Manila: The Aurora Pacific Economic Zone and Freeport Authority (APECO) has formalized a partnership with South Korea’s Yooshin Engineering Corporation and the Philippines’ Lordsbridge Resources Corporation to advance the development of the Casiguran International New Port. The signing of the tripartite memorandum of agreement (MOA) was held at Shangri-la The Fort Manila in Bonifacio Global City, Taguig City, involving key representatives from each organization.
According to Philippines News Agency, the agreement was signed by APECO’s president and CEO, lawyer Gil Taway IV, alongside Yooshin Director and Philippine Regional Representative Jin Ho Lee, and Lordsbridge Resources President Victor Lee. This project aims to address logistical challenges in western Luzon by converting Casiguran Port into a vital gateway for Pacific trade routes, fostering growth in the eastern corridor of Luzon.
The agreement outlines that Yooshin Engineering will spearhead the update of a 2011 feasibility study from the Korean Export-Import (KEXIM) Bank, assessing technical, financial, environmental, and social dimensions of the port project. Jin Ho Lee expressed Yooshin’s commitment to the project, highlighting their confidence in APECO’s leadership and the Philippines’ capacity to construct competitive infrastructure.
Lordsbridge Resources will take on the role of developer and funding coordinator, engaging financial institutions to support the project, while APECO will supply policy, logistical, and data support. Victor Lee emphasized the importance of modern engineering and environmental planning in building resilient infrastructure that addresses current and future community needs.
Previously, the 2011 KEXIM Bank feasibility study identified Bangas Point in Casiguran Bay as an ideal site for the port, due to its deep waters and natural protection against typhoons. APECO disclosed that the current investment required for the infrastructure is estimated at PHP4.7 billion. The port will include multipurpose berths, passenger and fishery wharves, and supporting facilities, projected to handle over 1 million tons of cargo annually upon completion.
The initiative will advance in phases, beginning with the feasibility study update in 2025-2026, followed by design and regulatory approvals in 2026-2027, and construction from 2027 to 2030, with full completion anticipated by 2030. APECO, strategically located in Casiguran, Aurora, is the only economic zone in the Philippines with direct access to the Pacific Ocean and is poised to become a national defense hub, a clean energy center, and the Fishing Capital of the Pacific, aligning with the Marcos administration’s goals for national security, energy security, and food security.
