Razon-LED International Container Terminal Services Inc. (ICTSI) is seeking a $300 million (about P17.7 billion) loan from the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank, to finance the expansion and upgrade of its Philippine port terminals.
According to a document uploaded by the AIIB on January 22, the proposed financing is a “non-sovereign-backed financing of up to $300 million of senior unsecured corporate debt” to ICTSI.
The document said the loan will “support the capital expenditure (capex) plan for ICTSI terminals located in the Philippines.”
The project is currently “in preparation”, with the AIIB estimating financing approval by March 23, 2026.
The AIIB document outlines the expected outcomes of the project, which include an increase in annual container throughput at Bauan International Port (BIPI) and Mindanao International Container Port (MICP), improved berth productivity at both terminals, and reduction in greenhouse gas (GHG) emissions.
The project aims to expand container handling capacity at BIPI, MICP and the Manila International Container Terminal (MICT), introduce electric ship-to-shore cranes at MICT, and promote gender diversity by increasing the proportion of women among newly appointed port workers at BIPI and MICT.
The document also notes that ICTSI has “an existing global environmental, social and governance (ESG) policy to manage the E&S risks and impacts of its operations across all terminals and subsidiaries in that jurisdiction,” and site-specific environmental and social assessments have been prepared for its capex facilities.
ICTSI operates 34 terminals in 20 economies and is one of the country's leading port operators. The company is also building the $800 million South Luzon Container Terminal in Bauan, Batangas, which is projected to begin commercial operations by 2028.
For the first nine months of 2025, ICTSI reported net income of $751.56 million, up 18.8% from $632.58 million a year earlier, driven by higher cargo volumes and improved port revenues.
The company attributed the growth to tariff adjustments, increased volumes with favorable container mix and higher ancillary revenues from selected terminals.
On Friday, ICTSI shares fell P7 or 1.11% to close at P623. — ARA INNOCENTE