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The Aurora Pacific Economic Zone and Freeport Authority signed a tripartite agreement with South Korea’s Yooshin Engineering Corporation and the Philippine’s Lordsbridge Resources for the development of the Casiguran International New Port
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Under the agreement, Yooshin will lead the updating of the 2011 Korean Export-Import Bank feasibility study covering technical, financial, environmental, and social aspects of the port project
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Lordsbridge Resources will serve as the developer and funding coordinator while APECO will provide policy, logistical, and data support for the study
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The 2011 feasibility study estimated the project cost at US$56 million then, which is now around US$83 million adjusted for inflation
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The updated study will support the project’s funding applications and development framework for Korean official development assistance and/or private sector investment
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Construction is targeted for completion by 2030
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The port is expected to handle over one million tons of cargo annually once operational
The Aurora Pacific Economic Zone and Freeport Authority (APECO) signed a tripartite memorandum of agreement with South Korean and Filipino companies for the development of the Casiguran International New Port.
APECO president and CEO Gil Taway IV signed the agreement with Yooshin Engineering Corporation director and Philippine regional representative Jin Ho Lee and Lordsbridge Resources president Victor Lee on October 28 at Shangri-la The Fort Manila in Bonifacio Global City, Taguig City.
The partnership marks a renewed phase of Korea–Philippines cooperation, aimed at transforming Casiguran into a major logistics and trade hub connecting the country directly to Pacific shipping routes and the markets of Northeast Asia and Northern Pacific, APECO said in a press statement.
Under the agreement, Yooshin will lead the updating of the 2011 Korean Export-Import (KEXIM) Bank feasibility study covering technical, financial, environmental, and social aspects of the port
project.
The Korean firm is currently involved in the 32.47-kilometer PGN Bridges connecting Panay, Guimaras, and Negros Islands and Conceptual Design and Construction Supervision of Cebu International Container Port.
“Yooshin believes in APECO’s vision to transform Casiguran into a strategic trade and logistics hub,” the company’s representative said. “Our participation in this project reflects our confidence in APECO’s leadership and in the Philippines’ capacity to build globally competitive infrastructure.”
Lordsbridge Resources will serve as the developer and funding coordinator, engaging Korean and international financial institutions, while APECO will provide policy, logistical, and data support for the study.
“Building a port that faces the Pacific is visionary, and it is also where innovation and resilience come together. Modern engineering, coupled with careful environmental planning, makes it possible to create infrastructure that can withstand the region’s natural challenges. Sustainability is at the heart of this partnership,” said Lordsbridge’s Lee.
The 2011 feasibility study estimated the project cost at US$56 million then, which is now around US$83 million adjusted for inflation.
The updated study will support the project’s funding applications and development framework for Korean official development assistance and/or private sector investment.
The KEXIM Bank study identified Bangas Point in Casiguran Bay as an optimal site due to its deep waters and natural protection from typhoons. The port will feature multipurpose berths, passenger and fishery wharves, and supporting facilities. It is expected to handle over one million tons of cargo annually once operational, serving as the logistics backbone of the APECO Freeport.
The development will proceed in phases, starting with the updated feasibility study in 2025–2026, followed by design and regulatory approvals in 2026-2027, construction and development in 2027-2030, and full construction targeted for completion by 2030.
APECO, located in Casiguran, Aurora, is the only Philippine economic zone with direct access to the Pacific Ocean. The ecozone aims to be the country’s first national defense hub, a clean energy center, and the Fishing Capital of the Pacific.
“The over-concentration of ports in western Luzon has long created logistical bottlenecks, unequal growth, and high transport costs that burden our industries and communities,” Taway said.
He added, “Through this partnership, APECO aims to correct that imbalance by developing Casiguran Port into a resilient gateway that opens the Philippines directly to Pacific trade routes and drives inclusive development across the eastern corridor of Luzon.”
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