility upon contract signing and receipt of the PPA's issuance of the notice to proceed.
"We are elated and grateful to be entrusted with the redevelopment of the Iloilo Port. We recognize the port's pivotal role in driving Iloilo's economic and social growth," Christian Gonzalez, ICTSI executive vice president, said.
"Our comprehensive proposal outlines significant investments in infrastructure upgrades, cargo-handling equipment, and operational efficiency measures, all aimed at transforming the Iloilo Port into a premier gateway," he added.
Located at the heart of Iloilo City, the port serves not just the province of Iloilo but also the entire Panay Island.
ICPC, which will be renamed the Visayas Container Terminal (VCT) after its handover to ICTSI, has been envisioned to be a critical trade gateway in the region. Capacity efficiency constraints have hampered its full potential and ICTSI's involvement aims to tackle these challenges.
According to ICTSI, the port complex has 627 meters of operational quay length and 20 hectares of land for container and general cargo storage, warehousing and other cargo-handling activities.
"Upon signing of the contract, ICTSI will focus on improving terminal productivity and service quality by investing in the development and rehabilitation of infrastructure and the deployment of cargo-handling equipment," the port operator said.
Former Senate president Franklin Drilon, a native of Iloilo, welcomed the redevelopment of VCT and said that ICTSI was "well-positioned to efficiently manage the ports and address the longstanding congestion issues plaguing our ports, which have deterred potential investors."
"The decision to partner with ICTSI is a significant step forward in transforming VCT into a modern, world-class port facility" and would position Iloilo as a key driver of economic progress, he added.
Gonzalez assured that ICTSI would "do all to make this a success and make Iloilo key to improving the country's supply chain and competitiveness in global trade."
ICTSI shares were steady at P236 each on Monday.
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