ICDF grants SBMA request for loan grace period extension
By BERNIE CAHILES–MAGKILAT, Manila Bulletin
Taiwanese authorities have given verbal confirmation to Subic Bay Metropolitan Authority’s (SBMA) request for a 7-year extension on the grace period for its $23-million loan with the Taiwan International Cooperation and Development Fund (ICDF) and a new facility for the development of the second phase of the Subic Bay Industrial Park (SBIP) under the Rong Bang project or the so-called prosperity fund.
SBMA administrator and CEO Armand C. Arreza said they already got a verbal confirmation from ICDF, which is under the Ministry of Foreign Affairs.
Specifically, Arreza said that SBMA is seeking for a seven-year extension of the ICDF loan’s grace period to be able to use the $1.7-million annual interest for the construction of three standard factory buildings for the Freeport.
The $23-million ICDF loan was incurred in 1994. It is payable in 20 years with seven-year grace period at an interest rate of 2 percent interest.
The amount was used to develop the first phase of the SBIP, which houses 46 Taiwanese companies and is now fully occupied.
The ICDF has established long-term technical missions in partner countries of Taiwan. At the end of December 2003, 38 such missions were operating in 32 countries, staffed by 252 technical specialists in agriculture,
Taiwanese authorities have given verbal confirmation to Subic Bay Metropolitan Authority’s (SBMA) request for a 7-year extension on the grace period for its $23-million loan with the Taiwan International Cooperation and Development Fund (ICDF) and a new facility for the development of the second phase of the Subic Bay Industrial Park (SBIP) under the Rong Bang project or the so-called prosperity fund.
SBMA administrator and CEO Armand C. Arreza said they already got a verbal confirmation from ICDF, which is under the Ministry of Foreign Affairs.
Specifically, Arreza said that SBMA is seeking for a seven-year extension of the ICDF loan’s grace period to be able to use the $1.7-million annual interest for the construction of three standard factory buildings for the Freeport.
The $23-million ICDF loan was incurred in 1994. It is payable in 20 years with seven-year grace period at an interest rate of 2 percent interest.
The amount was used to develop the first phase of the SBIP, which houses 46 Taiwanese companies and is now fully occupied.
The ICDF has established long-term technical missions in partner countries of Taiwan. At the end of December 2003, 38 such missions were operating in 32 countries, staffed by 252 technical specialists in agriculture,
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