By Monsi A. Serrano
The Aurora Pacific Economic Zone and Freeport Authority (APECO) has entered into a US$83-million (₱4.7-billion) tripartite agreement with South Korea’s Yooshin Engineering Corporation and the Philippines’ Lordsbridge Resources Corporation to develop the Casiguran International New Port, a game-changing infrastructure project that will bolster trade routes and attract more investors in the Philippines.
The signing ceremony, held at Shangri-La The Fort, was led by Atty. Gil G. Taway IV, APECO President and CEO; Mr. Jin Ho Lee, Director and Philippine Regional Representative of Yooshin Engineering; and Mr. Victor Lee, President of Lordsbridge Resources Corporation.
Under the partnership, Yooshin Engineering will update the 2011 Korean Export-Import (KEXIM) Bank feasibility study, incorporating modern engineering standards and sustainable development goals. Lordsbridge Resources will oversee project development and facilitate funding coordination with Korean and international investors. APECO, meanwhile, will provide institutional support, including policy facilitation, logistics, and data management.
“Through this partnership, APECO aims to correct the imbalance in port development by opening the Philippines directly to Pacific trade routes,” said Atty. Gil G. Taway IV. “Casiguran Port will drive inclusive growth, create jobs, and reduce logistical bottlenecks across Luzon.”
Once finalized, the updated feasibility study will pave the way for Korean Official Development Assistance (ODA) or private sector financing. The Casiguran International New Port is projected to handle over one million tons of cargo annually, featuring multipurpose berths, passenger and fishery wharves, and state-of-the-art port facilities that align with global standards.
“Yooshin supports APECO’s vision to build a globally competitive Pacific hub,” said Mr. Jin Ho Lee. “We are committed to bringing world-class engineering expertise to help the Philippines realize this strategic gateway.”
Mr. Victor Lee emphasized, “The Casiguran Port will integrate innovation, sustainability, and resilience, ensuring infrastructure that benefits local communities while preserving the environment.”
Slated for completion by 2030, the project is aligned with the Marcos Administration’s core priorities on national security, food security, and energy independence. As the
only Philippine economic zone with direct access to the Pacific Ocean, APECO envisions transforming Casiguran into the country’s Clean Energy Center, Defense and Maritime Hub, and Fishing Capital of the Pacific.
With this landmark partnership, the Philippines takes a decisive step toward unlocking the untapped potential of its Pacific coastline, strengthening regional trade, connectivity, and sustainable development for years to come.