Boston, MA -- (ReleaseWire) -- 03/17/2014 -- Manila International Container Terminal (MICT) is set to hold the top position in Philippines's maritime sector in terms of box throughput in 2014, with BMI projecting steady growth at the facility. Cebu, one of the country's largest ports in terms of total throughput is also expected to increase its freight volumes.
Over the medium term, growth will continue at both the MICT and the port of Cebu.
Headline Industry Data
- 2014 port of Cebu tonnage throughput forecast to grow 3%, over the medium term we project a 20% increase.
- 2014 port of MICT container throughput forecast to grow 4%, over the medium term we project a 36% increase.
- 2014 total trade growth forecast at 5.3%.
Key Industry Trends
PPA, Shell and ICTSI Join Forces in Tacloban: Philippine Ports Authority (PPA), Pilipinas Shell and port operator International Container Terminal Services, Inc. (ICTSI) signed a formal partnership agreement 'to sustain the operation and eventually the rehabilitation of Tacloban Port'. The port was one of the two ports that were hardest hit by the November 2013 typhoon.
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ICTSI Sells Stake in Cebu but Plans to Expand MICT: ICTSI has sold its controlling stake in Cebu International Container Terminal Inc., according to a stock exchange filing on January 13 2014. In November 2013 ICTSI has sought tax perks from the Board of Investments (BOI), one of the Philippines' government's primary investment arms, to expand the Manila International Container Terminal (MICT) Berth 7.
Risks to Outlook
The strong base for growth at the country's ports stems from BMI's positive outlook for the Philippines' economy. Despite the fact that it likely slowed in Q413 as a result of Typhoon Yolanda's devastating impact on the Visayas, we believe momentum remains solidly positive heading into 2014. Informing our sanguine medium-term view on the Philippine economy is the country's manageable credit-to-GDP ratio, as well as ongoing political stability and prudent monetary and fiscal policies. We forecast the Philippine GDP to expand by 6.3% in 2014, upgrading our growth forecast from 6.0% previously.
Growth slowdowns in both China and Japan, to which the Philippines is heavily exposed in both investment and trade terms, could undermine the country's strong domestic growth story and port volumes should they become more acute than expected.
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