Razon-led International Container Terminal Services Inc. (ICTSI) has secured the approval of the Board of Investments (BOI) for its project to transform the Iloilo Commercial Port Complex (ICPC), into a “state-of-the-art facility.”
BOI issued the Certificate of Registration of ICTSI for the P2.35-billion port modernization project, which is being undertaken by Visayan Container Terminal (VCT).
With the approval, VCT, a unit of ICTSI, will be entitled to income tax holidays for three years, followed by five years enhanced deduction and duty-free importation of equipment under the CREATE law.
The “landmark” project, which also involves the management and operation of the port in Iloilo City, is part of the 25-year Port Management Contract between ICTSI and the Philippine Ports Authority (PPA).
“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,” BOI said in a statement.
According to BOI, The modernized port 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,” it said.IMT
