International Container Terminal Services Inc.'s (ICTSI) Subic unit, Subic Bay International Terminal Corp. (SBITC), has landed the concession to operate the New Container Terminal-1 (NCT-1) at the Subic Bay Freeport Zone.

Subic Bay International Terminal Corp. was awarded the concession by the Subic Bay Metropolitan Authority (SBMA) as its bid to operate the terminal was uncontested.

The contract for SBITC to operate NCT-1 on the west coast of the island of Luzon in Zambales in the Philippines will be subject to the approval of the SBMA board of directors and the concurrence of the Japan Bank for International Cooperation.

Subic Bay International Terminal Corp. currently operates the NSD Terminal also in the Subic Bay Freeport Zone, which has a natural deepwater harbour.

Expectations are high that the by awarding this contract to SBITC, the company will help transform the Subic seaport into a major container port in the Philippines. The project is being funded by the Japan Bank for International Co-operation with a loan for US$215 million. The terminal will be designed to accommodate Panamax vessels.