Subic locator pledges P.54 million for Olongapo scholars | SubicNewsLink

22 April 2009

Subic locator pledges P.54 million for Olongapo scholars

A Korean firm engaged in property development in this free port has committed more than a half million pesos to support “financially-constrained but intellectually capable” students in the neighboring city of Olongapo.

The financial assistance from Neorex Philkor, a registered business locator in Subic, was announced by Olongapo City mayor James “Bong” Gordon Jr. to a cheering audience of government officials and employees at the city’s public park recently.

Expressing his appreciation on behalf of his constituents for Neorex Philkor Inc.’s support of the city’s educational program, Gordon said the financial assistance “would enable more youth in Olongapo to continue with their education.”

Gordon, representing the city, has signed a memorandum of agreement (MOA) with Neorex Philkor president Hong Sik Park on March 31, 2009 for the provision of the financial assistance from the Subic firm.

Under the agreement, Philkor has pledged to provide a monthly assistance of $1,000 or its equivalent in Philippine currency for a period of one year. In one year, the assistance would total $12,000 or about P540,000.

The city government, meanwhile, agreed to furnish Neorex Philkor with a list of students to be benefited by the firm’s educational sponsorship..

Gordon said that through the city’s scholarship program, financially constrained but intellectually capable young Olongapeños will receive full scholarship grants in elementary, high school and college levels.

He added that the college-level beneficiaries can avail of full scholarship for any two- or four-year academic courses at Gordon College in the city.

The scholarship assistance by Neorex Philkor to the Olongapo City government was praised meanwhile by officials of the Subic Bay Metropolitan Authority (SBMA), which has initiated community outreach projects involving business locators in the Freeport.

SBMA Administrator Armand Arreza said Neorex Philkor’s “involvement in local community development is commendable, and mirrors the SBMA’s commitment to serve as a catalyst for growth in the Subic Bay area and beyond.”

“It’s a good example that we hope would inspire other locators to do the same,” he added. (SBMA Corporate Communications)