Gene Cariño, UDMC chairman and CEO, said that when Yu discussed the joint venture agreement between S&T Motiv and UDMC which was signed on Tuesday, “He was very happy. He was very pleased with the business model of producing firearms here (in the Philippines). He said that’s what he wants.”Yu said the joint venture agreement involves a comprehensive cooperation between the two companies for firearms manufacturing and supply, and possible expansion into the overseas markets. The plans, Yu pointed out, depend on how much the joint venture is able to expand. ADVERTISEMENTYu explained about doing business in the Philippines, “Demand is here so that we can enjoy our business here in the Philippines.

Source: Philippine Daily Inquirer September 28, 2018 07:41 UTC