ABS-CBN
ICTSI's Subic contract extended for 25 years
International Container Terminal Services, Inc. (ICTSI) has secured a 33-year extension for its Subic port operations, now valid until 2058.
This extension covers the concessions of its subsidiaries Subic Bay International Terminals Corp. (SBITC) and ICTSI Subic Inc. (ISI) with the Subic Bay Metropolitan Authority (SBMA).
ICTSI plans to invest over $130 million in civil infrastructure and additional equipment to enhance terminal capabilities.
The company aims to increase the combined annual capacity of its Subic terminals from 600,000 TEUs to 1 million TEUs.
These terminals are vital gateways for trade in Northern and Central Luzon, offering direct access to shipping routes and national highways.
The facilities also provide crucial support to businesses operating within the Subic and Clark Freeports and surrounding provinces.
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