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)