THE Board of Investments (BOI) has greenlit the P2.3-billion seaport modernization project of Enrique Razon-led International Container Terminal Services Inc. (ICTSI), which seeks to transform the old Iloilo Commercial Port Complex into a state-of-the-art facility.
The investment promotion agency said Thursday that it had issued a certificate of registration for the modernization, management and operation of the Visayas Container Terminal (VCT). The VCT project is part of a 25-year port terminal management contract between the Philippine Ports Authority and ICTSI.
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