MARITIME WATCHKEEPER

THE PHILIPPINE Ports Authority is eyeing three more options–in addition to privatization and bond flotation–to fund the long-delayed five-billion-peso modernization of Manila’s North Harbor, the country’s premier domestic port.

These options include the use of internally generated funds, foreign borrowings and grants, and local borrowings, PPA general manager Alfonso Cusi said in an interview with reporters Friday.

Two years ago, the PPA had said it would put the modernization project on the auction block for a possible build-operate-transfer arrangement with a private entity.

After almost two years of working on the terms of reference of the bidding, however, the PPA and the Coordinating Council for Private Sector Participation (CCPSP) had yet to come up with a final document that could signal the start of a public bidding.

Cusi said there was already a draft of the terms of reference, which would be discussed in the coming days for additional inputs from stakeholders.

In an earlier interview, he disclosed that should there be no taker for the project, the PPA would float bonds to fund it.

The North Harbor modernization project involves merging piers, building a new quay and a passenger terminal building, and reinforcement and repair works. It will be undertaken in three phases starting at the Marine Slipway going south toward Pier 2.
Abigail L. Ho
Inquirer News Service
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