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The Board of Investments has approved the P2.35-billion Visayas Container Terminal project of International Container Terminal Services, Inc. in Iloilo
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BOI said it issued the registration of ICTSI for the project, entitling it to fiscal and non-fiscal incentives
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Trade undersecretary and BOI managing head Ceferino Rodolfo said the project underscores the government’s vision to modernize port operations and logistics services to improve the Philippines’ rank in the World Bank’s Logistics Performance Index
The Board of Investments (BOI) has approved the P2.35-billion Visayas Container Terminal (VCT) project of International Container Terminal Services, Inc. (ICTSI) in Iloilo, entitling it to fiscal and non-fiscal incentives.
BOI in a statement on January 9 said it has issued the Certificate of Registration of ICTSI for the modernization, management and operation of VCT.
“This landmark project, valued at P2.35 billion, will transform the old Iloilo Commercial Port Complex (ICPC) into a state-of-the-art facility, positioning it as a key driver of regional economic growth and competitiveness,” BOI said.
The Philippine Ports Authority in January 2024 awarded to ICTSI the 25-year contract to operate and develop ICPC, which it renamed VCT.
READ: ICTSI awarded 25-year contract for Iloilo port; PPA hands over Iloilo Commercial Port to Visayas Container Terminal
According to Trade undersecretary and BOI managing head Ceferino Rodolfo, the project underscores the government’s vision to modernize port operations and logistics services to improve the Philippines’ rank in the World Bank’s Logistics Performance Index.
“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 said.
BOI said the project also aligns with PPA’s port modernization program, which aims to elevate port facilities and services to meet international standards. It said by encouraging private sector participation, the program seeks to provide world-class services and transform key Philippine ports into global trade hubs.
Moreover, BOI said the government views the project as a significant 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,” BOI said.
The project is seen to further bolster the transportation and storage sector, which contributed P779.54 billion—or 4.1% of the country’s gross domestic product—in the first three quarters of 2024, employing approximately 3.85 million Filipinos.
BOI said VCT’s modernization effort will include investments in advanced cargo-handling equipment, cutting-edge information technology systems, and enhanced civil infrastructure, setting a new benchmark for service quality in the region.
Just last September, VCT inaugurated two new mobile harbor cranes, enabling the terminal to handle the increasing volume of containerized, bulk, general and project cargo in Panay and Region 6. ICTSI earlier said the introduction of these equipment is also seen to streamline the terminal’s operation, resulting in faster turnaround times for vessels and trucks, as well as better overall port efficiency and safety.
READ: Visayas Container Terminal receives mobile harbor cranes
VCT is expected to generate over 3,000 jobs, directly and indirectly benefiting the region through a multiplier effect across related industries. The improved operational efficiency, expanded cargo handling capabilities, and enhanced connectivity promise to attract new investments across Panay and neighboring areas, BOI noted.
Aside from the cranes, other ongoing developments in VCT include dredging along the terminal’s berths to increase depth capacity in preparation for the arrival of larger ships; further rehabilitation of container yard; improvement of engineering facilities; and greening and development of multipurpose and recreation spaces for employees.
ICTSI earlier said it continues to expedite facility upgrades, IT system implementation, and deployment of other modern cargo handling equipment at VCT.
Under the contract, VCT’s operations will exclusively serve foreign vessels and cargoes. For the first five years, domestic vessels and cargoes will still be catered to until the turnover to Fort San Pedro port. Fort San Pedro will then serve as the designated domestic terminal.
