The Philippine Ports Authority will now begin its evaluation on the legal, financial and technical merits of ICTSI’s proposal.
When the original proponent status is reached, ICTSI will send its proposal to the National Economic and Development Authority (NEDA) for evaluation. If it gains the approval of NEDA, the proposal will go through a Swiss challenge.
Moreover, ICTSI offered to invest into the development of the Port of Dumangas in order to handle the spill over from the city port.
Following the concession that PPA and ICTSI will conclude, the latter has already estimated an investment of over PHP 8.7 billion (USD 171.7 million) to fully develop the Iloilo Port Complex – including dredging and deepening of the drafts and channel to allow the direct entry of new generation, international vessels; and purchase of modern quayside crane handling equipment estimated to cost around PHP 1.35 billion.
As Christian R. Gonzalez, ICTSI Global Corporate Head commented
We are fully committed to working with the PPA on this project, and are hopeful to be granted original proponent status (OPS).