Philippines Approves $3.7 bln worth of new PPP projects
Philippine President Benigno Aquino on Friday gave authorities the go-ahead to offer for tender 165.6 billion pesos ($3.7 billion) worth of new infrastructure projects under his flagship Public-Private Partnership program in line with efforts to upgrade ageing roads, airports and ports. The country needs private funds to upgrade and modernise its dilapidated infrastructure as it aims to lift its growth rate upwards to 8 percent so it can catch up with its richer Southeast Asian neighbours. To be included in the pipeline of projects that could be offered to investors soon under a PPP scheme are the following: operation and maintenance of the Puerto Princesa Airport (5.23 billion pesos…
Aboitiz Transport Sells 2 Ships
Aboitiz Transport System Corp., the transportation arm of Cebu-based conglomerate Aboitiz Equity Ventures Inc., is selling two vessels for $39m, with the first already delivered to the buyer, Pacific Asia Shipping Co. Ltd., a Marshall Islands-registered company. The company, in a disclosure to the stock exchange, said the delivery of the vessel formed part of the memorandum of agreement it entered with Pacific Asia Shipping regarding the sale of SuperFerry 17 and SuperFerry 18. The delivery of the second vessel is scheduled in the first quarter of 2007, the company told the stock exchange. To ensure continued operations, the company has brought back its SuperFerry 19 vessel it chartered out earlier this year.
