Philippine, RI firms sign deals

Philippine, RI firms sign deals

MANADO, North Sulawesi (JP): Indonesian and Philippine
companies have signed six memorandums of understanding (MOU) to
cooperate in the development of telecommunications, tourism and
fishery in the East ASEAN Growth Area (EAGA).

The agreements were signed here this week at the end of the
ministerial meeting between members of the EAGA, which also
includes Brunei and Malaysia.

PT Bintang Utara Bumibahari Manado and South Star Telecom of
the Philippines agreed to carry out a joint study on
communication systems, design, installation and commissioning for
marine, air and land applications, with an investment commitment
of around US$15 million.

PT Asa Engineering Pertama Jakarta and R.D. Fishing Industry
Inc. of the Philippines pledged to jointly build a hotel in
General Santos City on the Philippines' Mindanao island with an
investment of around $38 million.

PT Transfina Citra Manado and its Philippine partner, Kaman
Enterprises Inc., agreed to carry out a joint collaboration to
explore business opportunities in any of the EAGA member
countries. The other six companies would cooperate in tourism-
related activities but the amount of investment commitments have
not been determined.

Other 13 business deals were signed in Davao City of the
Philippines last month during the first meeting of the EAGA
private sectors.

The EAGA was established early this year to create a free
trade area encompassing Maluku, Sulawesi and West and East
Kalimantan in the eastern part of Indonesia, Sabah and Sarawak in
the eastern part of Malaysia, Brunei and the Philippines'
Mindanao island.(hen)