‘ICTSI investment to transform Iloilo port’
THe significant investment that the international Container Terminal Services inc. (ICTSI) is poised to inject for the development and management of the iloilo Commercial Port Complex (ICPC) will establish iloilo as an international gateway, according to former Senate President Franklin m. Drilon.
This move, according to Drilon, will see about P1.1 billion in investment within the first two years and more is expected as cargo volume increases. Drilon is a strong advocate of the privatization of the iloilo port.
“With the substantial investment that ICTSI is poised to inject, we are now on the path to realizing our shared aspiration of restoring iloilo to its former stature as an international gateway, as it was at the turn of the 20th Century when iloilo was dubbed as the ‘Queen City of the South,’” he said in a statement released by ICTSI.
“i am glad that ICTSI has finally been awarded the 25-year concession as the port operator. ricky razon and ICTSI deserve special recognition for their significant investment and unwavering confidence in iloilo. ICTSI is a true partner in moving iloilo forward.”
Drilon, who has played a pivotal role in the development and growth of iloilo, said the condition of the port had been a significant impediment to progress, and this partnership with ICTSI could be “a game-changer.”
“The condition of our ports has been a stumbling block for our development. iloilo had endured neglect during the past administration, resulting in a lack of capacity and inefficient operations that deterred shipping companies from using iloilo as a port of call,” he said.
“ICTSI has the experience and financial capability and resources to operate the port efficiently, which will result in job creation and better investment environment. An efficient port operation is the critical missing piece to spur iloilo’s growth.”
He said the rehabilitation and modernization of the Visayas Container Terminal (VCT), the future name of the facility after handover to ictsi—will boost the local economy and position iloilo as a key player in domestic and international trade.
“After all, as they say, ‘Port makes a City,’” he added.