BOI registers P14.89B Manila port investment project
Trade and Industry Secretary Gregory L. Domingo welcomed the investment registration of the Manila North Harbour Port, Inc (MNHPI) project. The P14.89B project will develop and manage the Manila North Harbor Port, the largest and leading domestic port in the Philippines.
“Investments in ports and logistics have long term impact. It reinforces inclusive growth by generating tens of thousands of jobs and improves our integration with the rest of the global market,” Domingo said.
The proposed Manila North Harbor Port project includes equipping the port with new cargo handling machinery and equipment and upgraded information technology (IT) systems. “Over the next 5 years, the project is estimated to provide 49% net value added for the services they will provide. Commercial operations of the North Harbor project began last month and are estimated to initially create 1,448 jobs,” said Undersecretary and BOI Managing Head Adrian S. Cristobal Jr.
Cristobal added that the project will boost the country’s cargo capacity as they cater to foreign and domestic loading and unloading of goods and passengers. Cargo volume in the Manila North Harbour Port is growing at an average of 5% every year. The project is located at North Harbor, Tondo, and Manila.
The project’s development plan is expected to finish within 6 years.
The domestic logistics industry, sea transport, and the agricultural sector will benefit from the modernization and upgrading of the North Harbor as it enhances supply chain linkages. North Harbor is one of the four main terminals in Manila, which also include the Manila International Container 025-12NBOI registers P14.89B Manila port investment project 2Terminal (MICT), South Harbor and Harbour Centre Port Terminal, Inc. (HCPTI).
The maritime transport is a major means by which the various islands of the Philippines are connected and facilitates the movement of commodities and people. The modernization and redevelopment of North Harbor can be a major catalyst in the domestic commerce of the country. Under the BOI’s Investments Priorities Plan 2011, priority sectors include agriculture, tourism, ship building, mass housing, energy, infrastructure, research & development, motor vehicles, green projects, creative industries, disaster prevention; and public-private partnership. (END)