NEWSFLASH

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INDIA INVESTING IN RP RAILWAY REHAB

Manila, April 29, 1998 - The New Delhi-based Rail India Technical and Engineering Services is interested in participating in the North Luzon Railway, the rehabilitation of the Philippine National Railway's Luzon line and the P200-billion pan-Mindanao railway.

The Philippines recently concluded bilateral talks with India to facilitate investment flow between the two countries.

Specifically, the talks were intended to boost the development of a nationwide railway system.

The Bilateral Investment Agreement, which was concluded last week, involves the granting of national treatment to Indian investments in the Philippines and vice versa.

This means Indian investments in the Philippines will be accorded the same treatment as Philippine investments in the country, while Philippine investments in India will be accorded the same treatment as investments by Indian nationals in India.

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