APECO inks tripartite deal with Korean, Pinoy firms for Casiguran port project

The Aurora Pacific Economic Zone and Freeport Authority (APECO) on Tuesday signed a tripartite deal with South Korean and Philippine firms for the development of the Casiguran International New Port.

In a statement, APECO said it signed a MOA with South Korea’s Yooshin Engineering Corporation and the Philippines’ Lordsbridge Resources Corporation for the planned infrastructure project “seen to position Aurora as a key maritime gateway to the Pacific.”

The agreement was inked by APECO president and CEO Gil Taway IV, Yooshin Engineering director and Philippine Regional representative Jin Ho Lee, and Lordsbridge Resources president Victor Lee in Taguig City.

Under the MOA, Yooshin Engineering will lead the updating of the 2011 Korean Export-Import (KEXIM) Bank feasibility study covering technical, financial, environmental, and social aspects of the port project. 

Meanwhile, Lordsbridge Resources 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.

APECO said the 2011 feasibility study of the KEXIM Bank identified Bangas Point in Casiguran Bay “as an optimal site due to its deep waters and natural protection from typhoons.”

Citing the 2011 port study, the investment promotion agency said the development of the Casiguran Port would cost around $56 million. 

Adjusted for inflation, it said the current investment needed to build the infrastructure would be around $83 million or about P4.7 billion.

APECO said the tripartite partnership with Yooshin Engineering and Lordsbridge Resources marks a renewed phase of Korea–Philippines cooperation, “aimed at transforming Casiguran into a major logistics and trade hub connecting the country directly to Pacific shipping routes and the markets of Northeast Asia and Northern Pacific.”

The agency said the development of the Casiguran Port will proceed in phases, starting with the updated feasibility study in 2025 to 2026, followed by design and regulatory approvals in 2026 to 2027, construction and development in 2027 to 2030, and full construction targeted for completion by 2030.

APECO, located in Casiguran, Aurora, is the only Philippine economic zone with direct access to the Pacific Ocean. 

The economic zone is aiming to be the country’s first national defense hub, a clean energy center, and the “Fishing Capital of the Pacific” in line with the push of the Marcos Administration for national security, energy security, and food security. —LDF, GMA Integrated News