NEWSFLASH

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BILLION-PESO INDUSTRIAL PARK TO RISE IN CAGAYAN DE ORO

Manila, Nov. 20, 1997 - A consortium led by All Asia Capital Trust corporation and Cagayan Electric Power and Light Company will develop a 200-hectare industrial park in Cagayan de Oro at the cost of P1.5 billion.

The project was announced to the press yesterday by Ramon Abaya, president and CEO of First Cagayan De Oro Business Park Inc.

The project will rise in the Phividec Industrial Estate and will be developed in three phases. Locators inside the park will need at least P200 million to set up a medium-scale factory on a 5,000-square meter lot.

Abaya said they re targeting investors from Korea and the United States for the first phase of the project, which will be fully operational by the end of 1999.

The advantages of Cagayan de Oro over Manila include a 40-percent cost advantage in start-up and operational expenses. It is also 30 percent cheaper to develop industrial lots in Cagayan de Oro.

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