Philippines-based International Container Terminal Services Inc (ICTSI) is expanding the capacity of its flagship Manila International Container Terminal by developing an adjacent seaport with a total investment of US$106.26 million.
The Board of Investments approved the grant of fiscal incentives to the project under the pioneer status, which entitles ICTSI an income tax holiday for at least six years.
The project involves the construction of an additional berth, including a cement wharf within MICT to meet the growing demand in containerised traffic. It also entails the reclamation and development of new land with an area of 23.4 hectares for the new berth.
Site development will start soon and equipment imports will begin in June.
The project, which is expected to generate 185 new jobs, is scheduled to start commercial operations in 2010. MICT has five existing 12m berth slots.
The new berth will service containerised cargo of post-Panamax vessels of up to 85,000 deadweight tonnes, while the wharf can support rail-mounted post Panamax container cranes.
ICTSI said it would expand the capacity of the MICT to handle more than two million TEUs by 2009 from its current handling capacity of 1.6 million TEUs.
|
