Federal Express allots USD450mln for Philippine hub
FedEx has alloted USD450 million to relocate its hub in Asia by 2007 to the Diosdado Macapagal International Airport (DMIA) from its present site at the Subic Bay International Airport (SBIA).
FedEx has a 12-year lease contract with the Subic Bay Metropolitan Authority (SBMA). Though its contract has yet to expire in 2007, the firm needs to start constructing its new hub in Clark this year to ensure smooth transition of its cargo operations.
Adelberto Yap, president and chief-executive-officer of Clark International Airport Corp. (CIAC), said FedEx has yet to maintain Subic for two years after 2007 for scaling down operations.
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