ICTSI Gets BOI Perks for P2.3-B Iloilo Seaport Modernization Project

The Board of Investments (BOI) has approved the P2.35 billion project of Razon-led International Container Terminal Services Inc. (ICTSI) to modernize the Iloilo commercial port.

- Louella Desiderio

In a statement yesterday, the BOI said it has issued the certificate of registration of ICTSI for the modernization, management and operation of the Visayan Container Terminal.

With the approval, the project would be entitled to incentives.

In particular, the modernization project is entitled to income tax holidays for three years, followed by five years enhanced deduction and duty-free importation of equipment under the CREATE Act.

The project will transform the old Iloilo Commercial Port Complex into a state-of-the-art facility to help drive economic growth in the Visayas region.