Manila-headquartered International Container Terminal Services Inc (ICTSI) has secured a 25-year extension for its concession agreements to operate Subic Bay’s two container terminals, NCT-1 and NCT-2.
The deal, signed with the Subic Bay Metropolitan Authority (SBMA), allows ICTSI’s subsidiaries, Subic Bay International Terminals Corp (SBICT) and ICTSI Subic Inc (ISI), to continue running the facilities until 2058.
As part of the extended contract, SBICT will invest more than $130m in civil works and equipment upgrades. Plans include replacing four existing quay cranes, adding a fifth unit, and bringing in more hybrid rubber-tyred gantry cranes. The upgrades are expected to lift the terminals’ combined capacity from 600,000 teu to 1m teu annually.
Christian Gonzalez, ICTSI executive vice president, said the extension underlines ICTSI’s long-term commitment to Subic: “Extending our partnership with SBMA reaffirms ICTSI’s commitment to support trade growth and economic development in Northern and Central Luzon. Our investments will further strengthen Subic Bay International Terminals’ position as a vital gateway.”
Located within the Subic Bay Freeport Zone, the terminals serve industries across Luzon and provide direct access to intra-Asia trade routes and domestic highways. ICTSI, which operates more than 30 terminals worldwide, said the extension will reinforce Subic’s role as a competitive logistics hub for the Philippines.
