INTERNATIONAL Container Terminal Services Inc. (ICTSI) of billionaire Enrique K. Razon has offered to develop two ports in Iloilo to the tune of P5 billion.
It submitted a letter of intent to the Philippine Ports Authority (PPA) to modernize the infrastructure and superstructure, and to eventually manage and operate the Iloilo Port Complex and the Port of Dumangas.
Razon said this unsolicited proposal is in line with its nation-building efforts to “assist” the government in its goal of modernizing the port network in the Philippines.
“We truly believe in the growth potential of the Visayas, in general, and of Iloilo, in particular. That growth is anchored on the building of infrastructure and the delivery of basic utilities and services,” he said.
Razon said his group intends to “bring to the Iloilo ports its know-how in managing ports honed from its 30 years of experience across the 30 ports that it operates worldwide.”
Razon’s listed port company is the largest Filipino port operator that also has concessions in other territories—even outside Asia.
The investment proposal, which aims to bring in international traffic to the two Iloilo ports, includes the dredging and deepening of the ports and the channel to allow the direct entry of new-generation international vessels.
Razon’s group will also bring in new port equipment—costing about P1.35 billion—including modern quayside crane handling equipment.
It also proposed to bring in ICTSI’s automated systems in the ports to promote efficiency and security.
“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,” Razon said.
The group hopes to arrive at an agreement with the PPA that will be compliant with government rules and regulations and applicable laws.
“ICTSI believes that the ports’ development will not only improve efficiency but will, more important, evolve the ports into becoming the Philippines’s Visayas hub that will improve connectivity for cargo movement within the country,” Christian R. Gonzalez, ICTSI global corporate head, added.