FedEx in Subic Bay lease deal

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.