International Container Terminal Services Inc. (ICTSI) announced that its subsidiaries, Subic Bay International Terminals Corp. (SBITC) and ICTSI Subic Inc. (ISI), have received extensions of their respective concessions from the Subic Bay Metropolitan Authority (SBMA).
The new agreements will allow the companies to continue operating and managing New Container Terminals 1 and 2 (NCT-1 and NCT-2) in the Subic Bay Freeport Zone until 2058.
According to ICTSI’s disclosure to the Philippine Stock Exchange, SBITC and ISI, collectively known as Subic Bay International Terminals, plan to invest over USD 130 million under their Investment and Development Plan.
The funds will be allocated for civil infrastructure and new equipment intended to improve terminal capabilities and operational efficiency.
The planned expansion aims to increase the combined annual handling capacity of the terminals from 600,000 twenty-foot equivalent units (TEUs) to 1 million TEUs.
Subic Bay International Terminals operates as a key trade gateway for Northern and Central Luzon, with direct access to major shipping routes and national highways.
The terminals serve businesses within the Subic and Clark Freeports, nearby economic zones, and surrounding provinces including Pampanga, Bataan, Tarlac, and La Union.
International Container Terminal Services Inc. (ICTSI) is a publicly listed global port management company headquartered in Manila, Philippines. It operates container terminals and related port services in Asia, the Americas, Europe, the Middle East, and Africa.
Subic Bay International Terminals Corp. (SBITC) is a Philippine-registered company that manages and operates container handling facilities within the Subic Bay Freeport Zone. It functions as a subsidiary of ICTSI and handles international and domestic cargo operations at New Container Terminal 1.
