Opportunity knocks

Article Abstract:

Subic Bay has attracted the first client to help it develop into the world-class business center that Philippine President Fidel Ramos promises. US air-freight carrier Federal Express will begin regular operations at Subic Bay Intl Airport in July, escalating to five daily flights by the end of 1995. Fedex has long sought a regional hub to supplement Tokyo, and Subic Bay will eliminate many inefficiencies. The airport authorities, now working on improving their runway and radar, hope for $1.65 million annually.

Airports, flying fields, & services, Airports, Airport Operations, Transportation policy, Transportation, Subic Bay Naval Base, Philippines

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Lending to government

Article Abstract:

Philippine banks have derived a steady profit from being called on by the government to issue large numbers of Treasury Bills to pay for the country's chronic budget shortfalls. The resulting earnings have allowed the banks to survive the nation's economic doldrums. Closure of financially ailing banks by the central bank and the elimination of banking corruption lingering from the days of Pres Marcos are among the causes of increased competition among Philippine banks.

Banking industry, Economic aspects

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