Manila: The completed first phase of the $215m Subic Bay Freeport development is to be inaugurated by President Gloria Macapagal-Arroyo (pictured) of the Philippines on Thursday. The completion of the New Container Terminal-1 (NCT-1) is an important step in President Arroyo's agenda to spur economic growth in the area and promote its freeport zones as the most viable regional logistics hubs.
"With the completion of the New Container Terminal-1 (NCT-1), our port facility can now accommodate post-Panamax vessels, augmenting the cargo volume and handling capacity of the Subic Bay Freeport," said Subic Bay Metropolitan Authority (SBMA) chairman Feliciano G. Salonga, adding that the long-term master plan for the port involves the construction of a $425m toll road betweeb the Subic and Clark Freezones.
"The completion of NCT-1 boosts our confidence that the Subic Bay Freeport will soon become a key player in the containerized and non-containerized cargo handling business in the entire Asia-Pacific region. This will attract more shipping companies worldwide to use the Subic port, while helping decongest the traffic in the Port of Manila," said SBMA Administrator Armand C. Arreza.
The modernisation of Subic Bay, which will boast a container handling capacity of 600,000teu upon completion, is funded by the Japan Bank for International Cooperation (JBIC). [17/07/07]
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