• Thu
  • Nov 20, 2014
  • Updated: 3:46pm

FedEx in Subic Bay lease deal

PUBLISHED : Friday, 10 September, 1999, 12:00am
UPDATED : Friday, 10 September, 1999, 12:00am
 

Federal Express Corp and the Subic Bay Metropolitan Authority (SBMA) have signed a contract to extend the lease of FedEx's Asia-Pacific hub at Subic Bay Freeport Zone until 2007.


The official contract-signing, witnessed by Philippine President Joseph Estrada at Malacanang palace, was attended by FedEx Asia-Pacific president Michael Ducker and SBMA chairman Felicito Payumo.


'This extended lease agreement clearly shows FedEx's confidence in the Subic Bay Freeport Zone,' Mr Payumo said.


The new five-year contract will take effect when the existing contract expires in 2002.


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