THE Board of Investments (BOI) has approved the grant of incentives to the P14.89-billion redevelopment project of the Manila North Harbor in Tondo, Manila.

The project, to be undertaken by Manila North Harbour Port Inc. (MNHPI), includes equipping the port with new cargo-handling machinery and upgrading its information technology (IT) systems.

“Over the next five years, the project is estimated to provide 49 percent net value added for the services they will provide. Commercial operations of the North Harbor project began last month and are estimated to initially create 1,448 jobs,” Trade Undersecretary Adrian Cristobal Jr., who is also the BOI managing head, said.

The project, he said, will boost the country’s cargo capacity as the operator will allow foreign and domestic loading and unloading of goods and passengers.

With this, cargo volume in the Manila North Harbor Port is expected to grow at an annual average of 5 percent.

The port redevelopment is expected to be completed within six years.

Trade Secretary Gregory Domingo welcomed the project as the domestic logistics industry, sea transport, and the agricultural sector will benefit from the modernization and upgrading of the North Harbor by enhancing supply chain linkages.

“Investments in ports and logistics have long-term impact. It reinforces inclusive growth by generating tens of thousands of jobs and improves our integration with the rest of the global market,” Domingo said.

North Harbor is among the four main terminals in Manila that include the Manila International Container Terminal, South Harbor and Harbour Centre Port Terminal Inc.

The BOI’s 2011 Investments Priorities Plan allows the grant of incentives, such as income-tax holiday and duty-free importation of capital equipment to priority sectors that include agriculture, tourism, ship building, mass housing, energy, infrastructure, research and development, motor vehicles, green projects, creative industries, disaster prevention; and public-private partnership.

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By Max V. De Leon