NEWSFLASH

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HITACHI, TOSHIBA JOIN $100-M CLARK PROJECT

Clark Field, Jan. 19, 1998 - Ten big Japanese corporations, including Hitachi and Toshiba, have been granted an 8.8-hectare area at the Clark Special Economic Zone (CSEZ) where they are investing $100 million to build assembly plants for computers and household appliances.

Alexander Joanino, president and CEO of the Philippine-Japan International Corporation, informed the CSEZ that construction will begin next month on 10 buildings that will house modern assembly plants.

President Romeo David of the Clark Development Corporation explained that foreign capital is attracted to Clark because of incentives such as 25 years of tax-free privileges on their operations as well as on the goods and parts they import for the factories.

In exchange, the investors pay Clark 5% of their gross income as their contribution for the maintenance and supply of facilities such as electricity, water, communications, security, modern land and air transportation systems between Clark and Manila and the unlimited supply of trainable workers.

Joanino told David that about 70%% of the finished products from the factory site will be exported to Japan and other countries while 30% will be distributed in the local market.

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