International Container Terminal Services, Inc. (ICTSI) has extended its contract to run the Manila International Container Terminal (MICT) for another 25 years, keeping operations until May 2063.
The deal with the Philippine Ports Authority moves the original end date from 2038. ICTSI said this shows its long-term support for Philippine trade and economic progress.
The firm also has a $300 million loan to upgrade MICT, the upcoming South Luzon terminal in Batangas, and the Mindanao terminal.
Improvements will include electric equipment to cut emissions, with capacities set to rise across all three sites by 2028. ICTSI also posted stronger first-quarter earnings, with net income up 23 percent and container volumes rising 18 percent year on year.
