Metro Pacific to allot funds for Manila North Harbor's upgrade

MANILA, Philippines - Metro Pacific Investment Corp. (MPIC), which has interests in utilities and real-estate, may allot billions of pesos over a period of five years to improve the Manila North Harbor. The company, which controls Maynilad Water Services Inc. (MWSI), is prepared to spend some P5 billion to P6 billion to modernize and expand operations at the Philippines’ largest, busiest, yet oldest port. “We are finalizing the concession agreement... Hopefully by December we could finalize the terms on our investment in North Harbor," Manuel V. Pangilinan, MPIC Chairman, told Philippine-based reporters in Hong Kong. Metro Pacific, the Philippine unit of Hong Kong-based First Pacific Co. Ltd., is expected to run the facility for the next 25 years. It will also be allowed to renew its contract, enabling it to recover its investments. The company has partnered with Regis Romero’s Harbour Center Port Terminal Inc. Both firms will hold a 50 percent stake in the consortium managing the North Harbor. The facility’s terminal 1 will provide roll-on, roll-off container and passenger vessels. Meanwhile, the harbor’s second terminal will offer container and passenger vessel services. The third terminal will be used for conventional, noncontainerized, bulk or breakbulk vessels and passenger ships. - GMANews.TV