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Company offers funds for projects
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Posted on Feb 19 1999
A Guam-based company has offered to assist the Commonwealth Ports Authority carry out all the airport and seaport projects in the Northern Marianas by providing the needed money at a low interest rate.
FRC-B&M Corp. is willing to design, build and finance the projects under a payment plan that will commence 18 months after receiving the go signal to proceed.
Under a negotiable payment plan, the company will offer an interest rate ranging from 2.5 percent to 7.5 percent, depending on the amount to be financed, said Jesus I. Taisague, vice president of FRC-B&M Corp., in a letter to Roman Palacios, board chairman of CPA.
The ports authority has suspended the implementation of various projects due to shrinking revenue as a result of Asia’s financial crisis. Burdened with a $53 million debt, CPA is planning to raise the airport fees to meet its financial obligations.
According to the company, it will adopt a Contractor’s Quality Control Plan, that will include an adequate number of qualified individuals to ensure that the contract plans and specifications are met.
FRC-B&M Corp. was specifically formed to provide the resources needed for the various capital improvement projects in the CNMI. It will make available the management professionals, supervisors and craftsmen who have successfully completed projects in the Philippines, CNMI, Republic of Palau, Yap State outer islands, Kosrae State and the Federated States of Micronesia.
FRC Construction, an independent dealer to a company in the United States, has been supplying construction materials including pre-engineered metal buildings to contractors in Guam and the Republic of Palau.
B&M Construction, based on the island-municipality of Rota is engaged in the construction of affordable single-family housing, constructed commercial and school buildings. It is an approved contractor for the NMI Retirement Home Loan Program and the Northern Marianas Housing Corp. Home Loan Program.
The company also intends to seek the participation of local contractors and suppliers in the project.
