Bohol News Daily

News, Events, Press Release and Updates in Bohol and Around the Philippines

Navy lots for lease to business groups

Written by magnolia_eic on 29 July 2010

Manila, Philippines– In a visit to the 24th anniversary of the Philippine Star, President Benigno Aquino III has bared that negotiations for the lease of the Navy’s major facilities on Roxas Boulevard and in Taguig City for private commercial development in order to raise funds for the fleet’s modernization are already in its advanced stages.

He also said the private developer is willing to give an initial $100 million as goodwill money, enough for the Philippine Navy to purchase four new ships to patrol the country’s 36,000 nautical miles of coastline. He noted that the Navy currently has 32 ships in its fleet, and most of these vessels are older than him. Mr. Aquino is 50 years old. The President has refused to name the developer until the deal has been finalized.

Such lease proposal has been mentioned by President Aquino during his State of the Nation Address.

In response to President Aquino’s announcement, Philippine Navy Spokesman Lt. Col. Edgard Arevalo said
“The Philippine Navy welcomes this development,” adding that the Navy needs to modernize, but has no money, such that alternative sources of funding are needed.

Click here for full story from The Philippine Star

Bookmark or Share this Article to