Oregon Public Broadcasting

The Port of Portland approved a 25-year lease with a Filipino port management company Wednesday. OPB's Sam Sanders reports.

International Container Terminal Services Inc. agreed to a deal worth nearly $70 million for the Port.

The Philippines-based company will lease Terminal 6, the port's container and breakbulk facility.

Elvis Ganda is CEO of the new operation:

Elvis Ganda: "I'm not joining just a small operation in Portland, but I'm joining an international terminal operator with global experience and a network that's really gonna help drive the business into this port."

The vote from the Port of Portland board was unanimous. Under the deal, the Port will retain security and maintenance duties for Terminal 6.

Full management of Terminal 6 is expected to be handed over to ICTSI in 2011.