The port of Davao to be privatised

To support the growth of exports, the Port of Davao will be fully privatised.

The government and port authorities are preparing a privatization plan that will take place in 2013. The port of Davao had a growth rate of 7 to 10% every year for 8 years. In 2003 the port handled 2.71 million tons of freight, in 2007 more than 3.4 million and in 2011 more than 4.46 million.

However, the facilities and equipment are considered obsolete and waiting times too long. The project includes the expansion of the port, the development of refrigerated containers and the installation of new gantries. The goal is to double the current capacity of the port.

Bananas are the most important product for the port  (70%) due to the Philippines being the 4th largest exporter in the world after Ecuador, Costa Rica and Colombia.

source : business mirror com ph