THE Aurora Pacific Economic Zone and Freeport Authority (APECO) said it signed a memorandum of agreement (MoA) with South Korea’s Yooshin Engineering Corp. and the Philippines’ Lordsbridge Resources Corp. to develop the Casiguran International New Port in Aurora.
In a statement on Tuesday, it said APECO President and Chief Executive Officer Gil G. Taway IV, Yooshin Director and Philippine Regional Representative Jin Ho Lee, and Lordsbridge Resources President Victor Lee signed the agreement on Oct. 28.
“Through this partnership, APECO aims to correct that imbalance by developing Casiguran Port into a resilient gateway that opens the Philippines directly to Pacific trade routes and drives inclusive development across the eastern corridor of Luzon,” Mr. Taway said.
Yooshin Engineering will update the 2011 Korean Export-Import (KEXIM) Bank feasibility study. Lordsbridge will serve as the developer and funding coordinator, while APECO will provide policy, logistical, and data support for the study.
The 2011 feasibility study by KEXIM identified Bangas Point in Casiguran Bay as the optimal site due to its deep waters and natural protection from typhoons.
“According to the old port study, the Casiguran Port would cost around $56 million. Adjusted for inflation, the current investment needed to build would be around $83 million (P4.7 billion),” APECO said.
Citing the KEXIM study, APECO said the port will feature multipurpose berths, passenger and fishery wharves, and supporting facilities.
Once operational, the port is also projected to handle over one million tons of cargo annually, servicing the logistics needs of APECO Freeport.
Port development will be conducted in phases, starting with the updated feasibility study in 2025-2026, followed by design and regulatory approvals in 2026-2027.
Construction and development of the port is scheduled between 2027-2030, with the project due for completion by 2030. — Beatriz Marie D. Cruz