FOR IMMEDIATE RELEASE November 22, 1996
Marianna Ohe (202) 565-3200
(MANILA, THE PHILIPPINES) -- The Export-Import Bank of the United States (Ex-Im Bank) gave preliminary approval today to $225 million in financing to support the sale of U.S. equipment and services for The Philippines' Mabuhay II telecommunications satellite.
At a ceremony in Manila, Ex-Im Bank President and Chairman Martin A. Kamarck signed a Letter of Interest as a first step toward financing the second ever Philippine satellite. Earlier this week the Philippines inaugurated the ground station for the Mabuhay I satellite, also supported by Ex-Im Bank.
These two important projects launch the Philippines into the forefront of telecommunications technology as we enter the 21st Century, as well as supporting thousands of high-quality American jobs, Kamarck said at the signing ceremony. Secretary of Commerce Mickey Kantor and U.S. Ambassador to the Philippines Thomas Hubbard also participated in the ceremony.
Kamarck's visit to the Philippines coincides with the meeting here of government and business leaders in the Asia-Pacific Economic Cooperation (APEC) forum.
The document signed expresses Ex-Im Bank's interest in providing a $225 million direct loan or loan guarantee backing the sale of satellite, earth station, launch vehicle and insurance for Mabuhay II. U.S. exporters have not yet been selected for the project.
Ex-Im Bank is an independent government agency that helps create American jobs by financing and promoting the sale of U.S. goods and services around the world.