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Article: AFP bags countertrade worth $6 M.(Business)
- Article from:
- Manila Bulletin
- Article date:
- August 23, 2004
CopyrightCOPYRIGHT 2004 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Armed Forces of the Philippines (AFP) recently received an estimated $6.1 million worth of offset packages under the Countertrade Program of the Philippine International Trading Corporation.
This was disclosed by PITC president and chief executive office Anthony A. Abad who said the countertrade benefits were the results of the AFPs procurement of some $7.6 million worth of high frequency single side band transceivers form Harris Corporation which was awarded following a public bidding. The purchase was in line with the AFP Modernization Program.
Under the PITC arranged countertrade, Harris is obliged to perform 80 percent offset amounting to $6.2 ...