Boston, MA -- (SBWIRE) -- 03/17/2014 -- Manila International Container Terminal (MICT) is set to hold the top position in Philippines's maritime sector in terms of box throughput in 2014, with BMI projecting steady growth at the facility. Cebu, one of the country's largest ports in terms of total throughput is also expected to increase its freight volumes.
Over the medium term, growth will continue at both the MICT and the port of Cebu.
Headline Industry Data
- 2014 port of Cebu tonnage throughput forecast to grow 3%, over the medium term we project a 20% increase.
- 2014 port of MICT container throughput forecast to grow 4%, over the medium term we project a 36% increase.
- 2014 total trade growth forecast at 5.3%.
Key Industry Trends
PPA, Shell and ICTSI Join Forces in Tacloban: Philippine Ports Authority (PPA), Pilipinas Shell and port operator International Container Terminal Services, Inc. (ICTSI) signed a formal partnership agreement 'to sustain the operation and eventually the rehabilitation of Tacloban Port'. The port was one of the two ports that were hardest hit by the November 2013 typhoon.
View Full Report Details and Table of Contents
ICTSI Sells Stake in Cebu but Plans to Expand MICT: ICTSI has sold its controlling stake in Cebu International Container Terminal Inc., according to a stock exchange filing on January 13 2014. In November 2013 ICTSI has sought tax perks from the Board of Investments (BOI), one of the Philippines' government's primary investment arms, to expand the Manila International Container Terminal (MICT) Berth 7.
Risks to Outlook
The strong base for growth at the country's ports stems from BMI's positive outlook for the Philippines' economy. Despite the fact that it likely slowed in Q413 as a result of Typhoon Yolanda's devastating impact on the Visayas, we believe momentum remains solidly positive heading into 2014. Informing our sanguine medium-term view on the Philippine economy is the country's manageable credit-to-GDP ratio, as well as ongoing political stability and prudent monetary and fiscal policies. We forecast the Philippine GDP to expand by 6.3% in 2014, upgrading our growth forecast from 6.0% previously.
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.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Transportation research reports at Fast Market Research
You may also be interested in these related reports:
- Brazil Shipping Report Q2 2014
- Nigeria Shipping Report Q2 2014
- Vietnam Shipping Report Q2 2014
- Australia Shipping Report Q2 2014
- Malaysia Shipping Report Q2 2014
- Egypt Shipping Report Q2 2014
- United Arab Emirates Shipping Report Q2 2014
- Canada Shipping Report Q2 2014
- Argentina Shipping Report Q2 2014
- Poland Shipping Report Q2 2014