ILOILO CITY (PIA6) – The release of the notice of award to the International Container Terminal Services Inc. (ICTSI) for the improvement and modernization of the Iloilo Commercial Port Complex (ICPC) is expected to spur the economy of the city and the entire Western Visayas.

The Philippine Ports Authority announced the notice of award was given to the ICTSI to develop and manage the ICPC with a total project cost of over P10.5 billion; and securing the 25-year cargo-handling contract for the port.

Meanwhile, the PPA said that the ICTSI will begin its operations of the facility upon contract signing and the PPA’s issuance of the Notice to Proceed

ICTSI’s offer for the 25-year contract involves a concession fee of P750 million for the sixth to 10th year. It is larger than the minimum fixed concession fee of P500 million stated in the contract.

The ICTSI’s proposal also highlights significant investments in infrastructure upgrades, cargo-handling equipment, and operational efficiency measures to transform the Iloilo Port into a premier gateway.

“We are pleased 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,” ICTSI executive vice president Christian Gonzalez said. (AAL/JNH/PIA Iloilo)