The Aurora Pacific Economic Zone and Freeport Authority (APECO) signed on Tuesday a tripartite memorandum of agreement (MOA) with South Korea’s Yooshin Engineering Corporation and the Philippines’ Lordsbridge Resources Corporation to develop the Casiguran International New Port.
The agreement was signed by APECO president and chief executive officer lawyer 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 City.
“The overconcentration of ports in western Luzon has long created logistical bottlenecks, unequal growth, and high transport costs that burden our industries and communities. 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,” Taway said.
Under the agreement, Yooshin Engineering will lead the updating of the 2011 Korean Export-Import (KEXIM) Bank feasibility study covering technical, financial, environmental, and social aspects of the port project.
“Yooshin believes in APECO’s vision to transform Casiguran into a strategic trade and logistics hub. Our participation in this project reflects our confidence in APECO’s leadership and in the Philippines’ capacity to build globally competitive infrastructure. We are committed to providing technical expertise and engineering excellence to help realize this project under finance of APECO and Lordsbridge," Ho Lee said.
Lordsbridge Resources, meanwhile, will serve as the developer and funding coordinator, engaging Korean and international financial institutions, while APECO will provide policy, logistical, and data support for the study.
“Building a port that faces the Pacific is visionary, and it is also where innovation and resilience come together. Modern engineering, coupled with careful environmental planning, makes it possible to create infrastructure that can withstand the region’s natural challenges. Sustainability is at the heart of this partnership. The Casiguran Port will be designed not just for trade, but for long-term resilience benefiting communities today while safeguarding the environment for future generations,” Lee said.
In a 2011 feasibility study of the KEXIM Bank, it identified Bangas Point in Casiguran Bay as an optimal site due to its deep waters and natural protection from typhoons.
APECO said that based on the study, the current investment needed to build the infrastructure of the port would be around P4.7 billion.
The KEXIM Bank feasibility study said the port will feature multipurpose berths, passenger and fishery wharves, and supporting facilities.
It is expected to handle over 1 million tons of cargo annually once operational, serving as the logistics backbone of the APECO Freeport.
The updated study will support the project’s funding applications and development framework for Korean official development assistance (ODA) and/or private sector investment.
The development will proceed in phases, starting with the updated feasibility study in 2025–2026, followed by design and regulatory approvals in 2026-2027, construction and development in 2027-2030, and full construction targeted for completion by 2030.
APECO, located in Casiguran, Aurora, is the only Philippine economic zone with direct access to the Pacific Ocean.
The ecozone aims to be the country’s first national defense hub, a clean energy center, and the Fishing Capital of the Pacific —aligned with the push of the Marcos administration for national security, energy security, and food security.
APECO PHOTO
