Metro Pacific Investments has said that the Philippine Ports Authority has accepted its USD 312 million joint bid with local firm Harbour Centre Port Terminal for the development and operation of Manila's North Harbour.

Metro Pacific said that the JV will use the amount to upgrade and expand the operational area of North Harbour to 70 hectares from 52 hectares. The JV will be given the right to operate the capital's main domestic harbor for 25 years.

Over the 25 year contract, the government will be paid a guaranteed USD 145.8 million in fees.

The harbor will be dredged to accommodate bigger ships, such as tankers and international luxury liners, and modern cranes will be installed and wider depots will be built to handle more containers from the southern Philippines.

(Sourced from www.cargonewsasia.com)