THE Board of Investments (BoI) said it approved a P2.35-billion project of the International Container Terminal Services, Inc. (ICTSI) to modernize, manage, and operate the Visayan Container Terminal in Iloilo.

In a statement on Thursday, the BoI said that it awarded the certificate of registration to the ICTSI project, which aims to transform the old Iloilo Commercial Port Complex into a state-of-the-art facility.

“The project is part of a 25-year Port Terminal Management Contract between the Philippine Ports Authority and ICTSI,” the BoI said.

“The 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,” it added.

It is expected to generate over 3,000 jobs and improve the port’s operational efficiency, expand its cargo handling capabilities, and enhance connectivity, which are intended to attract new investment to Panay and neighboring areas. 

The Iloilo port’s upgrades will accommodate large foreign vessels and boost cargo capacity, the BoI said.

These include the deployment of mobile harbor cranes with a reach of 46 meters and a lifting capacity of 100 tons, which allow the port to handle containerized, bulk, general, and project cargo.

“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,” BoI Managing Head Ceferino S. Rodolfo said. 

According to the BoI, ICTSI will oversee the project’s core services, including infrastructure investment, port maintenance, container terminal management, and passenger terminal operations. 

With its registration, the Visayan Container Terminal modernization project is entitled to a three-year income tax holiday followed by five years of enhanced deductions and duty-free imports of equipment.

The government views the project as a step towards positioning the country as “Southeast Asia’s premier hub for sustainable manufacturing and services.”

In the first nine months of 2024, the transportation and storage industry contributed P779.54 billion to gross domestic product and accounted for the employment of 3.85 million.

“The Visayan Container Terminal Project will further bolster these figures, enhancing the industry’s impact on the national economy,” the BoI said.

“With its advanced capabilities and robust infrastructure, the project solidifies Iloilo’s role as a major trade and commerce hub in the Western Visayas region,” it added. — Justine Irish D. Tabile