The Aurora Pacific Economic Zone and Freeport Authority (APECO) said it has signed a memorandum of understanding (MoA) with South Korea's Yoshin 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. Tawe IV, Yoshin's director and Philippine regional representative Jin Ho Lee and Lordsbridge Resources President Victor Lee signed the agreement on October 28.
“Through this partnership, APECO aims to correct that imbalance by developing Casiguran Port as a flexible gateway that opens the Philippines directly to Pacific trade routes and drives inclusive growth in the eastern corridor of Luzon,” Mr. Tawe said.
Yoshin 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, logistics and data support for the study.
A 2011 feasibility study by KEXIM identified Bangas Point in Casiguran Bay as the optimal site due to its deep water and natural protection from typhoons.
“According to old port studies, the Casiguran port will cost approximately $56 million. Adjusted for inflation, the current investment required for construction will be approximately $83 million (P4.7 billion),” APECO said.
Citing the KEXIM study, APECO said the port will have multipurpose berths, passenger and fishing jetties and supporting facilities.
Once operational, the port is also projected to handle over one million tonnes of cargo annually, meeting the logistics requirements of APECO Freeport.
The port will be developed in phases, starting with an 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 scheduled to be completed by 2030. , Beatriz Marie D. Cruz
