The Aurora Pacific Economic Zone and Freeport Authority (APECO) signed a tripartite memorandum of agreement (MOA) with South Korea’s Yooshin Engineering Corporation and the Philippines’ Lordsbridge Resources Corporation to develop the Casiguran International New Port, an estimated PHP4.7-billion flagship infrastructure project aimed at positioning Aurora as a key maritime gateway to the Pacific.
APECO President and CEO Atty. Gil G. Taway IV signed the agreement alongside Yooshin Director and Philippine Regional Representative Mr. Jin Ho Lee and Lordsbridge Resources President Mr. Victor Lee on Tuesday (Oct. 28) at Shangri-la The Fort Manila in Bonifacio Global City, Taguig City.
The partnership marks a renewed phase of Korea–Philippines cooperation, aimed at transforming Casiguran into a major logistics and trade hub connecting the country directly to Pacific shipping routes and the markets of Northeast Asia and Northern Pacific.
Under the agreement, Yooshin Engineering will lead the updating of the 2011Korean Export-Import (KEXIM) Bank feasibility study covering technical, financial, environmental, and social aspects of the port project. The Korean firm is currently involved in the 32.47-kilometer PGN Bridges connecting Panay, Guimaras, and Negros Islands and Conceptual Design and Construction Supervision of Cebu International Container Port, bringing its proven expertise in large-scale infrastructure projects to the Casiguran International New Port development.
Meanwhile, Lordsbridge Resources will serve as the developer and funding coordinator, engaging Korean and international financial institutions, while APECO will provide policy, logistical, and data support for the study.
In a 2011 feasibility study of the KEXIM Bank, it identified Bangas Point in Casiguran Bay as an optimal site due to its deep waters and natural protection from typhoons.
According to the old port study, the Casiguran Port would cost around USD56 million. Adjusted for inflation, the current investment needed to build the infrastructure would be around USD83 million (PHP4.7 billion).
The KEXIM Bank feasibility study noted that the port will feature multipurpose berths, passenger and fishery wharves, and supporting facilities. It is expected to handle over 1 million tons of cargo annually once operational, serving as the logistics backbone of the APECO Freeport.The updated study will support the project’s funding applications and development framework for Korean official development assistance (ODA) and/or private sector investment.
The development will proceed in phases, starting with the updated feasibility study in 2025–2026, followed by design and regulatory approvals in 2026-2027, construction and development in 2027-2030, and full construction targeted for completion by 2030.
APECO, located in Casiguran, Aurora, is the only Philippine economic zone with direct access to the Pacific Ocean. The ecozone aims to be the country’s first national defense hub, a clean energy center, and the Fishing Capital of the Pacific—aligned with the push of the Marcos Administration for national security, energy security, and food security.
