Manila North Harbour Port Inc. (MNHPI) yesterday said it is budgeting P1 billion capital expenditure this year to finance port expansion.
Manila North Harbour Port Inc. (MNHPI) chief executive officer Richard Barclay said
capex last year was “probably over P2 billion including the equipment,” while target revenue for this year is more than P2 billion.
Barclays said the company will finish expansion of the cargo and passenger terminal.
Barclay said the company may have “exceeded doing things in phase 1,” adding that other areas need improvements as well.
The new passenger terminal is the first phase of the P5-billion port development project, the company said.
Barclay said the new terminal is expected to increase traffic by 10 percent once it opens in April this year.
The company spent P200 million to build the 2,000-passenger terminal, which will house the main building, ticketing area/concessions, drop-off area and access, and parking area.
The port operator earlier bagged the contract to modernize the North Harbor. The modernization includes construction of a modern passenger terminal and other facilities, acquisition of heavy equipment, dredging operations and acquisition of other equally important equipment such as modern computers to ensure the smooth flow of cargo and passengers.