Philippines port capacity set for boost with $300m loan package

The loan will support technology-enabled infrastructure upgrades at the Manila International Container Terminal, the South Luzon Container Terminal currently under development in Batangas, and the Mindanao Container Terminal.  Together, the investments are expected to increase annual container throughput capacity, improve berth productivity and contribute to the Philippines’ economic growth.   The financing will also support the purchase of fully electric quay cranes and the replacement of diesel-powered yard equipment, thereby reducing greenhouse gas emissions from terminal operations.

The project will increase the Manila terminal’s capacity to 3.7m teu by 2027, Mindanao’s capacity to around 1m teu by 2028, and South Luzon’s capacity to 800,000 teu by 2028.        “ICTSI represents exactly the type of partnership AIIB aims to build as the Bank enters its second decade,” Zou said.     “This transaction demonstrates how AIIB can support infrastructure development by deploying innovative financing instruments and working closely with global operators who have the scale and execution capacity to deliver impact for the people we serve,” said Zou Jiayi, AIIB president.