Philippines wins more contracts
Philippines wins more contracts
SUBIC BAY, Philippines (AFP): Philippine officials signed key infrastructure contracts with foreign firms here yesterday as this former U.S. naval base stepped up preparations to host a 1996 summit of leaders of Pacific Rim economies.
President Fidel Ramos was on hand to witness the signing of the 18 contracts, including the privatization of Subic's water system and the establishment of an integrated information system, to get it ready to host the fourth Asia Pacific Economic Cooperation (APEC) summit.
Richard Gordon, head of the Subic Bay Metropolitan Authority which is supervising the sprawling military facility's conversion into an economic zone, said 21 seaside presidential villas were being built, and declared the free port would be ready to host the meeting, scheduled for late 1996.
The total costs of the projects were not immediately disclosed.
Ramos was with Gordon to mark the third anniversary of the 1992 turnover of Subic Bay by the United States to the Philippines.
Among the contracts signed yesterday were the privatization of Subic's water and sewerage system under a joint venture with British firm Biwater International Inc. and local construction firm D.M. Consunji Inc.
City project
An "integrated city project" known as "Cybercity" was also signed with computer and communications firms, Gordon said. The firms will set up an information technology system here useful for identification systems, trade inventories, and law enforcement among others, he added.
Alcatel Cable, American Telephone and Telegraph Co. (AT and T), Compaq Computer Corp., IBM Corp. subsidiary Lotus Development Corp., Microsoft Corp., Sun Microsystems Inc., Oracle Corp. and Cable Tron Systems were some of the companies that signed the contract to build "Cybercity."
New agreements with Thomson Audio Phils., a local unit of France's Thomson Consumer Electronics SA, two Taiwanese firms and Japanese firm Koryo Juyshi Co. Ltd. were also signed, Gordon said.
A firm called International Ventures Estate will construct 21 villas, a media center and a conference hall in Subic for the APEC meet next year, he said, adding that a fiber-optic cable linking Manila to Subic would be in place for the summit.
Ramos said that "190 companies with US$1 billion in investments" had come in to do business at Subic since the U.S. turnover, adding that total exports from the freeport increased to 126 million pesos ($4.8 million) as of 1995 from 19 million pesos in 1994.
"Subic ... will acquire a universal identity as a major gateway for the world to our shores," Ramos said in his speech.
He reiterated that the hosting of the APEC meet in Subic would not be as lavish as the preparations of Osaka, Japan, which spent more than $60 million to host last week's APEC meet.
Ramos said the summit would cost 400 million pesos ($15 million), as he expected private sector contributions to lower Manila's expenses for the meet.