Royal Ventures Signs NHA MOA in Canada
Manila Bulletin- 2002-02-01

President Gloria Macapagal Arroyo and Canada Trade Minister Pettigrew (standing behind GMA) witnessed the signing of the NHA-RVCDI housing MOA by Royal Technologies Group chairman Vic De Zen (seated, left) and NHA general/CEO Edgardo Pamintuan (seated right). At left of De Zen and beside GMA is RVCDI chairman Antonino Agozzino. calls for an initial investment of U.S. $12.0 M.

OTTAWA, Canada (via PLDT) -- President Gloria Macapagal-Arroyo yesterday
reaped multi-million dollars worth of foreign investments for the Philippines as
she successfully capped her two-day state visit to this country.

Top Canadian business leaders responded favorably to the invitation of President
Arroyo for them to invest in the Philippines.

Six business agreements were signed here between the Filipino and Canadian
groups in the areas of housing, tourism, oil and petroleum eqiptment, and steel.

Topping the list of business agreements is an agreement between the National
Housing Authority and the Royal Ventures Construction Development, Inc. (RVCDI)
that will provide housing for policemen, teachers, other government employees,
GSIS, Pag-ibig, and SSS members, and over-seas Filipino workers.

The agreement is expected to generate an estimate P587.7 million worth of
investments to the Philippines.

The project will cover the development of the Royal Meadows Subdivision into a
socialized housing project and the construction of a total of 3,397 core row
housing units.