APECO, firms ink deal to build Casiguran port

Construction of the Casiguran International New Port (CINP) is expected to begin with the signing of a tripartite memorandum of agreement (MoA) to undertake the project.

Aurora Pacific Economic Zone and Freeport Authority (APECO) president and chief executive officer lawyer Gil Taway IV, Yooshin Engineering Corporation director and Philippine regional representative Jin Ho Lee, and Lordsbridge Resources Corporation (LRC) 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 created logistical bottlenecks, unequal growth, and high transport costs that burden industries and communities.

He added that the construction of the CINP would correct the imbalance, creating a resilient gateway that opens the Philippines directly to Pacific trade routes and drives inclusive development across the eastern corridor of Luzon.

The MoA stipulates that the Yooshin Engineering will lead the updating of the 2011 Korean Export-Import Bank feasibility study covering technical, financial, environmental, and social aspects of the port project.

LRC 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.