ICTSI bags P750 M Iloilo Port deal

Logistics giant International Container Terminal Services Inc. (ICTSI) will add another port to its network of facilities here and abroad, this time securing the P750 million contract to manage the Iloilo Commercial Port Complex (ICPC).

The PPA yesterday issued the notice of award for the 25-year concession to operate and maintain the baseport of the ICPC to ICTSI.

The PPA awarded the contract to ICTSI on the condition that it will pay the agency a concession fee of P750 million, exclusive of all taxes, from the sixth to 10th year of handling the port.

In a disclosure to the Philippine Stock Exchange, ICTSI confirmed that it has bagged the deal to develop the ICPC. The Enrique Razon-led company also outlined its initial plans for the port that has the potential to boost trade flow in Western Visayas.

As the soon-to-be operator of ICPC, ICTSI vowed that it would invest in rehabilitating the terminal infrastructure and deploying cargo equipment in the port. The goal, ICTSI said, is to improve the productivity and services of the ICPC to turn its advantages into benefits.

ICTSI said that the ICPC occupies 627 meters in operational quay length, providing 20 hectares for container and general cargo storage and warehousing.

“ICTSI will begin operations of the facility upon our contract signing and the PPA’s issuance of the notice to proceed,” ICTSI said.

As a protocol, the PPA is giving ICTSI 30 days to enter into a contract with the government and settle the performance security before it can be issued the notice to proceed.

With the concession, ICTSI will administer the anchorage operations, ancillary services, bagging services, berth management and berthside operations of the baseport of ICPC. The company will also supervise the container business and related segments.