BOI approves 2 new projects worth P2.71B

The Board of Investments (BOI) has approved two new projects with a combined cost of P2.71 billion.

These projects include the installation of machine readable passport and machine readable visa equipment of the Philippine Passport Corp. (Philpass) valued at P2.6 billion and the construction of the P210-million state-of-the-art eye care medical center of the Asian Eye Institute Inc. (AEI).

Philpass, a 100-percent Filipino-owned corporation, will design, develop, construct and finance the machine readable passport and visa project of the Department of Foreign Affairs (DFA) under a build-operate-transfer (BOT) arrangement.

Aside from providing support to basic government and social services, the Philpass project will provide extensive labor and employment estimated at P596 million for the duration of the project.

Philpass’s operation is expected to contribute P1.17 billion in foreign exchange earnings resulting from visa applications worldwide.

The Asian Institute Inc., on the other hand, is the new operator of a medical service facility.

It will operate an eye care center where full-time eye specialists will practice their profession using state-of-the art technology and equipment.

AEI will establish, operate, manage, own and maintain training medical and development centers, hospitals and clinics.

The firm will have specialists who will diagnose and prescribe treatment for all eye diseases without the need to refer the patient to other centers or clinics.

The eye center will have a capability for telemedicine, real time remote consultation and video conferences. This system will allow access for co-management of subspecialty patients in remote areas.

In addition, AEI has linkages with foreign institutions to allow referrals and long distance eye examinations by foreign experts.

The firm will locate at Rockwell Center in Makati City and will start operation by October 2002.