The Aurora Pacific Economic Zone and Freeport Authority (APECO) said Tuesday it signed a tripartite memorandum of agreement (MOA) to develop the P4.7-billion Casiguran International New Port with South Korea’s Yooshin Engineering Corporation and local firm Lordsbridge Resources Corp.
The agreement was signed at Shangri-La The Fort in Bonifacio Global City, Taguig, by APECO president and chief executive Gil Taway IV, Yooshin director and Philippine regional representative Jin Ho Lee and Lordsbridge Resources president Victor Lee.
The partnership aims to correct the “overconcentration of ports in western Luzon” which Taway said has “long created logistical bottlenecks, unequal growth, and high transport costs that burden our industries and communities.”
The goal is to develop Casiguran Port into a “resilient gateway that opens the Philippines directly to Pacific trade routes and drives inclusive development across the eastern corridor of Luzon,” Taway said.
The collaboration will transform Casiguran into the logistics and trade backbone of the APECO Freeport, connecting the country to Pacific shipping routes and the markets of Northeast Asia and the Northern Pacific, ushering in a new chapter in Korea–Philippines economic cooperation, according to Taway.
Under the MOA, Yooshin Engineering will lead the update of the 2011 Korean Export-Import (KEXIM) Bank feasibility study, covering the project’s technical, financial, environmental and social aspects.
Yooshin, which has experience with large-scale infrastructure projects like the 32.47-kilometer Panay-Guimaras-Negros Bridges and the conceptual design and construction supervision of the Cebu International Container Port, brings its expertise in engineering and port development.
Lordsbridge Resources will serve as the project developer and funding coordinator, engaging Korean and international financial institutions. APECO will provide policy, logistical, and data support for the study.
The original 2011 KEXIM study identified Bangas Point in Casiguran Bay as the optimal site for the port, citing its deep waters and natural protection from typhoons. The updated feasibility study will underpin funding applications and development planning for Korean official development assistance (ODA) and private sector investments.
The planned Casiguran International New Port will feature multipurpose berths, passenger and fishery wharves and supporting facilities capable of handling over one million tons of cargo annually.
Taway said the updated feasibility study would run from 2025 to 2026, followed by design and regulatory approvals in 2026–2027, and construction from 2027 to 2030. Full completion is targeted by 2030.
