The Aurora Pacific Economic Zone and Freeport Authority (APECO), South Korea’s Yooshin Engineering Corporation, and the Philippines’ Lordsbridge Resources Corporation have signed a tripartite memorandum of agreement (MOA) for the construction of the Casiguran International New Port.

APECO president and chief executive officer lawyer Gil Taway IV, Yooshin Director and Philippine Regional Representative Jin Ho Lee, and Lordsbridge Resources President Victor Lee signed the MOA at The Fort Manila in Bonifacio Global City, Taguig City on 28 October 2025.

Taway said that the overconcentration of ports in western Luzon has created logistical bottlenecks, unequal growth, and high transport costs that burden industries and communities.

He added that the construction of the Casiguran International New Port would address this imbalance, creating a resilient gateway that opens the Philippines directly to Pacific trade routes and drives inclusive development across the eastern corridor of Luzon.

Under the MOA, Yooshin Engineering will lead the updating of the 2011 Korean Export-Import (KEXIM) Bank feasibility study covering the technical, financial, environmental, and social aspects of the port project.

Lordsbridge Resources will serve as the developer and funding coordinator, engaging Korean and international financial institutions, while APECO will provide policy, logistical, and data support for the study.

Casiguran Bay’s deep waters and natural protection from typhoons make it an optimal site for port operations. To realize the project, APECO needs P4.7 billion for construction.

The KEXIM Bank feasibility study said the port will feature multipurpose berths, passenger and fishery wharves, and supporting facilities. It is expected to handle over one million tons of cargo annually once operational, serving as the logistics backbone of the APECO Freeport.

The updated study will support the project’s funding applications and development framework for Korean official development assistance (ODA) and/or private sector investment.

Development will proceed in phases, starting with the updated feasibility study in 2025–2026, followed by design and regulatory approvals in 2026–2027, construction and development in 2027–2030, and full completion targeted for 2030.