International Container Terminal Services Inc. (ICTSI) has completed its proposal to develop the Iloilo Port Complex with an estimated investment of P8.7 billion.

In a statement released on Monday, ICTSI said it received the letter of acceptance for completeness under the revised guidelines and procedures for entering into joint venture agreements between government and private entities with the Philippine Port Authority (PPA).

The PPA will now begin to evaluate the legal, financial and technical merits of ICTSI’s proposal to modernize the Iloilo Commercial Port Complex and the Port of Dumangas within a maximum of 60 days.

The concession agreement between ICTSI and PPA would include dredging and deepening of the draft and channel to allow the direct entry of new generation, international vessels; and purchase of modern quayside crane handling equipment estimated to cost around P1.35 billion.

ICTSI Global Corporate Head Christian R. Gonzalez said the development proposal would be most beneficial for Iloilo.

“We are fully committed to working with the PPA on this project, and are hopeful to be granted original proponent status (OPS),” Gonzalez said.

With the Transportation Department’s recent directive to fast track unsolicited bids for port projects, Gonzalez said the ICTSI is able to assist the Philippine government in its goal of upgrading the country’s port network and help Iloilo attain its potential in facilitating even greater trade that will improve connectivity for cargo movement within the country.

Once it receives the OPS, ICTSI’s proposal will be turned over to the National Economic and Development Authority for evaluation.

If it gains the approval of the planning agency, the proposal will go through a Swiss challenge.

ICTSI is also offering to substantially invest in the development of the Port of Dumangas to seamlessly handle the spill over from the city port.

The Iloilo-Dumangas bid is ICTSI’s first venture in the Visayas aimed at providing a national network of ports with ICTSI’s brand of operational synergy that would further improve the country’s supply chain and competitiveness in global trade.

ICTSI is global developer, manager and operator of container terminals which operates in six continents and continues to pursue container terminal opportunities around the world.