The president and chief executive officer of the Aurora Pacific Economic Zone and Freeport Authority (APECO), Atty. Gil Taway IV, said the feasibility study for the proposed Casiguran International New Port will begin this month.

The development comes three months after APECO signed a tripartite memorandum of agreement with South Korea’s Yooshin Engineering Corporation and the Philippines’ Lordsbridge Resources Corporation to develop the port.

“They (Yooshin) have already preliminary talks with potential funders, I think, Korean banks and private equity firms. They are set to report that to us. Aside from that, they have requests, and we can provide what they need so that they can use them when they talk to potential funders,” Taway said in an interview on Tuesday night in Makati City.

Under the agreement, 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 project developer and funding coordinator, engaging Korean and international financial institutions, while APECO will provide policy, logistical, and data support for the study.

Taway said APECO has already submitted its master plan for the port project, while Lordsbridge is currently scouting for Korean funders.

“But other nationals (suppliers) can join for either bidding or a Swiss challenge for the project. It depends on the commercial arrangement, either a public-private partnership or a joint venture. And based on the timeline that they provided us, the bidding or Swiss challenge for the port project can be done in the entire 2026 to finalize. And by the last quarter of 2027, or the first quarter of 2028, they said construction of the port should commence,” Taway said.

The Korean firm’s plan for the Casiguran International New Port is for it to accommodate Panamax or containerized-type vessels.

During the MOA signing in October 2025 at Shangri-La Makati, Taway said the overconcentration of ports in western Luzon has long resulted in logistical bottlenecks, uneven growth, and high transport costs that burden industries and communities.

Through the partnership, he said APECO aims to address this imbalance by developing Casiguran Port into a resilient gateway that directly links the Philippines to Pacific trade routes and promotes inclusive development across eastern Luzon.

For his part, Yooshin Director and Philippine regional representative Jin Ho Lee said the firm believes in APECO’s vision to transform Casiguran into a strategic trade and logistics hub, adding that their participation reflects confidence in APECO’s leadership and in the country’s ability to build globally competitive infrastructure.

APECO said the initial investment needed to build the port’s infrastructure is estimated at P4.7 billion, based on the study.

The KEXIM Bank feasibility study indicated that the port will feature multipurpose berths, passenger and fishery wharves, and supporting facilities.

Once operational, the port is expected to handle over one million tons of cargo annually, serving as the logistics backbone of the APECO Freeport.