Petron, Harbour Centre pump P9-B into Manila port
MANILA, Philippines – About P9 billion of the committed P14.5 billion investments to develop the Manila North Harbor, a key hub for domestic commerce in the country, has been made by the joint venture managing and operating the Manila port.
This was according to Michael Romero, chairman of Manila North Harbort Port Inc. (MNHPI), which is a joint venture of the Romero-controlled Harbour Centre Port Holdings Inc. and San Miguel Corp.-led oil firm Petron Corporation.
"In terms of our commitment to our government partners, MNHPI is pleased to announce that out of the total investments we promised last 2010 or after barely 3 years, our group led by Ramon Ang of Petron/SMC and I have already invested P4 billion into Manila Harbor," Romero told reporters on Wednesday, October 9.
The other P5 billion has been contracted out for various port developments, he added.
On Wednesday, Romero led the inauguration of the P200-million terminal building, which has target capacity of 2 to 3 million annual passengers. MNHPI is now working on North Harbor's cargo terminal.
The terminal building has the following equipment and facilities: 3 X-ray machines, a 1,875-seater passenger lounge, a VIP lounge, a playroom for kids, a non-denomination prayer room, a smoking room, a clinic and an isolation room for special passengers. There also are areas intended for food and drinks.
Production efficiency has improved by 18 to 25 container movements per hour compared to the 1 to 2 container movement per hour before 2010.
Government-controlled Philippine Ports Authority (PPA) granted MNHPI a 25-year renewable contract to develop, manage, operate and maintain Manila North Harbor. Inked in November 2009, the contract is renewable for another 25 years.
The Romero group owns the majority of MNHPI's stake at 65%. Oil giant Petron owned by SMC controls the remaining stake.
Manila North Harbor serves as the primary domestic port for passengers and commercial activities in the Philippines. - Rappler.com