NEWSFLASH

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$3.5-B MULTI-NATIONAL PORO POINT DEVELOPMENT

San Fernando, La Union, January 1, 1998 - Aconsortium of Filipinos, Belgian, Italian and Singaporean firms is being formed to undertake the expansion of the Poro Point seaport at a cost of $3.5 billion.

The plan, under the Bases Conversion Development Authority (BCDA), involves converting the area into an international container terminal seaport. By reclaiming 250 hectares, the project can make available almost 600 hectares for development.

BCDA chairman Victorino Basco said Poro Point will have the same handling capacity as Subic and will include the Wallace Air Station.

Because of its strategic location, Poro Point's development will also spur economic growth in San Fernando, La Union, which is envisioned to turn into a dynamic growth center for Northern Luzon.