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Subic Bay International Terminals Corp. and ICTSI Subic Inc., both subsidiaries of International Container Terminal Services Inc., have been granted an extension of their respective concessions at the Port of Subic until 2058
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ICTSI, in a disclosure to the Philippine Stock Exchange, said the two units are set to invest more than $130 million into their operations
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It will cover civil infrastructure and additional equipment to enhance terminal capabilities and operational efficiency, and increase their combined annual capacity to 1 million TEUs
Two subsidiaries of International Container Terminal Services Inc. (ICTSI), Subic Bay International Terminals Corp. (SBITC) and ICTSI Subic Inc. (ISI), have both been granted an extension of their respective port contracts, allowing them continued operations until 2058.
The 25-year extension of the two contracts was granted by the Subic Bay Metropolitan Authority (SBMA), ICTSI announced in an October 6 disclosure to the Philippine Stock Exchange.
“We are extremely thankful and grateful to SBMA for trusting us and treating us as the right partner to continue until 2058. Across all the 30-plus terminals we operate around the world, no matter how difficult the place, no matter how challenging, the one thing that represents the trust in ICTSI and the partnership with the local authorities–the government and the regulators–is seeing your contract extended,” Christian Gonzalez, ICTSI executive vice president, said in a press release.
“Extending our partnership with SBMA reaffirms ICTSI’s long-term commitment to support trade growth and economic development in Northern and Central Luzon. Our investments will further strengthen Subic Bay International Terminals’ position as a vital gateway, ensuring it remains a competitive and efficient logistics hub well into the future,” he added.
The contract extensions were signed by Gonzalez and SMBA chairman and administrator Eduardo Jose Aliño on October 3 at ACEA Subic Beach Resort.
SBITC and ISI, collectively known as Subic Bay International Terminals, manages and operates the New Container Terminals 1 and 2 (NCT-1 and NCT-2) at the Port of Subic within the Subic Bay Freeport Zone in Zambales.
ICTSI said Subic Bay International Terminals is set to invest more than $130 million into its operations as part of its Investment and Development Plan.
It will cover civil infrastructure and additional equipment to enhance terminal capabilities and operational efficiency, and increase its combined annual capacity from 600,000 twenty-foot equivalent unit (TEUs) to 1 million TEUs.
READ: SBITC future proofs Subic port with more equipment, technologies
SBMA first awarded the NCT 1 terminal concession to SBITC in 2007, then NCT 2 to ISI in 2011.
The Subic Bay International Terminals offer direct access from central and northern Luzon to major shipping routes and national highways. The terminals support businesses operating in the Subic and Clark Freeport Zones, other nearby economic zones, and surrounding provinces including Pampanga, Bataan, Tarlac, and La Union.
READ: ICTSI is top PH firm for intangible assets in 2025 Global Innovation Index
