The construction of the New Cebu International Container Port (NCICP), a long-delayed multibillion-peso project, is set to begin by the end of 2024, according to Department of Transportation (DOTr) Undersecretary for Maritime Sector Elmer Francisco Sarmiento.

The civil works contract for the project was awarded last week to South Korea’s HJ Shipbuilding and Construction Corporation (formerly Hanjin Heavy Industries & Construction). Work is expected to commence once the contract is formally signed, which is anticipated to take place later this month.

The NCICP will be built on 25 hectares of reclaimed land in Consolacion, Cebu, and is expected to be completed by 2028.

In 2018, the Philippine government and South Korea’s Export-Import Bank (KEXIM) signed a $172.64 million loan agreement to finance the project, with the Philippine government contributing a counterpart funding of P1.28 billion.

Sarmiento explained that the project has two main components: civil works, which will be funded by official development assistance from KEXIM, and the procurement of quay cranes, which will be financed through a public-private partnership.

The port will feature a 500-meter quay wall capable of accommodating two 2,000-TEU vessels, along with four quay cranes. Supporting infrastructure will include roads, a bridge to the mainland, and a freight station, while access channels will be dredged to ensure safe navigation for vessels.

Initially, the government had hoped to begin construction in September, following approval by the National Economic and Development Authority (NEDA) Board in June for changes to the project’s parameters. The revised project cost is now P16.929 billion, up from the initial estimate of P9.962 billion, with a new completion deadline set for June 21, 2028.

The NCICP is one of the Philippine government’s flagship infrastructure projects.