Manila North Harbour Port Inc. (MNHPI) is budgeting P1 billion ($23 million) capital expenditure this year to finance port expansion. It expects to increase container throughput once a major terminal upgrade completes.
According to the MNHP chief executive officer Richard Barclay, capex last year was “probably over P2 billion including the equipment,” while target revenue for this year is more than P2 billion.
The new operations centre currently under construction at MNHP's box port will house a one-stop shop for terminal users, as well as representatives of all lines calling at MNHP when it opens for business in April.
The rejuvenation of Terminal 1, where a new container yard is also due to be opened later this year, will take a total capacity to over 2 million teu per annum at the 52 ha facility.
Last year MNHP, one of the three major container facilities in Manila alongside terminals operated by ICTSI and Asian Terminals, handled just over 1 million teu, up marginally from a year earlier.