Atty. Arthur Yap, president and CEO of the Philippine International Trading Corporation, and Dr. Ron Saunders, chairman and Chief Executive of Norstrad Scientific Group, shake hands after signing two memorandums of agreement on countertrade at the Rizal Room of the Philippine Embassy in London. Ambassador Cesar B. Bautista (center) witnessed the signing. Others in photo are (l-r) Consul Leo Herrera Lim, Anna Noble of Global Trade Group, Robert Spriddell of the Rotch Group, Mark Quinn of Global Trade Group, Commercial Attaché Vicente Casim, and Nigel Dicks of Crown Scientific Ltd.

Two countertrade agreements to supply anti-terrorism equipment and maritime traffic information systems, with a total value of $274.7 million, were signed recently at the Philippine Embassy in London in the presence of Ambassador Cesar B. Bautista.

The signatories were Philippine International Trading Corporation president and CEO Atty. Arthur Yap and Norstrad Group chairman Dr. Roger Saunders. Mark Quinn, senior managing director of Global Trade Group Ltd and Nigel Dicks, managing director of Crown Scientific Ltd, participated in the signing.

The final beneficiaries of the agreement will be the Philippine National Police and the Philippine Ports authority. Countertrade agreements are covered by Executive Order No. 120 and are implemented for the Philippines by the PITC.

Mr. Quinn said the countertrade agreements will cover technology transfer, training and development, education infrastructure, and information technologies. The countertrade program further aims to make the twin projects operate on a self-sustaining basis by making the Philippines a technology and training hub for anti-terrorism and maritime traffic management for both developed and developing countries, particularly in Asia.

Atty. Arthur Yap attributed the success of the countertrade project to the initiative of President Gloria Macapagal Arroyo who expressly directed the PTIC to pursue and complete the negotiations. For his part, Ambassador Cesar Bautista said that the use of countertrade should be maximized in the Philippines to beef up the country’s development projects, which would otherwise be hampered by traditional cash flow problems.

The Ambassador added that this arrangement would have a positive impact on the President’s priority projects, which include fighting terrorism and upgrading the country’s maritime industry.