Jaido sets up Subic park

Jaido sets up Subic park

SUBIC BAY, Philippines (AFP): The influential Japan International Development Organization (Jaido) signed a memorandum of agreement to set up a 180-hectare (445-acre) industrial park, it was announced here yesterday.

Jaido director Takeshi Kuragaki and Richard Gordon, head of the agency working to convert the former US naval base at Subic into a freeport and light industrial zone, signed the agreement late Tuesday to set up a park for Japanese and other companies.

Gordon said it would be the "first step in a major Japanese presence" in the Philippines, adding that Jaido would invite other Japanese corporations to take part in a joint venture to develop the park.

Gordon said the development of the Jaido park would be similar to the 300-hectare (741-acre) industrial park in Subic being constructed mainly for Taiwanese firms, using about US$23 million in official loans from Taipei.