Photo courtesy: Aurora Pacific Economic Zone and Freeport Authority
The Aurora Pacific Economic Zone and Freeport Authority (APECO) has 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, a flagship infrastructure project envisioned position Aurora as a key maritime gateway to the Pacific.
APECO President and CEO Atty. Gil Taway IV signed the agreement alongside Yooshin Director and Philippine Regional Representative Jin Ho Lee and Lordsbridge Resources President Victor Lee during ceremonies held on October 28 in Taguig City.
“The overconcentration of ports in western Luzon has long created logistical bottlenecks, unequal growth, and high transport costs that burden our industries and communities,” Taway said in a statement. “Through this partnership, APECO aims to correct that imbalance by developing Casiguran Port into a resilient gateway that opens the Philippines directly to Pacific trade routes and drives inclusive development across the eastern corridor of Luzon.”
The cooperation marks a renewed phase of Korea–Philippines cooperation aimed at transforming Casiguran into a major logistics and trade hub directly linking the Philippines to Pacific shipping routes and the markets of Northeast Asia and the Northern Pacific.
Under the agreement, Yooshin Engineering will lead the updating of the 2011 Korean Export-Import (KEXIM) Bank feasibility study, which will cover the project’s technical, financial, environmental, and social aspects. The Korean firm brings extensive experience in large-scale infrastructure development, including the 32.47-kilometer PGN Bridges connecting Panay, Guimaras, and Negros Islands, as well as the conceptual design and construction supervision of the Cebu International Container Port.
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.
A 2011 KEXIM Bank feasibility study identified Bangas Point in Casiguran Bay as the “optimal site” for the port due to its deep waters and natural protection from typhoons. The original study estimated a project cost of $56 million, which, adjusted for inflation, now amounts to around $83 million (P4.7 billion) today. The port will include multipurpose berths, passenger and fishery wharves, and supporting facilities, and is projected to handle over one million tons of cargo annually once operational, serving as the logistics backbone of the APECO Freeport.
The updated study will support funding applications and development framework for potential Korean official development assistance (ODA) and private sector investment.
APECO said the development will proceed in three phases, starting with an updated feasibility study between 2025–2026. This will be followed by the design and regulatory approval phase from 2026 to 2027. Construction is set to begin in 2027, with completion targeted for 2039.
Located in Casiguran, Aurora, APECO is the only Philippine economic zone with direct access to the Pacific Ocean. The ecozone envisions itself as the country’s first national defense hub, clean energy center, and “Fishing Capital of the Pacific”.
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