The Aurora Pacific Economic Zone and Freeport Authority (APECO) signed a tripartite memorandum of agreement (MOA) on Tuesday. The agreement is with South Korea’s Yooshin Engineering Corporation and the Philippines’ Lordsbridge Resources Corporation. The goal is to build a new Casiguran International New Port.
APECO President and CEO Atty. Gil G. Taway IV signed the MOA. Also signing were Yooshin Director and Philippine Regional Representative Jin Ho Lee, and Lordsbridge Resources President Victor Lee. The signing took place at the Shangri-La, the Fort BGC.
“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,”APECO President and CEO Atty. Gil G. Taway IV
APECO stated that, based on the study, the infrastructure of the new port would be approximately P4.7 billion (USD83 million), compared to the old study’s estimate of around USD56 million.
The flagship infrastructure project marks another milestone for APECO to continue its goal of transforming Casiguran into a major logistics and trade hub that connects Philippine shipping routes and markets in Northeast Asia and the Northern Pacific.
Under the agreement, Yooshin Engineering will be leading the update on the 2011 Korean Export-Import (KEXIM) Bank feasibility study, which covers technical, financial, environmental, and social aspects of the project.
The 2011 feasibility study of KEXIM Bank, Bangas Point in Casiguran Bay, identified as the optimal site due to its deep water and natural protection against typhoons.
“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 the finance of APECO and Lordsbridge,” Yooshin Director and Philippine Regional Representative Jin Ho Lee said.
Meanwhile, the Lordsbridge resources will be the developer and funding coordinator, which will engage in the Korean and international institutions, while APECO’s role would be providing the 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,”Lordsbridge Resources President Victor Lee said.
Once the project is operational, it is expected to handle over 1 million tons of cargo annually which would serve as the logistics backbone of the APECO Freeport.
The project will follow the following phases:
2025-2026 (starting the feasibility study)
2026-2027 (design and regulatory approvals)
2027-2030 (construction and development)
2030 (full construction targeted for completion)
APECO, located in Casiguran, Aurora, is the only Philippine economic zone with direct access to the Pacific Ocean.
It aims to be the country’s first national defense hub, have a clean energy center, and the Fishing Capital of the Pacific.
