2026将战略港口转变为菲律宾海上风电枢纽的可行商业模式

ViableBusinessModelstoTransform

StrategicPortsinto

OffshoreWindHubs

inthePhilippinesStrategicAssessmentandInvestmentPathwaysforPortof

Bulalacaoand

AgilaSubicJUNE

2026GWECGLOBALWIND

ENERGYCOUNCILGWEC

REPORTVIABLE

BUSINESS

MODELS

TO

TRANSFORM

STRATEGIC

PORTS

INTO

OFFSHORE

WIND

HUBS

IN

THE

PHILIPPINES

GW

ECREPORT03TheGlobalWindEnergyCouncil

(GWEC)

is

the

global

tradeassociation

for

the

wind

power

industry,

with

over1,500membersresponsible

for

70%

of

the

world’s

wind

capacity.

Our

members

includemajor

turbinemanufacturers,

energy

companies,

developers,

andtechnologyproviders.GWEC

advocates

for

the

windindustry

globally,collaboratingwithorganisations

likethe

IRENA,

IEA,

local

associationsanddevelopmentbanks

tohelp

governmentsandpolicymakersunlock

windenergy’sfull

potential.GWEC’smissionistoensurethatwindpowerfulfillsitsroleasoneofthekeytechnologysolutionstotoday’s

energy

and

climate

challenges,forming

thebackboneofa

newcleanenergysystem

and

enabling

trillions

of

dollars

ofinvestmentwhile

providing

substantial

economic

and

social

benefits

to

hostcountries.Copyright©

June2026Thisdocumentcontainsforward-lookingstatements.Thesestatementsare

based

on

current

views,

expectations,

assumptions

and

informationof

the

Authors.

The

Authors

and

their

employees

and

representatives

donotguaranteethe

accuracy

ofthe

data

or

conclusions

ofthiswork.

Theyare

not

responsiblefor

any

adverse

effects,

loss

or

damage

in

anywayresultingfrom

this

work.PermissionsandUsageThiswork

is

subject

to

copyright.

Its

content,

including

text

and

graphics,maybereproduced

in

part

for

non-commercialpurposes,with

fullattribution.AttributionViable

Business

ModelstoTransform

Strategic

Ports

into

OffshoreWindHubs

inthe

Philippines.

2026.EditorsandAcknowledgementsThisreport

wasreviewedbyAnnMargretFranciscoandPope

JohnSotto

from

the

GWEC

team.

HaskoningEnhancingsocietyTogetherLeadAuthorHaskoningisanindependentconsultancyfoundedin

1881thatcombinesengineering,

design,

consultancy,

software,

and

technology

to

deliversustainablesolutionsforthe

builtenvironment,infrastructure,and

industry.Guided

by

its

mission“Enhancing

SocietyTogether,”the

company

helpsclients

navigate

complex

global

challenges

—from

climate

change

andenergytransitiontodigital

transformationandshiftingmarketdemands—through

smart

and

future-ready

operations.With

over6,800

employeesacross

more

than

25

countries,Haskoning

works

collaboratively

withpublic

andprivate

sectorpartners

whileupholding

high

standards

ofintegrity,sustainability,inclusivity,

and

safety.HeadquarteredintheNetherlands,

the

company

was

granted

the

“Royal”

designation

by

theDutch

Royal

House

in

1981.ContentsForeword

5Abbreviations

6 1.

ExecutiveSummary

8

2.

Introduction

10

3.Ownership

Structures&

Regulatory

Framework

11

Background

and

obiective

11

Foreigninvestment

participation

by

portfunctions14

Port-specific

ownership

and

governance

15

Regulatoryandpolicyframework

18

Institutional

rolesand

responsibilities20 4.

PortCapacityUpgradeRequirementsandCostEstimation21

Introductionandmethodology

22

Portfunctions

23

Portinfrastructure

requirements

26

Portdescriptions

26 5.

Business&RevenueModelswithFinancialModelling41

Introductionandmethodology

41

Phase

1:OFW

businesscase

42

Phase2:Allied

industries

67

6.

CaseStudiesandBest

Practices

79

Globalcontext

79

Casestudies

82

Goodpracticesand

lessons

learned

83 7.Conclusions86 8.

Recommendations

87 9.

References

88

Appendices

90

AppendixA:Ownershipstructuresandregulatoryframework90

Appendix

B:OFWportparametersandinfrastructure

requirements108

AppendixC:OFWdeploymentscenariosinglobal

context

11404

VIABLE

BUSINESS

MODELS

TO

TRANSFORM

STRATEGIC

PORTS

INTO

OFFSHORE

WIND

HUBS

IN

THE

PHILIPPINES

GW

ECREPORTThe

Philippines

is

steadily

advancing

its

clean

energy

transition,

with

offshore

wind

emergingasakeyopportunitytostrengthenenergysecurity,supporteconomicgrowth,anddiversifythe

country's

power

mix.Realizingthis

opportunity,

however,

will

requiremorethanthedevelopmentofoffshore

windprojectsthemselves.

It

willdepend

on

the

enabling

infrastructure

that

allows

the

industry

to

move

from

ambitiontoimplementation.Among

themostcriticalof

theseenablersareports.Offshore

windrelieson

specialized

portfacilitiestosupportthe

manufacturing,assembly,transport,installation,

and

long-

termoperationof

projects.Whilethe

Philippines

possessesastrong

maritime

heritage

and

a

network

of

strategically

located

ports,

there

remains

a

significant

opportunity

to

develop

port

infrastructure

capable

ofsupportingthescale

and

requirements

of

a

futureoffshorewindindustry.Securing

a

robust

social

framework

and

a

true

partnershipwithour

coastal

communities

isthe

bedrock

of

our

offshorewind

journey.Thetranslation

ofthis

grand

clean

energy

vision

into

a

physicalrealityhinge

entirely

on

building

the

concrete

maritimefoundationsthatwill

supportit.To

bridge

this

infrastructure

gap

sustainably,

our

strategy

must

be

as

commercially

disciplinedasitissociallyequitable.Thecomprehensiveanalysisdetailedinthisreport

providesapragmaticblueprintfortransformingtwohigh-potential

sitesintovital

clean

energy

conduits,

Agila

Subic

Port

and

the

Port

of

Bulalacao.

The

economic

models

reveal

a

stark

truth,

under

baseline

port

tariffs

and

standalone

private

financing,

the

highcapitalexpenditure(CAPEX)

requirements

presenta

challenging

investment

hurdle.Tounlockthesegateways,wemustmoveawayfromrigid,legacyframeworks

andembraceinnovative,adaptedcommercial

structures.Thefindingsadvocateforahighlystrategic,phased,demand-led

development

approach

that

mitigates

stranded

asset

risks

while

directly

matching

investment

to

the

evolving

needs

offixed

andfloatingwindtechnologies.

Moreover,

the

financial

realities

dictate

that

a

one-size-fits-all

model

will

notwork.

We

must

look

toward

atailored,dual-portparadigm:Unlocking

capitalneededfor

these

transformations

willrequirethe

strategic

deployment

of

blended

finance

mechanisms

and

public-private

partnerships

(PPPs).

Public

sector

support

must

be

actively

leveraged

to

bridge

the

gap

between

heavy

front-end

capitalcosts

and

early-stage

demand

uncertainty.

Furthermore,

we

must

establish

clear,

nationalpolicy

signals,

define

explicit

roles

for

each

strategic

port,

and

implement

mature,

concession-based

revenue

modelsto

build

atruly

bankable

market.The

maritime

backboneofthe

Philippinewindenergystorycannot

be

built

overnight,

norcanitbebuiltinisolation.It

requires

deep

institutional

coordination,

market

validation,andearlystakeholderengagementtode-riskdelivery.As

theregion

movesfromambitiontoimplementation,I

encourageall

stakeholderstotreatthisstudy

asaguideforinformeddecision-makingandstrategicinvestment.Buildingtheenergy

system

of

the

future

willrequire

coordinated

action,

long-term

commitment,

and

a

shared

vision

of

an

energy

infrastructure

that

delivers

economic

prosperity,

energy

security,and

lasting

benefitsforcommunities.VIABLE

BUSINESS

MODELS

TO

TRANSFORM

STRATEGIC

PORTS

INTO

OFFSHORE

WIND

HUBS

IN

THE

PHILIPPINES

GW

ECREPORT05AnnMargretFranciscoDirectorofAsia

PacificGlobalWindEnergyCouncilForewordAPACAsia-PacificBOCBureauof

CustomsBOIBureau

of

InvestmentsCAPEXCapital

ExpenditureCAAPCivilAviationAuthorityofthe

PhilippinesCAGRCumulativeAnnualGrowth

RateCESClean

EnergyScenarioCREATECorporate

RecoveryandTax

Incentivesfor

EnterprisesActCREATE

MORECorporate

RecoveryandTax

Incentivesfor

EnterprisesAct

-

MoreOpportunitiesfor

Reinvigoratingthe

EconomyDENRDepartmentof

Environmentand

NaturalResourcesDOEDepartmentof

EnergyDOTrDepartmentofTransportationDWTDeadweightTonnageECCEnvironmental

Impact

StatementEISEnvironmental

Impact

StatementEPCEngineering,

Procurement,and

ConstructionFITFeed-inTariffGIIPGood

International

Industry

PracticeGRT

/

GTGross

RegisterTonnage/GrossTonnageGWECGlobalWind

EnergyCouncilIRRInternal

Rate

of

ReturnITHIncome

HolidayTaxJVJointVentureLCOELevelised

Cost

of

EnergyLGULocal

Government

UnitLNGLiquified

Natural

GasMARINAMaritime

IndustryAuthorityMDBMultilateral

Development

BankNPVNet

PresentValue06

VIABLE

BUSINESS

MODELS

TO

TRANSFORM

STRATEGIC

PORTS

INTO

OFFSHORE

WIND

HUBS

IN

THE

PHILIPPINES

GW

ECREPORTAbbreviationsOEMOriginal

Equipment

ManufacturerO&MOperationsand

MaintenanceOFWOffshoreWindOPEXOperating

ExpenditurePCGPhilippineCoast

GuardPEPPhilippine

Energy

PlanPEZAPhilippine

EconomicZoneAuthorityPMOPort

Management

OfficePPAPhilippine

PortsAuthorityPPPPublic-Private

PartnershipPPPCPublic-Private

Partnership

CenterPTMRFPortTerminal

Management

Regulatory

FrameworkRBERegistered

Business

EnterpriseRo-RoRoll-on/Roll-offSBMASubic

Bay

MetropolitanAuthoritySCITSpecialCorporate

IncomeTaxSPVSpecial

PurposeVehicleTMOTerminal

ManagementOfficeVATValueAddedTaxWTIVWindTurbine

InstallationVesselVIABLE

BUSINESS

MODELS

TO

TRANSFORM

STRATEGIC

PORTS

INTO

OFFSHORE

WIND

HUBS

IN

THE

PHILIPPINES

GW

ECREPORT07This

report

provides

astrategic

assessment

of

howthe

Port

of

Bulalacao

andAgila

Subic

can

be

developed

into

OFW

hubs

in

the

Philippines.

It

evaluates

required

portcapacityupgrades,businessmodels,deploymentscenarios,international

case

studylessons,andactionablerecommendationstosupportthecountry’srenewable

energyambitions.ThetwoportlocationswerechosenbasedonpreviousstudiesandexpectedOFWportfunctions;upgraderequirementshave

beenfurtherdetailed

into

practical

solutions

and

to

optimise

cost(CAPEXand

OPEX).

Amore

detailed

analysis

is

needed

to

finalise

engineering

requirements

and

costs,

in

order

to

fully

optimisefacilitycapabilitiesandcapacityto

meetthe

OFW

market

demand.Based

on

current

port

capacity,

Bulalacao

effectively

requires

a

new

greenfield

port

with

significantreclamation,quayconstruction,andheavy-liftinfrastructure

due

to

its

current

limitations

in

scale,

depth

and

bearing

capacity.

The

estimated

CAPEX

is

approximately

$252M

(Phase1)

and

$70M

(Phase

2).

Agila

Subic

isbetterpositioned,withdeepwaterandindustrial

land,requiringtargetedupgradesincludingquaystrengthening,heavy-liftareas,andadditionallaydownspace.CAPEX

is

estimated

at

$137M

(Phase

1)

and

$78M

(Phase

2).

Both

ports

shouldbe

developed

in

phases

aligned

with

market

demand

for

fixed

and

then

floating

OFWdeployment.The

proposed

port

governance

model

for

both

ports

is

a

landlord

structure

with

long-term

concessions

to

OFW

developers

as

tenants.

This

is

a

well-recognised

portgovernance

model

usedwithinthe

Philippines.The

expected

OFW

generation

capacity

drives

the

business

case

and

is

based

on

the

DOE

Reference

and

CES1

scenarios

and

defines

the

modelled

low-

and

high-enddeploymentscenarios.

Furtherdetailingandcertaintyinthesedeployment

scenarios

willlikely

improve

the

business

case.

Base

and

alternative

deployment

timelineswereassessed;the

basecasecapturesearly

deploymentwhich

improves

revenuecapturebutincreases

risk

if

capacity

is

underutilised.

The

alternative,

delayed

investmentscenario,

isalignedwiththefuture

market

ramp-up

and

delays

CAPEX,this

improvesfinancialperformanceforAgila

Subic

but

reduces

returnsfor

Bulalacao.

Demand

uncertainty

remainsa

key

riskfor

both

ports.ExecutiveSummary08

VIABLE

BUSINESS

MODELS

TO

TRANSFORM

STRATEGIC

PORTS

INTO

OFFSHORE

WIND

HUBS

IN

THE

PHILIPPINES

GW

ECREPORT1.Financial

analysis

shows

Agila

Subic

approaches

viability

under

higher

demandand

hightariffscenarios,while

Bulalacao

remains

more

challenging

dueto

higher

CAPEX.

Viability

is

highly

sensitive

to

CAPEX

and

tariff

assumptions;

in

particular,

the

existing

Philippines

port

tariffs

are

low

and

OFW-specific

pricing

mechanisms

should

bedevelopedto

improvethe

business

case.Globalexperienceshowsthatphased,demand-leddevelopmentandpublic-private

financing

structures

are

critical.

Successful

ports

combine

long-term

concession

models,

heavy-duty

infrastructure,

and

clustering

of

industrial

activities

suchasmanufacturingandlogistics.

Publicsectorsupportis

often

required

tobridge

the

gap

between

high

capital

costs

and

uncertain

early

demand.

Specificrecommendationsinclude:1.Definea

national

OFW

port

strategywith

clear

roles

for

each

port.2.Providedemandcertaintyand

adopt

an

aligned

phased

investment.3.Implementbankablecommercial

modelsincludingconcession-based

revenue.4.Furtherassess

allied

industries

and

leverage

these

to

improve

port

util

isation5.Conduct

marketsoundingtovalidatedemandand

pricing.Agila

Subic

presents

the

strongest

opportunity

as

a

primary

OFW

hub,

leveraging

existing

industrialassets.Bulalacao

requires

a

multi-use

development

strategy

toimprove

viability.

Successful

implementation

willdependon

early

coordination,

realisticdemandassumptions,andadapted

commercial

structures.VIABLE

BUSINESS

MODELS

TO

TRANSFORM

STRATEGIC

PORTS

INTO

OFFSHORE

WIND

HUBS

IN

THE

PHILIPPINES

GW

ECREPORT09The

Philippines

is

at

a

critical

juncture

in

its

energytransition.

Rapideconomicgrowth,

increasingelectricitydemand,

and

continuedreliance

onimportedfossilfuels

are

placing

pressure

on

the

country

s

energy

system.

In

response,

the

government

has

set

ambitious

renewable

energy

targets,

positioning

offshore

wind

(OFW)

as

akeycontributortolong-term

energy

security,

decarbonisation,

and

economic

development.The

Philippines

possesses

significant

OFW

potential,

supported

by

favorable

wind

conditionsandextensivecoastalgeography.

Recentpolicy

advancements,such

as

the

allocation

of

OFW

service

contracts

and

initiatives

to

expeditepermitting

processes,

have

enhanced

market

interest

among

both

domestic

and

international

developers.Despite

this

strong

momentum,

OFW

remains

a

nascent

sector

in

the

Philippines.The

successful

deploymentofOFWprojectswill

dependnotonlyonresourceavailability

and

policy

support,

but

critically

on

the

readiness

of

enabling

infrastructure.

Among

these,

port

infrastructure

represents

one

ofthemostsignificantconstraints

and

opportunitiesforthesector.TheGlobalWind

EnergyCouncil(GWEC)

(the“Client”)appointed

Haskoning

(the

“Consultant”)todeliveracomprehensivestudythat

identifiesviable

business

models,

investmentpathways,andrevenuestreamsforOFWports

inthe

Philippines.Thestudy

focuses

on

2

portsPort

of

Bulalacao

andAgila

Subicusing

existing

information

and

steer

from

thenationalgovernmenttoassessthepotentialtodevelopthese

facilitiesintoOFW

hubs.Thestudyisstructured

around

5

core

sections:1.Carryingouta

port

capacity

assessment

to

systematically

evaluate

existingfacilitiesandfunctionsof2existingports,atBulalacaoandAgilaSubic,benchmark

their

readiness

for

OFW

support,

and

document

findings

throughsitevisits,datacollection,

and

gap

analysis2.Mapping

ownership

structures,

regulatory

frameworks,

and

key

stakeholders

to

support

the

legal

and

institutional

readiness

for

OFW

port

development

in

the

Philippines3.Assessing

infrastructure

upgrades,

facility

expansions,

and

develop

cost

estimatesforthe

2

port

locations,

including

phaseddevelopment4.DevelopingaPhilippines-tailoredOFWportbusinessand

revenue

model

with

high-levelfinancialprojections(CAPEX/OPEX,NPV,IRR,payback)forthe

2

ports

under

selected

scenarios.

This

includes

screening

of

allied

multi-usesectors,

producing

comparative

matrices

and

actionable

policy/investment

recommendationstosupport

long-term

portsustainability.5.AnalyzinguptofiveinternationalOFWport

casestudiestoextract

best

practices

and

actionable

insights

for

adapting

robust

OFW

port

strategies

in

the

Philippines.Stakeholder

engagement

and

validation

has

also

played

a

key

role

throughout

the

study

and

involving

a

broad

range

of

public

and

private

stakeholders

in

an

initial

project

briefing

session

and

a

concluding

roundtable

to

discuss

results.

Additional

targeted

stakeholder

engagement

occurred

at

port

locations,

including

site

visits

to

validatedataanddiscussions

withLocalGovernmentUnits(LGUs)andportoperators.10

VIABLE

BUSINESS

MODELS

TO

TRANSFORM

STRATEGIC

PORTS

INTO

OFFSHORE

WIND

HUBS

IN

THE

PHILIPPINES

GW

ECREPORTIntroduction2.OwnershipStructures&RegulatoryFramework3.1BackgroundandObiectivePortownershipandgovernancearrangementsshapehowportlandandinfrastructure

areowned,regulated,financed,andoperated,andthereforeinfluencethefeasibility

of

port

investmentsandupgrades

requiredtosupport

OFW

development.

A

detailed

definition

of

port

governance

concepts

and

internationally

recognised

port

governancemodelsisprovided

inAppendixA.Portgovernancemodelsaretypicallyclassifiedbyhowresponsibilitiesforownership,operation,and

regulationaredivided

betweenthe

public

and

privatesectors.

These

arrangements

determine

the

degree

of

public

oversight,

private

sector

participation,

and

investment

responsibility

across

port

functions.

The

most

widely

recognised

port

modelsi.e.,publicserviceport,tool

port,landlordport,corporatisedport,andprivate

service

port

rangefromfully

publictoentirely

privatisedoperations,

for

further

details

seeAppendixA.Landlord

ports

and

corporatised

ports

are

highly

suitable

as

OFW

ports,

as

long-

term

leases

and

concessions

enable

commercial

autonomy

with

private

financing,

development,andoperation.In

the

Philippine

context,

port

ownership

and

governance

are

predominantly

structured

under

a

landlord

governance

model,

with

public

ownership

of

land

and

port

infrastructure

retained

bythe

Philippine

Government.

Most

ofthe

Philippine

Ports

System

is

administered

by

the

Philippine

Ports

Authority

(PPA),

which

is

mandated

to

establish,develop,regulate,manage,andoperatearationalisednational

portsystem

that

supports

trade

and

national

development1.

Other

key

players

in

the

Philippine

PortsSystemincludenationalgovernmentagencies,

autonomousregionalport

bodies,andfreeportzoneauthoritieswhich

may

also

operate

under

a

corporatised

governancemodel.Privatesector

participation

in

port

development

and

operations

isfacilitatedthrough

arrangementsalignedwiththe

Public-Private

Partnership

(PPP)Codeofthe

Philippines

(Republic

Act

No.11966)

and

prevailingPPA

policies.

Under

this

framework,

port

terminaldevelopmentandoperationsmaybestructuredthroughsolicitedPPPprojects,

unsolicited

proposalssubjecttocompetitivechallengeor

jointventure

arrangements,

depending

on

project

characteristics,

risk

allocation,

and

investment

requirements.

These

mechanisms

allow

private

operators

to

participate

in

financing,

development,

andoperationwhilepublicownershipofport

land

is

maintained.Outside

thePPA-administeredportsystem,

specialeconomiczonesandfreeport

areasoperateunderdistinctgovernanceframeworksadministeredbytheirrespective

authorities,

allowing

longtermleases

and

joint

ventures

whilemaintaining

public

ownershipof

land.

Coordinationwith

local

government

unitson

landuse

planning

andlocal

permittingremainsessential

forthedevelopmentofOFW

portinfrastructure1Philippine

Ports

Authority,

Mission

and

Vision,

(see

Appendix

A).https://www.p.ph/missionvissionVIABLE

BUSINESS

MODELS

TO

TRANSFORM

STRATEGIC

PORTS

INTO

OFFSHORE

WIND

HUBS

IN

THE

PHILIPPINES

GW

ECREPORT113.CorporatisedPort

ModelHow

it

worksAportcompany/governmentcorporation

(GOCC)ownsandoperatestheportas

acorporateentity.Itmaydirectlyprovideportservicesorenterinto

concessions/partnershipsforterminaloperations,whileremainingunder

governmentoversight.Key

players&rolesDepartment

of

Transportation(DOTr)•

PolicyoversightandsectorcoordinationPort

Authority

/Port

Corporation**(e.g.,SubicBayMetropolitanAuthority–SBMAasportoperator)•

Ownslandandinfrastructure•

Operatestheportasacorporateentity.Philippine

PPP

Center•

Leadsandcoordi