29 JANUARY 2024, MANILA — The Philippine Ports Authority (PPA), through its Bids and Awards Committee for Port Terminal Management Contracts, has awarded to International Container Terminal Services, Inc. (ICTSI) the Notice of Award (NOA) today January 29, 2024 the management of Iloilo Commercial Port Complex (ICPC) for a total project cost of Php 10,529,133,911.03.
Although Notice to Proceed is still to be issued, under the contract, ICTSI must remit 20% of annual gross revenues to PPA for the first five years, following a fixed concession fee on the sixth to tenth year, followed by incremental increases based on the consumer price index every three years from the eleventh to the twenty-fifth year.
Computed concession fee:
Php 4,722,287,110.89
Port Development Cost:
Php 5,806,846,800.14.
Following the issuance of the Notice of Award, the contract will undergo review by the Office of the Government Corporate Counsel before signing and execution, culminating in the issuance of the Notice to Proceed.
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