Boston, MA -- (SBWIRE) -- 01/07/2014 -- Manila International Container Terminal (MICT) is set to hold the top position in Philippines's maritime sector in terms of container throughput in 2014, with both total tonnage and box volumes expected to grow for the fifth year in a row.
Another year of steady growth is also expected at Cebu, one of Philippines' largest ports in terms of total throughput.
Over the medium term we project further growth at both the MICT and the port of Cebu.
Headline Industry Data
- 2014 port of Cebu tonnage throughput forecast to grow 3.3%, over the medium term we project a 20% increase.
- 2014 MICT container throughput forecast to grow 6.9%, over the medium term we project a 37% increase.
- 2014 total trade real growth forecast at 5.75%.
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Key Industry Trends
New Terminal Will Boost Weak Philippine Port Infrastructure: International Container Terminal Services Inc (ICTSI)'s development of a new terminal at the port of Tagum in the Philippines represents much needed investment in the country's maritime sector. The Philippines suffers from poor infrastructure and congestion at its ports, which means that the country's neighbours have outpaced it in terms of throughput growth and are now better positioned to benefit from the developing intra-Asia shipping market.
We view this development as a positive step toward the Philippines' maritime sector realising its potential. MNHPI Invests PHP9bn in Harbour Facility's Expansion: Philippine port operator Manila North Harbour (MNHPI) has so far spent PHP9bn (US$209.1mn) on the expansion of the harbour's facility. The operator has invested PHP4bn (US$92mn) in the harbour's development and has assigned PHP5bn (US $115mn) for further initiatives.
Risks to Outlook
The strong base for growth at the country's ports stems from BMI's positive outlook for the Philippines' economy. Following an estimated growth by 6.9% in 2013, we forecast the Philippine GDP to expand by 6.0% in 2014. Leading the way forward, we expect the country's nascent investment boom and private consumption to power forward on the back of strong domestic fundamentals, but note that external headwinds continue to pose a risk.
Growth slowdowns in both China and Japan, to which the Philippines is heavily exposed in both investment and trade terms, could undermine the country's strong domestic growth story and port volumes should they become more acute than expected.
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