Press Releases
Hong Kong, September 6, 1999 - Federal Express Corporation (FedEx)
and the Subic Bay Metropolitan Authority (SBMA), announced a new
contract extending the lease agreement on FedEx's Asia Pacific Hub
at the Subic Bay Freeport Zone until 2007.
The official contract signing which took place last Friday was
witnessed by President Joseph Ejercito Estrada at the Malacaņang
palace and was attended by Michael L. Ducker, FedEx's president
for Asia Pacific and SBMA chairman, Felicito C. Payumo.
The new term takes effect on the date it was signed by both parties
and represents a five-year extension of the lease which was due
to terminate in 2002.
"This extended lease agreement clearly shows FedEx's confidence
in the Subic Bay Freeport Zone," says SBMA Chairman, Felicito Payumo.
"With the Philippines strengthening its niche in the business of
manufacturing high-value products such as electronics and semiconductors,
having a strong partner from the express transportation industry
such as FedEx is indeed an advantage."
FedEx strengthened its position in the Asia region when it established
its hub operations in Subic Bay in 1995. At the same time, FedEx
launched its AsiaOne network which today is the region's most extensive
express air cargo transport network connecting 17 major cities across
the Asia Pacific.
"This lease extension reflects FedEx's commitment not only to Subic
Bay in the Philippines but to the Asia region as a whole," says
Michael L. Ducker, FedEx's president, Asia Pacific Division.
"Our Asia Pacific Hub in Subic Bay, being the nerve center of our
AsiaOne network, is an integral part of our operations in the region.
With the new contract signed and sealed, both FedEx and SBMA can
concentrate on working together and planning for the future," explained
Ducker.
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