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.