Finance

Three Philippine terminal programmes sit behind AIIB's USD 300 million Project Crane loan

Published 7 July 2026 Updated 16 July 2026 Editorial responsibility IMWO Region Asia Pacific Confidence Confirmed
ICTSI official artist's perspective of the planned South Luzon Container Terminal quay and container yard

ICTSI; official artist's perspective, not a construction-progress photograph

Project Crane is a corporate finance layer over three different delivery programmes: MICT's Berth 8 and future electric ship-to-shore cranes, MCT's additional 300 metres of wharf and localized dredging, and Bauan/SLCT's quay, dredging, backfilling, yard, equipment, and resettlement works.

What changed

AIIB approved the USD 300 million nonsovereign corporate loan on 25 March 2026 after concept review in July 2025 and final review in November 2025. Its result framework separates BIPI, MICP/MCT, and MICT. ICTSI's annual filing places the start of MICT Berth 8 in Q4 2022, while July 2024 crane commissioning and 2025 hybrid RTG deliveries predate AIIB approval and cannot be treated as proven loan-funded assets. MCT's December 2024 concession extension came with more than USD 100 million of planned investment and a 300-metre berth extension; ICTSI's 2025 annual report says the expansion began during the year, and the MICP ESIA schedules civil works for December 2025-March 2027 and localized dredging for June-August 2026. The BIPI ESIA records August 2024 ECC transfer, October 2024 approval for 9,900 square metres of backfilling, a November 2025 dumping permit, planned February 2026 dredging permit, dredging through August 2027, civil works from October 2026 to August 2027, and commercial operation from January 2028. ICTSI's January 2026 release describes a 425-metre Phase 1 quay and May-to-September 2027 construction, while its March launch describes a 400-metre quay, a September 2025 start, and September 2027 completion. Both versions remain in the record because no primary source reconciles the scope or dates.

Why it matters

The project now has decision-grade civil and environmental detail that the loan headline obscures. MICT construction began years before AIIB approval; MCT's berth extension entered construction during 2025; and Bauan/SLCT has separate permits, marine methods, resettlement obligations, and conflicting ICTSI programme descriptions. Procurement and progress must therefore be read terminal by terminal.

Decision read

What remains open

The USD 300 million total says little about the packages contractors can actually pursue. At MICT, the open questions are electric crane awards and Berth 8 acceptance. MCT still has dredging, a 300-metre wharf extension and handover ahead. Bauan/SLCT combines controlled dredging, piling, 9,900 square metres of backfill, quay construction and equipment before its 2028 operating target. The January and March 2026 SLCT disclosures disagree on quay length and construction timing, so the schedule needs an updated owner programme.

Next watchpoints

  • AIIB effectiveness, disbursement, and terminal-by-terminal capex allocation
  • MICT Berth 8 Phase 1 and 2 acceptance and electric ship-to-shore crane procurement
  • MCT's 300-metre Phase II and III-A wharf, June-August 2026 dredging window, and contractor
  • Updated Bauan/SLCT baseline resolving the 400-versus-425-metre and 2025-versus-2027 programme conflict
  • BIPI dredging and dumping permits, backfill, resettlement, ESMP, quay, and equipment acceptance
  • Capacity, berth productivity, emissions, and commercial operation by terminal

Related records 1

Sources used 11

Corrections and methodology

Facts are dated to the source record above. IMWO updates the brief when procurement, award, delivery, or scope evidence materially changes.

Review methodology Open intelligence archive Submit a correction