The Board of Investments (BOI) has approved International Container Terminal Services Inc.'s (ICTSI) P2.3-billion seaport modernization project in Iloilo, transforming the old Iloilo Commercial Port Complex into a state-of-the-art facility. The project, part of a 25-year management contract between ICTSI and the Philippine Ports Authority, will receive tax incentives under the CREATE Act. ICTSI's modernization plan includes advanced cargo-handling equipment, IT systems, and enhanced infrastructure to meet international standards. The upgraded port is expected to generate over 3,000 jobs, attract new investments, and boost the Philippines' position as a logistics and trade hub.
THE Board of Investments has greenlit the P2.3-billion seaport modernization project of Enrique Razon-led International Container Terminal Services Inc. , which seeks to transform the old Iloilo Commercial Port Complex into a state-of-the-art facility.The investment promotion agency said Thursday that it had issued a certificate of registration for the modernization, management and operation of the Visayas Container Terminal .
'This initiative is vital to our national development, facilitating the movement of goods and people across our islands and strengthening our position in international trade,' Rodolfo said.Previously lacking foreign container operations, the Iloilo port has undergone significant improvements, including berth expansions to accommodate larger vessels and boost cargo capacity.
INVESTMENT LOGISTICS INFRASTRUCTURE PHILIPPINE ECONOMY ICTSI
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