ICTSI secures Subic terminal extension

International Container Terminal Services, Inc. (ICTSI), a listed global ports operator led by magnate Enrique K. Razon, Jr., has secured an extension of its Subic port operations until 2058. 

In a stock exchange report on Monday, the company said the extension covers concessions of its subsidiaries Subic Bay International Terminals Corp. (SBITC) and ICTSI Subic Inc. (ISI) with the Subic Bay Metropolitan Authority (SBMA).

The renewed concessions “will allow the continued operation and management” of New Container Terminals 1 and 2 (NCT-1 and NCT-2) within the Subic Bay Freeport Zone in Zambales.

Under an Investment and Development Plan, SBITC “will invest over $130 million in civil infrastructure and additional equipment to enhance terminal capabilities and operational efficiency.”

The company plans to increase its combined annual capacity from 600,000 twenty-foot equivalent units (TEUs) to 1 million TEUs.

Subic terminals serve as a key gateway for trade in Northern and Central Luzon, offering direct access to major shipping routes and national highways.

The facilities also support businesses operating in the Subic and Clark Freeports, nearby economic zones, and surrounding provinces including Pampanga, Bataan, Tarlac, and La Union.