Port operator International Container Terminal Services Inc. (ICTSI) has secured a 25-year extension of its concession to operate the country’s largest and most advanced international container terminal.

In a disclosure on Thursday, July 30, ICTSI said it signed a renewal agreement with the Philippine Ports Authority (PPA) to extend its contract to operate the Manila International Container Terminal (MICT) by 25 years.

The extension pushes the expiry of ICTSI’s contract for MICT to May 2063 from May 2038, effectively increasing the remaining life of the concession to roughly 37 years.

“The renewal underscores ICTSI's long-term commitment to further developing MICT to support the continued growth of Philippine trade and the country's economic development,” the company said.

In May, ICTSI signed a $300-million loan with the Beijing-based Asian Infrastructure Investment Bank (AIIB) to support the expansion of its three local container terminals, including MICT.

The senior unsecured corporate loan, which is AIIB’s first non-sovereign-backed transaction in the country, will finance the upgrade of MICT to increase its annual container throughput capacity and improve berth productivity.

In particular, the project aims to expand MICT’s current capacity from three million twenty-foot equivalent units (TEUs) to 3.7 million TEUs by 2027.

Part of the funding will also support the purchase of fully electric quay cranes and the replacement of diesel-powered yard equipment. These are expected to reduce ICTSI’s greenhouse gas emissions from terminal operations.

MICT handled its first three million TEUs in 2025, coinciding with sustained investments in equipment and infrastructure during the year.

The terminal recently deployed hybrid rubber-tired gantry cranes and new terminal tractors to support higher throughput, while exploring the use of electric terminal tractors under its modernization program.

ICTSI has operated MICT since 1988 after securing a 50-year concession through an international tender. Since taking over the terminal, the company has expanded it into the largest and most advanced container terminal in the country.

Located at the Port of Manila, MICT currently accounts for about 70 percent of the port’s volume, making it the country’s largest and busiest container terminal.

ICTSI, led by the Philippines’ richest man Enrique Razon Jr., started with MICT as its flagship operation. The company has since grown into the world's largest independent terminal operator, with 34 terminals across 19 countries on six continents.