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Manila Bulletin devider Business devider The Stock Market devider ICTSI secures extension for Mindanao container terminal, plans $100-million upgrade

ICTSI secures extension for Mindanao container terminal, plans $100-million upgrade

Published Dec 20, 2024 06:50 am

Razon-led International Container Terminal Services Inc. (ICTSI) is planning to invest $100 million to upgrade the Mindanao Container Terminal (MCT) after securing a 25-year extension to operate the port.

In a disclosure on Friday, Dec. 20, ICTSI said that the funds will be used to enhance the terminal’s capacity and efficiency through infrastructure upgrades such as a new 300-meter berth extension and the acquisition of new equipment to accommodate higher cargo volumes and boost the terminal’s annual capacity from its present 350,000 twenty-foot equivalent units.

According to ICTSI, the berth extension will enable shipping companies to deploy larger ships on new service routes and support growth and demand from Mindanao's importers and exporters.

The berth extension is slated for completion in 2029.

PHIVIDEC Industrial Authority, a government owned and controlled corporation tasked to identify and develop sites into industrial areas, awarded MICT to continue managing MCT until 2058.

Located within the PHIVIDEC Industrial Estate in Tagoloan, Misamis Oriental, the terminal serves as a key gateway for trade in southern Philippines.

“ICTSI is proud to continue our work at Mindanao Container Terminal, a critical hub for trade in southern Philippines,” MICTSI President and General Manager Aurelio C. Garcia said.

“This extension allows us to implement our vision for the terminal’s future, with significant investments in new technology and infrastructure to meet the evolving needs of our customers and the region," he added.

For his part, PHIVIDEC Chief Executive Officer and administrator Atty. Joseph Donato J. Bernedo said: "We will continue to grow with our other projects and initiatives that are lined up to benefit not only Northern Mindanao but also the entire country."

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International Container Terminal Services Inc. (ICTSI) ICTSI
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