Bilyonaryo - Business

Razon raising the standards of PH ports: ICTSI’s Manila flagship prepares for ultra large container vessels

March 5, 2023

Bilyonaryo.com

International Container Terminal Services Inc. (ICTSI) continues to revolutionize the Philippine ports industry with its latest expansion project at the Manila International Container Terminal (MICT).

The terminal, which serves as the country’s gateway for international trade, is set to welcome foreign ultra large container vessels with capacities of up to 18,000 TEUs, thanks to a new berth that is currently under phase two development.

With a design depth of 15 meters, the new berth, known as Berth 8, will increase MICT’s capacity by 200,000 TEUs to 3.5 million TEUs, along with an additional 400 meters of quay and 12 hectares of yard space.

This expansion is crucial in addressing the increase in cargo volume as the country’s economy fully reopens, as well as in accommodating more efficient ships and outpacing demand to ensure the efficient flow of trade from the port to the local supply chain.

Apart from its infrastructure developments, ICTSI is also investing in technology to make MICT’s operations more efficient.

The company launched a mobile app last year that allows port users to monitor the status of their shipment across ICTSI’s network of terminals in the Philippines, including MICT, NorthPort, Subic Bay International Terminals and Mindanao Container Terminal.

“With these developments, our goal is to outpace demand and ensure the efficient flow of trade from the port to the local supply chain. We thank the Philippine Ports Authority for supporting our initiatives to continuously raise the standard of ports and maritime trade in the country,” said Christian R. Gonzalez, ICTSI executive vice president.

Since ICTSI won the concession to operate MICT in 1988, the terminal has increased its annual capacity five-fold, expanded its container handling fleet, and switched from a manual control system to an integrated real-time IT terminal control system.

Related News Tags: container, International Container Terminal Services Inc., PH ports

UnionBank Named Best Retail Bank In The Philippines Four Years In A Row!

At the most rigorous, prestigious, and transparent annual awards program to recognize institutional and individual leadership in retail financial services in the Asia Pacific region, UnionBank was lauded for once again outperforming its peers. The Asian Banker’s Global Excellence in Retail Financial Services Awards Programme 2023, held last March at the Lotte Hotel in Hanoi, Vietnam, recognized UnionBank with its 4th consecutive BEST RETAIL BANK in the Philippines award and honored for being voted the MOST RECOMMENDED RETAIL BANK in the Philippines.

Build, Better, More: Bongbong Marcos vows to improve infrastructure landscape

President Ferdinand Marcos Jr. has pledged to continue pushing for more infrastructure projects that will enhance the connectivity of the country’s road networks.

Harsh goodbye: MVP dumps Annabelle Chua from Meralco board after 7 years, picks Metro Pacific CFO Chaye Cabal-Revilla as new director

Manila Electric Co. (Meralco) chaired by bilyonaryo Manny V. Pangilinan has ditched his long-time executive Annabelle Chua from the utility firm’s board.

Grab’s expansion sparks concerns over monopoly in Philippine transport sector

A network of digital advocates is urging the Philippine Competition Commission (PCC) to take action as Grab Philippines seeks to dominate the country’s transportation sector.

Gokongwei-led JG Summit takes hit from peso devaluation, profit plummets in 2022

The Gokongwei conglomerate, JG Summit Holdings Inc., saw a significant plunge in earnings last year to P700 million, largely due to the impact of its US dollar-denominated debt amid the devaluation of the peso.