TODAY'S BUSINESS HEADLINES

Winning Korean bidder seeks reduction in $440.88-million price tag for Angat power plant

Pag-Ibig mulls P5 billion investment in stocks

Asia Brewery eyes dairy manufacturing hub in Laguna for exports to Southeast Asia

Philippines' forex surplus up a third at end-May

Globe sets P7-billion debt sale to finance Bayan takeover

Philippine, Singapore air talks bog down

InterAksyon.com means BUSINESS

MANILA - Air talks between the Philippines and Singapore bogged down on Thursday because of unresolved issues.

"Parties could not agree on the outstanding issues for now. The parties adjourned tonight and agreed to resume talks after six months," Carmelo Arcilla, Civil Aeronautics Board executive director,  told Interaksyon.com.

He said the unresolved issues pertain to 5th freedom traffic rights, which refers to the right to fly passengers to third countries from a country with which the airline's home-country has an outstanding air services agreement.

Arcilla earlier said the Philippine air panel will seek more flight entitlements outside Manila from Singapore.

Last April, the governments of the Philippines and South Korean agreed to amend their air service agreement by increasing entitlements to 28,500 seats per week to all points in the Philippines from 19,000 per week.

The Aquino administration is pursuing air talks as part of its open skies policy.

Under Executive Order 29, airports other than the Ninoy Aquino International Airport would be opened to more foreign traffic.

The government aims to generate six million tourists, three million jobs and $4.6 billion in tourism revenues by 2016, allowing the sector to contribute 6.35 percent to gross domestic product.

 

InterAksyon.com means BUSINESS

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