The Market Monitor Minding the Nation's Business
The Aurora Pacific Economic Zone and Freeport Authority (APECO) has entered into a tripartite agreement with South Korea’s Yooshin Engineering Corporation and the Philippines’ Lordsbridge Resources Corporation to develop the Casiguran International New Port in Aurora.
The memorandum of agreement was signed Tuesday by APECO President and CEO Atty. Gil Taway IV, Yooshin Director and Philippine Regional Representative Jin Ho Lee, and Lordsbridge Resources President Victor Lee at Shangri-La The Fort Manila in Bonifacio Global City, Taguig.
Taway said the project aims to address the overconcentration of ports in western Luzon, which has led to logistical bottlenecks and uneven economic growth. “Through this partnership, APECO aims to correct that imbalance by developing Casiguran Port into a resilient gateway that opens the Philippines directly to Pacific trade routes and drives inclusive development across the eastern corridor of Luzon,” he said.
Under the agreement, Yooshin Engineering will update the 2011 Korean Export-Import (KEXIM) Bank feasibility study covering the technical, financial, environmental, and social aspects of the project. Lordsbridge Resources will serve as the developer and funding coordinator, engaging Korean and international financial institutions, while APECO will provide policy, logistical, and data support.
According to APECO, the project will require an estimated PHP4.7 billion in infrastructure investment. The updated feasibility study will support funding applications and serve as the development framework for potential Korean official development assistance (ODA) or private sector financing.
The development will be implemented in phases — with the updated feasibility study set for 2025–2026, followed by design and regulatory approvals in 2026–2027, and construction from 2027 to 2030.
Once operational, the port is expected to handle over one million tons of cargo annually and serve as the logistics backbone of the APECO Freeport.
APECO, located in Casiguran, Aurora, is the only Philippine economic zone with direct access to the Pacific Ocean. It aims to become the country’s first national defense hub, a clean energy center, and the “Fishing Capital of the Pacific,” aligned with the Marcos administration’s thrust for national, energy, and food security.