Logistics giant International Container Terminal Services Inc. (ICTSI) is getting closer to securing the 25-year contract to manage and operate cargo-handling and related services at the Iloilo Commercial Port Complex (ICPC) in Barangay Loboc, Lapuz district, Iloilo City.
The technical and financial proposal submitted by billionaire Enrique Razon’s ICTSI “passed” the Bids and Awards Committee for Port Terminal Management Contracts (BAC-PTMC) of the Philippine Ports Authority (PPA).
Following the approval, the proposal will go through post-qualification, and upon successful completion, BAC- PTMC will recommend to award the contract to ICTSI, the sole bidder for the project.
The ICTSI’s proposal includes a concession fee of P750 million for the sixth to the 10th year, higher than the P500 million minimum fixed fee set by PPA.
Under the contract, ICPC operations will exclusively serve foreign vessels and cargoes.
Domestic vessels and cargoes are permitted only during the initial five years until the completion of the port development project at Fort San Pedro Port, City Proper.
ICPC is the first port that has been bid out under Tier 1 of PPA’s Port Terminal Management Regulatory Framework (PTMRF).IMT
