MANILA, Philippines – The construction of the New Cebu International Container Port (NCICP) is expected to be a new milestone in further developing cooperation between the Republic of Korea and the Philippines, making it the “next important hub for maritime transportation” in Southeast Asia, the Ambassador of the Republic of Korea said.
During the groundbreaking ceremony of NCICP on Wednesday (Feb. 5), Ambassador Lee Sang-hwa expressed optimism that the construction of the new port will significantly improve Cebu’s cargo handling capacity and logistics efficiency, as well as attract investment and have a positive ripple effect not only on Cebu, but also on the entire Visayas region.
In his congratulatory remarks, Ambassador Lee mentioned that the NCICP is “an important project to transform Cebu into a key maritime hub in Southeast Asia and an important step towards shared prosperity between the two countries.”
The construction of the NCICP is a project supported by the Export Development Cooperation Fund (EDCF) of the Export-Import Bank of Korea, and was awarded to HJ Heavy Industries, a Korean company, to build a new large port, which will be located in the municipality of Consolacion, 10 kilometers northeast of Cebu Port, the Embassy stated.
The project is estimated to cost PHP16.93 billion and is expected to be completed in 2028.
The groundbreaking ceremony was held just over a month after the signing of the civil works contract for the Cebu New Port Project at Malacañang Palace on Wednesday, December 18, 2024 in the presence of President Ferdinand R. Marcos, Jr.
Philippine Department of Transportation Secretary Jaime J. Bautista, Cebu Governor Gwendolyn F. Garcia, Congressman Sonny L. Lagon, Congresswoman Daphnne A. Lagon, Mayor Teresa P. Alegado, Export-Import Bank of Korea Executive Director Hwang Ki-yeon, and Cebu Consul General Song Sewon, also attended the groundbreaking ceremony.
The Secretary of Transportation and the Governor of Cebu expressed their gratitude for Korea's continued support and cooperation for the development of the Philippines, and emphasized that the project will have a positive impact on improving the quality of life of Filipinos.
Due to its strategic location, Cebu is conducive to receive cargo and tourists as well, as Ambassador Lee mentioned that South Korea is currently the top source market for international visitors, as per the Department of Tourism’s data.
“Since Korean tourists are the Philippines top visitors, and with the entry into force of the Korea-Philippines FTA on December 31, trade and cargo volumes between the two countries are expected to increase significantly in the future, the NCICP is expected to be an important base for economic cooperation and people-to-people exchanges between the two countries,” Lee stated.
The groundbreaking ceremony for the NCICP is a follow-up to last year's bilateral summit, which elevated the relationship to a strategic partnership.
According to the Embassy, the Philippines is a country with a high demand for large-scale infrastructure construction such as airports, seaports, railways, roads, and bridges in the Indo-Pacific region, and infrastructure cooperation was discussed as a major agenda item at the Korea-Philippines summit in October last year.
