Philippines-based port operator International Container Terminal Services Inc. (ICTSI) has revealed that it expects to spend only half of its US$530m established budget for this year and limit expansion plans as global growth is slowing down.
The company’s chairman and president, Enrique Razon, told Bloomberg that “the growth picture of the global economy is not looking too great,” adding that the port operator’s profit is mostly due to the acquisition of new terminals rather than to organic growth.