MANILA, Philippines — In a major development for the country’s maritime logistics network, one of the world’s leading port operators has locked in massive international backing. Enrique Razon Jr.-led International Container Terminal Services Inc. (ICTSI) has secured a $300-million (approximately ₱18.6-billion) senior unsecured corporate loan to fund comprehensive upgrades across three primary domestic terminals.
The agreement marks a historic milestone for the Beijing-based Asian Infrastructure Investment Bank (AIIB), serving as its first-ever non-sovereign-backed loan to the private sector in the Philippines.
The multi-million-dollar capital injection is structurally designed to eliminate regional bottlenecks by modernizing berths, enhancing productivity, and aggressively driving up annual cargo volumes. The development pipeline outlines highly specific capacity targets over the next two years:
- Manila International Container Terminal (MICT): As the crown jewel of ICTSI’s operations—handling roughly 70 percent of Manila’s total port volume—the flagship terminal’s throughput capacity is targeted to expand to 3.7 million twenty-foot equivalent units (TEUs) by 2027.
- Mindanao Container Terminal (MCT): Serving as a critical maritime gateway for southern trade, its capacity is projected to scale up to 1 million TEUs by 2028.
- South Luzon Container Terminal (SLCT): Currently under heavy construction in Batangas, this terminal is poised to become the country’s second-largest container port, with a baseline target of handling 800,000 TEUs annually by 2028.
[ $300-M AIIB Private Sector Loan ] ──► [ Direct Capital Allocation ] ──► [ Three Strategic Philippine Gateways ]
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[ MANILA (MICT) ] [ SOUTH LUZON (SLCT) ] [ MINDANAO (MCT) ]
Targeting a capacity of Targeting a capacity of Targeting a capacity of
3.7 million TEUs by 2027. 800,000 TEUs by 2028. 1 million TEUs by 2028.
Beyond pure volume expansion, a substantial portion of the AIIB financing has been legally earmarked to accelerate ICTSI’s ongoing environmental, social, and governance (ESG) commitments. The loan will bypass traditional state layers to directly fund the decarbonization of daily terminal yards:
[ GREEN PORT MODERNIZATION INITIATIVES ]
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[ ELECTRIFICATION ] [ EMISSIONS REDUCTION ]
Procuring fully electric quay cranes to replace Systematically phasing out diesel-powered yard
legacy heavy cargo infrastructure. equipment with low-emission alternatives.
The sustainability pivot is engineered to severely curb total operational greenhouse gas emissions, insulate the global port operator from fuel price shocks, and minimize reliance on fossil-fuel energy across its localized supply chains.
The landmark cross-border agreement was finalized during an official signing ceremony in Manila, attended by ICTSI Chairman Enrique K. Razon Jr. and AIIB President Zou Jiayi during her first high-level delegation visit to the Philippines.
The transaction heavily bolsters ICTSI’s massive global capital expenditures pool for 2026, which executives project could soar to $740 million—pacing comfortably ahead of the $650.44 million deployed last year.
“ICTSI welcomes this promising partnership with the AIIB, which supports our expansion and sustainability initiatives. We value AIIB’s shared commitment to long-term value creation, inclusive economic growth, and responsible business practices, and as such, look forward to strengthening our partnership and accomplishing more together.” — Enrique K. Razon Jr., ICTSI Chairman and President
AIIB representatives mirrored this optimism, noting that the partnership establishes a strategic blueprint for how multilateral development lenders can safely deploy innovative financing instruments. By working hand-in-hand with massive private operators who possess the execution capacity to deliver immediate economic impacts, the bank aims to fund “Infrastructure for Tomorrow” across emerging Southeast Asian trade networks.
