BY GEROME DALIPE IV
ILOILO City – The Board of Investments (BoI) has approved a P2.35-billion modernization project by International Container Terminal Services, Inc. (ICTSI) for the Visayan Container Terminal in the city.
This initiative, part of a 25-year Port Terminal Management Contract with the Philippine Ports Authority, aims to transform the Iloilo Commercial Port Complex into a state-of-the-art facility.
The modernization project includes the deployment of advanced cargo-handling equipment, including mobile harbor cranes with a 46-meter reach and a 100-ton lifting capacity.
It will also integrate cutting-edge IT systems and enhanced civil infrastructure and Increased capacity to handle containerized, bulk, general, and project cargo.
The project is expected to generate over 3,000 jobs, improved port efficiency and expanded cargo-handling capabilities, and enhanced connectivity to attract investments to Panay Island and nearby regions.
Under the project, the city government will give incentives such as a three-year income tax holiday, five years of enhanced deductions, and duty-free importation of equipment.
The project is also designed to accommodate larger foreign vessels, boosting Iloilo’s role in international trade.
The port’s boost will also strengthen the country’s logistics network, supporting national development and economic growth and position the Philippines as a regional hub for sustainable manufacturing and services.
In a statement, BoI Managing Head Ceferino S. Rodolfo stressed the importance of the project in improving domestic and international trade, positioning the Philippines as Southeast Asia’s premier hub for sustainable manufacturing and services.
He noted that the initiative solidifies Iloilo’s role as a major trade and commerce hub in Western Visayas, ensuring long-term economic growth and improved logistics for the region.
The modernization of the Visayan Container Terminal also underscored Iloilo’s pivotal role as a trade and commerce hub in Western Visayas, setting new standards in port services while bolstering regional and national economic performance./PN
