China investors keen on major port projects

By Evelyn Macairan (The Philippine Star) Updated February 27, 2017 – 12:00am http://www.philstar.com/business/2017/02/27/1676115/china-investors-keen-major-port-projects MANILA, Philippines –  Chinese investors have expressed interest in aiding Harbour Centre Port Terminal Inc. (HCPTI)’s expansion plans for its major ports in Manila, Cebu and Davao, a top company official said. Victor Songco, president of HCPTI parent R-II Builders, said China Development Bank vice governor Zhou Qingyu and China National Technical Import and Export vice president Jiang Junhua and their delegation visited the Tondo port complex and discussed their possible investment and involvement in the port operations. Aside from HCPTI, R-II Builders is also planning to build the Consolacion International Container and Bulk Terminal in Cebu and the Davao Coastline Port and Development project in Davao City. The Cebu terminal would sit on an 85-hectare reclaimed land while the Davao project would lie on a 214-hectare reclaimed property. R-II Builders vice chairman Reghis Romero III said while they are also in search of local investors, the Chinese were more “aggressive” in their intentions. He said when President Duterte visited China last year, their company was among those invited to join him, giving them the opportunity to present their projects to Chinese investors. Since its incorporation on May 14, 1996, HCPTI’s business has grown from 2 vessels to the present 40 vessels it services a month. Romero said in order to cope with the growing business, they are facing challenges such as lack of berthing spaces wherein a vessel wait as much as nine days just to unload their cargo. They also need to do more dredging to deepen the draft to allow the big break bulk ships to dock. He said their plan is to expand their port operations and reclaim 50 hectares seaward and have additional berthing spaces to accommodate more ships, thus avoiding the possibility of another port congestion. The firm also intends to double the number of jobs and cut the waiting time for vessels to berth by half from nine days to less than five days.