Asian Terminals Inc. said Wednesday it will spend more than P5 billion in capital expenditures this year on the upgrade of major port gateways for a smarter and faster Philippine supply chain.
The port operator said the planned investment in 2022 would support ports and logistics infrastructure projects across key sites in Manila, Batangas and Laguna. It said the acquisition of more modern and eco-friendly equipment was in step with its growth strategy and investment commitment with the Philippine Ports Authority.
It said part of the investment program is the expansion of yard and berth facilities in Manila South Harbor to handle growing container volumes and bigger ships deployed by freight carriers.
This would result in quicker and safer terminal turn-around-time for port users and move ATI closer to increasing the international trade gateway’s annual throughput capacity from 1.4 million twenty-foot equivalent units to nearly 2 million TEUs by 2024.
ATI said that in line with government’s “Build, Build, Build” flagship program, it is also upgrading the Batangas Passenger Terminal as it transforms the key maritime asset into the biggest, best and busiest interisland transport hub in the country.
Phase 1 of the BPT expansion will be operational by the second quarter in time for the summer peak season. Upon completion in 2023, the new BPT will resemble the fast-craft terminals in Hong Kong and Macau, featuring fully air-conditioned boarding lounges, food and entertainment kiosks and other modern amenities, including facilities for differently abled passengers.
“As a trade enabler, we are very bullish of our infrastructure projects which would enable us to deliver faster, safer, and market-responsive services to our customers and further contribute to the country’s post-pandemic economic recovery,” ATI executive director William Khoury said.
ATI said revenues rose 1.8 percent in 2021 to P11.16 billion from P10.96 billion in 2020 on the back of higher container volumes.
Net income went down by 24.3 percent to P2.24 billion from P2.95 billion due to volume-driven expenses, rising fuel prices, sustained COVID-19 resiliency measures and unfavorable foreign exchange rate impact.
ATI handled consolidated volume of 1.3 million TEUs in 2021, or 3.7 percent higher than in 2020, with containers in Manila South Harbor and Batangas Container Terminal increasing by 3.9 percent and 3.8 percent, respectively.