International Container Terminal Services Inc.’s (ICTSI) investment in the Iloilo Commercial Port Complex (ICPC) will reinvigorate the economy and establish Iloilo as an international gateway, said former Senate President Franklin Drilon, a strong advocate or the privatization of the project.
Drilon said the privatization would see about P1.1 billion in investment within the first two years, and more is expected as cargo volume increases.
“With the substantial investment that ICTSI is poised to inject, we are now on the path to realizing our shared aspiration of restoring Iloilo to its former stature as an international gateway, as it was at the turn of the 20th Century when Iloilo was dubbed as the ‘Queen City of the South,’” Drilon said.
“I am glad that ICTSI has finally been awarded the 25-year concession as the port operator. Ricky Razon and ICTSI deserve special recognition for their significant investment and unwavering confidence in Iloilo. ICTSI is a true partner in moving Iloilo forward,” Drilon said.
Drilon, who has played a pivotal role in the development and growth of Iloilo, said the condition of the port was a significant impediment to progress, and this partnership with ICTSI could be a game-changer.
“The condition of our ports has been a stumbling block for our development. Iloilo had endured neglect during the past administration, resulting in a lack of capacity and inefficient operations that deterred shipping companies from using Iloilo as a port of call,” Drilon said.
“ICTSI has the experience and financial capability and resources to operate the port efficiently, which will result in job creation and better investment environment. An efficient port operation is the critical missing piece to spur Iloilo’s growth,” Drilon said.
“With its impressive track record, ICTSI is well-positioned to efficiently manage the ports and address the longstanding congestion issues plaguing our ports, which have deterred potential investors,” Drilon said.
The Iloilo political leader and changemaker said the rehabilitation and modernization of the Visayas Container Terminal (VCT), the future name of the facility after the handover to ICTSI, would boost the local economy and position Iloilo as a key player in domestic and international trade.
“After all, as they say, ‘Port makes a city,’” he said.
Drilon’s advocacy for private sector involvement in the Iloilo port’s management goes back to the late President Benigno Aquino’s administration.
Drilon also he played a crucial role during the Cory Aquino administration in transferring the management of the Iloilo port back to the Philippine Ports Authority.