The Aurora Pacific Economic Zone and Freeport Authority (APECO) signed a tripartite memorandum of agreement (MOA) with Yooshin Engineering Corporation of South Korea and Lordsbridge Resources Corporation of the Philippines to develop the Casiguran International New Port, a flagship infrastructure project aimed at establishing Aurora as a key maritime gateway to the Pacific.
The MOA was signed by APECO president and CEO Atty. Gil G. Taway IV, Yooshin director Jin Ho Lee, and Lordsbridge Resources president Victor Lee during a ceremony at Shangri-La The Fort Manila, Taguig City.
The partnership represents a new phase of Korea–Philippines cooperation in developing Casiguran as a logistics and trade hub linking the Philippines to Pacific shipping routes and markets in Northeast Asia.
Under the agreement:
Yooshin Engineering will update the 2011 KEXIM Bank feasibility study, covering technical, financial, environmental, and social aspects of the port project.
Lordsbridge Resources will act as the developer and funding coordinator, working with Korean and international financial institutions.
APECO will provide policy, logistical, and data support.
The 2011 KEXIM study identified Bangas Point in Casiguran Bay as the ideal port site due to its deep, typhoon-protected waters. The port, initially estimated at US$56 million, now requires about USD 83 million (P4.7 billion) after inflation adjustment. It will feature multipurpose berths, passenger and fishery wharves, and supporting facilities capable of handling over 1 million tons of cargo annually.
The updated feasibility study (2025–2026) will form the basis for funding through Korean ODA or private investment, with design and approvals (2026–2027), construction (2027–2030), and completion targeted by 2030.
Located in Casiguran, Aurora, APECO is the Philippines’ only economic zone with direct Pacific access. It aims to become the country’s national defense hub, clean energy center, and “Fishing Capital of the Pacific,” supporting the Marcos administration’s goals of national, energy, and food security.
