UK Company Firms Up Clark Investment

The Philippine Star 01/30/2002

LONDON (Via PLDT) — President Arroyo witnessed here the signing on Monday of a $850-million lease agreement between the Clark Development Corp. (CDC) and a British company for a world-class regional aircraft maintenance hub at Clark Field.

A visibly elated Mrs. Arroyo welcomed the investment contract entered into by the CDC led by its president Emmanuel Angeles and MACE Ltd., one of the international management consultancy firms in the United Kingdom.

The agreement was signed at The Dorchester where Mrs. Arroyo and her entourage are billeted.

Cesar Bautista, Philippine ambassador to the Court of St. James, told reporters more investment and joint venture agreements could have been signed here had the President stayed longer.

Bautista said more deals with British firms involving about $2-3 billion worth of investments were still being worked out.

Angeles said MACE Ltd. initially signed a memorandum of agreement for the 90-hectare aircraft maintenance hub last April 5 during the 54th birthday of Mrs. Arroyo when she also renamed the Clark international airport after her late father, President Diosdado Macapagal.

"Today, we signed and finalized the contract," he said. — Marichu Villanueva