Friday, February 15, 2008 [ philstar.com ]
SUBIC BAY FREEPORT — Freeport Service Corp. (FSC), a subsidiary of the Subic Bay Metropolitan Authority (SBMA), may have to close because of a financial crisis, the new company president revealed recently.
Antonio Rex Chan, who was appointed last month as FSC president by President Arroyo, said “urgent measures” are necessary now to prevent the closure of the 15-year old company that provides services to both the SBMA and business locators here.”
At the root of the financial crisis, Chan said, are a deficit of P7 million incurred by the firm as of January 2008, and more than P70 million in outstanding loans and debts that have to be paid. > >> [ full story ]
______________________
