The Board of Investments (BOI) has approved the modernization project for the Visayan Container Terminal (VCT) in Iloilo City, aiming to transform the old complex into a state-of-the-art facility and boost the country's shipping industry.
Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said the P2.35-billion project is part of a 25-year Port Terminal Management Contract between the Philippine Ports Authority (PPA) and International Container Terminal Services, Inc. (ICTSI).
The Razon-led port operator will oversee the project's core services.
The modernization effort will include investments in advanced cargo handling equipment, cutting-edge information technology systems, and enhanced civil infrastructure.
The BOI said the project is expected to generate over 3,000 jobs, directly and indirectly benefiting the region through a multiplier effect across related industries.
"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 in a statement.
The modernized port will feature expanded berths to accommodate large foreign vessels, increasing cargo capacity and efficiency.
Additionally, the deployment of Mobile Harbor Cranes (MHCs) with a reach of 46 meters and a lifting capacity of 100 tons will significantly enhance the port's flexibility in handling various cargo types, including containerized, bulk, general, and project cargo.
The project aligns with the PPA's port modernization program, which aims to elevate port facilities and services to meet international standards.
The BOI said the government views the project as a major step in positioning the Philippines as Southeast Asia's premier hub for sustainable manufacturing and services.
"By fostering a cycle of sustained economic growth, the initiative is expected to transform the nation's economy," the BOI noted.
The transportation and storage sector contributed P779.54 billion—or 4.1 percent of the country's economy—in the first three quarters of 2024, employing approximately 3.85 million Filipinos
The VCT Project will further bolster these figures, enhancing the industry's impact on the national economy, the BOI said.