Manila North Harbor Port Inc. said it is investing more than P10 billion over the next five years to expand one of the country’s oldest and busiest seaports.
“Under the concession, we committed to invest P14 billion. We already spent P11 billion for Phase 1. I think we will be spending another P10 billion to finish the modernization of the port,”MNHPI chief executive Richard Barclay said.
MNHPI won the 25-year contract to manage, develop and operate the 52-hectare seaport terminal.
The company earlier committed to invest P14.5 billion to develop the port facility. Aside from developing passenger port terminal with a capacity to serve two million to three passengers a year, the company plans to build a container yard. The port serves close to 4,000 vessel calls annually.
MNHPI, which is majority owned by San Miguel Corp., asked the Philippine Ports Authority to implement a 37-percent increase in tariff. MNHPI is entitled to increase its tariff every two years under a concession agreement with PPA.
San Miguel earlier acquired a majority interest in MNHPI after San Miguel Holdings Corp. subscribed to and fully paid for 13 million common shares, resulting in SMHC owning a 43.33-percent equity interest in MNHPI.
