ICTSI, NorthPort among Manila’s top taxpayers
The City of Manila has recognized global port operator International Container Terminal Services, Inc. (ICTSI) and subsidiary Manila North Harbour Port, Inc. (NorthPort) as among the city’s top business taxpayers for fiscal year 2018. ICTSI was named the city’s second highest business tax contributor, and sixth top real property taxpayer, while NorthPort landed second as the city’s top real property taxpayer.
Established in 1988 in Manila, ICTSI is now one of the largest companies currently headquartered in the Philippine capital city—operating the Manila International Container Terminal (MICT), the country’s leading international trading gateway and flagship of the ICTSI Group. NorthPort, meanwhile, is the Philippines’ premiere domestic hub linking Metro Manila to the rest of the archipelago.
“We are always mindful not only of our role as a facilitator of economic growth, but also of our social role in our host communities. Giving back to our host communities what is due them is part of that role, and in so doing, we hope that we are able to help the City of Manila in its social, economic and environmental programs, said Jose Joel M. Sebastian, ICTSI Senior Vice President for Corporate Finance.
Aside from being in the economic frontlines through the facilitation of trade, MICT and NorthPort operations are constantly upgraded and refined to ensure less footprint in its host communities. Taxes paid to the City of Manila, including concession fees paid to the Philippine Ports Authority, spur broad-based, inclusive economic gains for the City of Manila, and the country’s overall port system.
Mr. Sebastian adds: “We shall continue to use our position to create sustainable impact while expanding our business growth.”
The MICT and NorthPort form part of the three major facilities in the Port of Manila, the Philippines’ lead maritime trading gateway.
International Container Terminal Services, Inc. (ICTSI) and subsidiary Manila North Harbour Port, Inc. (NorthPort) were recognized among the City of Manila’s top business and real property taxpayers for fiscal year 2018. ICTSI was named the city’s second highest business tax contributor, and sixth top real property taxpayer during the previous year. On the other hand, NorthPort landed second as the city’s top real property taxpayer. Photo shows Atty. Benjamin M. Gorospe III, ICTSI Assistant Corporate Secretary and Global Head of Tax (left), and Jose Joel M. Sebastian, ICTSI Senior Vice President for Corporate Finance holding the citations received from the City of Manila.
About Manila International Container Terminal
In 1988, International Container Terminal Services, Inc. (ICTSI) won the 25 + 25 years concession to operate the Manila International Container Terminal (MICT) in an international tender. Since ICTSI’s takeover, MICT has increased its annual capacity five-fold, expanded its container handling fleet to make it the largest and most modern container terminal in the Philippines, and switched from a manual control system to an integrated real-time IT terminal control system. MICT is ICTSI’s flagship operation. (www.mict.com.ph)
About Manila North Harbour Port, Inc.
In September 2017, ICTSI signed a Share Purchase Agreement (SPA) with Petron Corporation for the acquisition of 34.83% of the total issued and outstanding shares of Manila North Harbour Port, Inc. (NorthPort). The Company in 2019 further acquired 15.17% ofNorthPort from Harbor Center Port Terminal Inc. (HCPTI), increasing ICTSI’s stake to 50%. NorthPort holds the 25-year concession contract with the Philippine Ports Authority (PPA) for the development, management, operation and maintenance of Manila North Harbor, the country’s premiere domestic port. (www.mnhport.com.ph)
About International Container Terminal Services, Inc.
Headquartered and established in 1988 in Manila, Philippines, International Container Terminal Services, Inc. (ICTSI) is in the business of port operations, management and development. ICTSI’s portfolio of terminals and projects spans developed and emerging market economies in the Asia Pacific, the Americas, Europe, Middle East and Africa. ICTSI has received global acclaim for its public-private partnerships with governments divesting of their port assets to the private sector. (www.ictsi.com)