CEBU, Philippines - Korean investor in Cebu are requesting for more flights from Korea and other foreign countries to Cebu to give boost to the already increasing number of tourist arrivals in the province and in the whole country in general.
Imperial Palace Waterpark and Spa General Manager Richie Kang said that they are hoping that the Department of Tourism would address the need for more flights coming in to Cebu.
Kang said during the weekly 888 news forum in Marco Polo Plaza Hotel that at present there are already flights from different airline companies like Korean Air however there is still a need for more.
He said that for Imperial Palace, almost 50 percent of their guests are Koreans while 25 percent are Japanese, Chinese and Europeans while 25 percent are locals.
These numbers are continually increasing said Kang since they go to different countries and promote not only their Imperial Waterpark but Cebu and the Philippines as well.
For the Korean market, Kang said that it decreased in the past year by 15 percent due to the economic crisis plus the A H1N1 scare in September to November.
However, he said that they have seen the numbers go up by December, which is also the summer break for Koreans, and since a lot of Korean parents send their kids to Cebu to learn English.
According to Kang, it is relatively cheaper for parents to send their kids to Cebu than to have it in Korea . He said that the presence of the students here, who spend a maximum of three to four months for their classes, go to Imperial Palace before they go back to Korea or when their parents visit them.
He also pointed out that Koreans see Cebu as one of the safest provinces.
Department of Tourism Senior Adviser Phineas Alburo said that with the help of the new tourism act or the RA 9593, the need for more flights would certainly be looked into especially with DOT Secretary Ace Durano appointed as the Vice Chairman of the Civil Aviation Board as per the new tourism act.
Alburo added that they are “optimistic but cautious” on a better tourism performance for 2010 despite a not fully recovered economy yet due to the global economic crisis.
In fact, he said that there is better performance now, arrival wise, and indicates a good year for the tourism industry.
Jenny Franco, the Vice President for Visayas for the Tourism Congress said that the matter of adding more flights for major destinations was even part of their strategic planning in the tourism board.
Franco said that this will certainly be given due attention especially since they have the Cebu Interline Association with them which could represent the private sector from the airline industry in Cebu .
The increasing tourists arrivals in the province would also be accommodated well said Senior Adviser Alburo with more hotels opening.
He said that also with Imperial Palace opening up, the 556 rooms are a welcome addition to the 14 thousand rooms all over Cebu.—
Source: The Freeman Cebu
Wednesday, February 17, 2010
Cebu's first IT incubation facility gets DOST support
CEBU, Philippines - The Technology Business Incubator (TBI), which is the first IT incubation facility in Cebu, is set to go full swing, after getting the full support of the Department of Science and Technology (DOST).
The TBI at the University of the Philippines Visayas Cebu College (UPVCC) provides both office space and services, where technology based start-ups can be nurtured and given knowledge and skills to succeed.
In a press conference, UPVCC Dean Enrique Avila said that this year TBI, in partnership with DOST and other support organizations like the Ayala Foundation, will roll out its services components to the potential techno-preneurs.
TBI Incubator manager Pauline Wade said that the establishment of the facility is one of the primary tools to arrest brain-drain, and promote “brain-gain” encouraging brilliant developers to start their own, and make their name in the world’s technology trade, rather than being employees of technology giant companies.
According to Wade, the incubator concept, just like what other countries are doing, is expected to lure more Filipinos to “come home again” and take advantage of their skills and become successful entrepreneurs.
UPVCC is one of the two universities in Cebu, which was given by the Commission of Higher Education (CHED) the recognition as “Center for Excellence” in Information Communication Technology (ICT).
Avila said that UPVCC is going to make IT as the anchor-course of the college. The TBI on the other hand, will provide a venue for students to pursue their innovations and software creations in order to be recognized in the market.
One of the concerns aired by the local techno-preneurs here, through the Cebu Software Development Association of Cebu (CebuSoft) is the continued piracy of brilliant developers by the technology giants, thus the local software development industry has remained struggling.
Source: The Freeman Cebu
The TBI at the University of the Philippines Visayas Cebu College (UPVCC) provides both office space and services, where technology based start-ups can be nurtured and given knowledge and skills to succeed.
In a press conference, UPVCC Dean Enrique Avila said that this year TBI, in partnership with DOST and other support organizations like the Ayala Foundation, will roll out its services components to the potential techno-preneurs.
TBI Incubator manager Pauline Wade said that the establishment of the facility is one of the primary tools to arrest brain-drain, and promote “brain-gain” encouraging brilliant developers to start their own, and make their name in the world’s technology trade, rather than being employees of technology giant companies.
According to Wade, the incubator concept, just like what other countries are doing, is expected to lure more Filipinos to “come home again” and take advantage of their skills and become successful entrepreneurs.
UPVCC is one of the two universities in Cebu, which was given by the Commission of Higher Education (CHED) the recognition as “Center for Excellence” in Information Communication Technology (ICT).
Avila said that UPVCC is going to make IT as the anchor-course of the college. The TBI on the other hand, will provide a venue for students to pursue their innovations and software creations in order to be recognized in the market.
One of the concerns aired by the local techno-preneurs here, through the Cebu Software Development Association of Cebu (CebuSoft) is the continued piracy of brilliant developers by the technology giants, thus the local software development industry has remained struggling.
Source: The Freeman Cebu
Tuesday, February 16, 2010
Cebu property owners, developers asked to submit more documents to increase city’s tax collections
IN order to improve the city’s tax-collection efforts, the Cebu City Council has passed an ordinance requiring property owners and developers to submit to City Hall more documents pertaining to any horizontal and vertical developments.
Source: Business Mirror
The ordinance, approved by the council last week, requires property owners and developers to submit to the city documents like service and supply contracts with their contractors, list of materials and suppliers, and contracts with subcontractors.
The documents will be required in getting building, occupancy and other permits from City Hall.
The author of the ordinance, councilor Nestor Archival, said the measure is two pronged: One is to encourage developers to hire Cebu City-based contractors; and two, for the City Treasurer’s Office to properly assess development as basis for the collection of real-property tax.
“We are creating a system where the Office of the Building Official [OBO] and the city treasurer have the same records,” Archival told the BusinessMirror. “This will ensure that developers and contractors will be honestly declaring their projects and they will be properly taxed.”
Archival said many contractors working on the city are actually from other cities and are just hiring subcontractors here. With the ordinance, the city government will be able to properly impose taxes on the developers who will, in turn, be encouraged to hire city-based contractors.
Underdeclaration of incomes by contractors will be caught when their projects seek for occupancy permits—which will reflect the magnitude of the projects they worked on. Developers cannot also underdeclare their developments as this will be cross-checked with documents from the contractor.
Archival said the ordinance will not create another layer of red tape as the documents required by the OBO and the treasurer must already be ready before projects start and the city is only asking for a copy.
The ordinance is also not meant to impose another layer of tax as the city is only relying on old tax codes and rates. The city treasurer and the OBO are only streamlining their process to be more efficient.
Source: Business Mirror
Remittances rise to $17.3B in 2009
THEY always knew their goal would be exceeded, and sure enough, on Monday, the Bangko Sentral ng Pilipinas (BSP) said overseas Filipino worker (OFW) remittances grew at an annual clip of 5.6 percent to hit $17.3 billion in 2009.
This was faster than the hoped-for growth of just 4 percent in a year when such flows were to suffer along with many others because of the global economic crisis.
BSP Governor Amando Tetangco Jr. never doubted the OFW remittances would remain resilient, no matter the dour forecasts that this important source of foreign exchange would fall victim to the global crisis as well. But according to BSP Deputy Governor and officer in charge Diwa Guinigundo, the cumulative remittances of overseas Filipinos coursed through banks were stronger than expected in 2009.
Instead of growth of just 4 percent as expected, these grew instead by 5.6 percent year-on-year to $17.3 billion, or $200 million more than target.
The 2009 level exceeded the BSP’s forecast of $17.1-billion remittance flows, or a 4-percent growth for the year.
Remittances from sea-based and land-based workers rose by 12.1 percent and 4.2 percent, respectively.
For December 2009 alone, remittances grew by 11.4 percent, registering the highest level at $1.6 billion, he said in a statement.
These flows provided strong support to domestic demand, allowing the country to evade a feared recession by actually growing 0.9 percent in terms of the gross domestic product (GDP).
The remittance level for the year accounted for 10.8 percent of GDP as it proved resilient amid the recent global financial crisis.
Guinigundo said the remittance flows were underpinned by factors, such as the sustained demand for Filipino workers overseas, specifically the skilled workers such as engineers, medical practitioners and teachers; and the conduct of bilateral talks with host countries which continue to open up new employment opportunities abroad for Filipinos and facilitate hiring of displaced workers who were affected by the global economic difficulties.
The remittance flows were also affected by the continued expansion of bank and nonbank service providers’ international and domestic market coverage to capture a larger share of the global remittance market, as well as the introduction of innovative products and services that cater to remitters’ specific needs.
The Philippine Overseas Employment Administration said 41.6 percent or 221,548 of the total approved job orders of 532,214 in 2009 were processed during the year, possibly adding to the stock of remitters.
Processed job orders comprised mainly of service, production, and professional, technical and related job categories needed in Saudi Arabia, Qatar, the UAE, Kuwait and Hong Kong.
The remaining 58.4 percent are still to be filled up.
The geographical diversification of OFWs has also contributed to the resilience of remittance flows.
Since not all host countries were severely affected by the global financial crisis, Middle East countries (Saudi Arabia, in particular, which is the major destination of OFWs) continue to absorb a significant number of deployed OFWs, including those that have been displaced elsewhere, Guinigundo said.
Source: Business Mirror
Monday, February 15, 2010
Robinsons Land posts double-digit first-quarter profit
The real estate arm of the Gokongwei Group of Companies reported double-digit profit growth in the first quarter of the current fiscal year buoyed by strong earnings from the flagship mall division.
In a filing to the local stock exchange Robinsons Land Corp. (RLC) said net income from October to December 2009 rose 28 percent to P869.2 million. This, on the back of combined revenues (which includes hotel revenues) which added 10 percent to P2.49 billion.
The growth was driven by the company’s 41-percent hike in the earnings of the commercial centers division, which accounts for over half of the company’s gross revenues or P1.4 billion.
“Significant rental increment was contributed by the newly opened malls in Dumaguete, Ilocos Norte, General Santos, Tacloban and Davao. Metro Manila malls led by Robinsons Galleria Ortigas also contributed to the growth while other provincial malls also posted decent growth in rental revenues,” said RLC.
This improved profit picture was also supported by interest income and movie revenues which amounted to P100 million and P164 million for the period, respectively. Without these, the segment still posted a 16-percent growth.
The high-rise and residential building division, which accounts for 22 percent or P603 million of revenues, saw a decline of 14 percent due to lower completion of several projects.
However, significant revenues were realized from recent projects such as East of Galleria, Gateway Garden Heights, McKinley Park Residences, The Fort Residences and Woodsville Viverde.
The office space and hotels segments each contributed about a tenth of total revenues at P264.8 million and P289.2 million, respectively. Office rentals were up 5 percent due to rental charges from Cybergate Centers 2 and 3. Lease income is derived from six office buildings, Galleria Corporate Center, Robinsons Equitable Tower, Robinsons Summit Center and Towers 1, 2 and 3 at Robinsons Cybergate Center.
Meanwhile, hotel revenues were higher by 3 percent due to the opening of Summit Ridge Tagaytay Hotel. The other existing hotels—Crowne Plaza Galleria Manila, Holiday Inn Galleria Manila and Cebu Midtown Hotel—posted occupancy rates of 76 percent, 79 percent and 50 percent, respectively.
The housing and land development division reported realized revenues amounting to P136.1 million, from P137.2 million during the same period last year, or a slight decline of 1 percent. This was brought about by lower percentage completion of various ongoing projects.
Shares of Robinsons Land added 2.17 percent to end Friday’s session at P11.75 each.
Source: The Business Mirror
Total budgets P300M for expansion efforts
FRENCH-owned Total (Philippines) Corp. has earmarked for this year more than P300 million
to expand its domestic business and operation systems, Ernst Wanten, the company president
and managing director, said on Wednesday.
At the inauguration of Total’s double-hulled, double-bottom MT Camille vessel, Wanten said the
company is here to stay amid the challenges faced last year.
“We will continue to invest in the Philippines. This year alone we have budgeted over P300
million to fund our expansion program,” said the Total executive.
Wanten added that they are ready to pour in more resources to meet the energy requirements
of the country should the right opportunities come along.
Part of its expansion program, Total recently upgraded its waterborne fleet with the acquisition
of MT Camille, a 3,651-deadweight-ton vessel, which is under an exclusive time charter with
Sun Marine Corp. Total said MT Camille is classified by the Korean Register of Shipping to
have been accredited by the International Association of Classification Societies (IACS). IACS
assesses a ship’s structural strength and integrity, power generation, function and reliability of
systems, and other built features with regard to maintaining essential services on board.
Total said MT Camille will also go through the company’s strict vetting process to make sure the
vessel complies with regulatory standards.
Wanten said industrial safety and environmental stewardship are paramount to his company.
He added that in the case of marine transport, the acquisition of MT Camille starts with strict
selection criteria for chartered ships, followed by one of the most stringent vetting processes in
the oil industry.
“And while current shipping policies mandate a 20-year age limit to ships over 30,000 tons, we
have a modern fleet with an average age of five years,” Wanten said.;
MT Camille, which was built in 2004, can attain an average speed of 11.5 knots while carrying a
capacity of as much as 4.12 million liters of different white petroleum (gasoline, diesel and
ethanol) products.
It is also equipped with computerized cargo handling, advanced navigational, oil pollution
prevention and first-class satellite communication systems.
Dexter Flores, Total vice president for operations, said the new vessel will improve the
efficiency of the company’s waterborne distribution network by as much as 30 percent. “Its
bigger capacity, faster speed and higher discharging rate mean that we will be able to deliver
more products to more customers in a much shorter time,” he added.
In November Wanten said they have programmed to invest P120 million in Cebu to expand their
retail network. “The plan to expand in the Visayas, through Cebu, is an indication of [Total’s]
long-term commitment of doing business in the country amid some issues that continue to
hound the industry,” he said.
Wanten said they are planning to construct at least eight to 10 retail stations in Cebu. The first
station, he added, is expected to open shortly after Christmas or before the end of the year.
Wanten said they plan to build three more retail stations around Cebu in the next six months.
The Total executive said they will also put up a P10-million depot in the province. The facility will
have a capacity to store 2 million liters of various fuel products although this can be easily
expanded to accommodate more inventory.
He added that they will continue to expand their retail stations in Luzon. “In the past 12 years of
its operations in the country, we have already invested P4 billion in the country. The focal point
remains to be Luzon since there are still a lot of opportunities in the island-region,” Wanten said.
Total has been expanding its sales network by about 10 to 15 stations every year.
Source: business Mirror
to expand its domestic business and operation systems, Ernst Wanten, the company president
and managing director, said on Wednesday.
At the inauguration of Total’s double-hulled, double-bottom MT Camille vessel, Wanten said the
company is here to stay amid the challenges faced last year.
“We will continue to invest in the Philippines. This year alone we have budgeted over P300
million to fund our expansion program,” said the Total executive.
Wanten added that they are ready to pour in more resources to meet the energy requirements
of the country should the right opportunities come along.
Part of its expansion program, Total recently upgraded its waterborne fleet with the acquisition
of MT Camille, a 3,651-deadweight-ton vessel, which is under an exclusive time charter with
Sun Marine Corp. Total said MT Camille is classified by the Korean Register of Shipping to
have been accredited by the International Association of Classification Societies (IACS). IACS
assesses a ship’s structural strength and integrity, power generation, function and reliability of
systems, and other built features with regard to maintaining essential services on board.
Total said MT Camille will also go through the company’s strict vetting process to make sure the
vessel complies with regulatory standards.
Wanten said industrial safety and environmental stewardship are paramount to his company.
He added that in the case of marine transport, the acquisition of MT Camille starts with strict
selection criteria for chartered ships, followed by one of the most stringent vetting processes in
the oil industry.
“And while current shipping policies mandate a 20-year age limit to ships over 30,000 tons, we
have a modern fleet with an average age of five years,” Wanten said.;
MT Camille, which was built in 2004, can attain an average speed of 11.5 knots while carrying a
capacity of as much as 4.12 million liters of different white petroleum (gasoline, diesel and
ethanol) products.
It is also equipped with computerized cargo handling, advanced navigational, oil pollution
prevention and first-class satellite communication systems.
Dexter Flores, Total vice president for operations, said the new vessel will improve the
efficiency of the company’s waterborne distribution network by as much as 30 percent. “Its
bigger capacity, faster speed and higher discharging rate mean that we will be able to deliver
more products to more customers in a much shorter time,” he added.
In November Wanten said they have programmed to invest P120 million in Cebu to expand their
retail network. “The plan to expand in the Visayas, through Cebu, is an indication of [Total’s]
long-term commitment of doing business in the country amid some issues that continue to
hound the industry,” he said.
Wanten said they are planning to construct at least eight to 10 retail stations in Cebu. The first
station, he added, is expected to open shortly after Christmas or before the end of the year.
Wanten said they plan to build three more retail stations around Cebu in the next six months.
The Total executive said they will also put up a P10-million depot in the province. The facility will
have a capacity to store 2 million liters of various fuel products although this can be easily
expanded to accommodate more inventory.
He added that they will continue to expand their retail stations in Luzon. “In the past 12 years of
its operations in the country, we have already invested P4 billion in the country. The focal point
remains to be Luzon since there are still a lot of opportunities in the island-region,” Wanten said.
Total has been expanding its sales network by about 10 to 15 stations every year.
Source: business Mirror
Saturday, February 13, 2010
BIR going after motels
MANILA, Philippines - To boost its revenue collection efforts, the Bureau of Internal Revenue (BIR) has set its sights on motels and restaurants this Valentine’s Day.
The BIR said it will run after owners of motels, inns, hotels and restaurants who will not declare their true income on Valentine’s Day in order to evade taxes.
Such establishments usually earn large profits during the day of hearts.
BIR Deputy Commissioner Lucita Rodriguez told The STAR that these establishments would be placed under discreet surveillance to verify if the owners report and pay correct taxes.
She clarified that the program is not meant to harass couples who patronize these establishments.
“The only intention of the bureau is to collect correct taxes,” she said.
“We would not check who will patronize these establishments, especially the motels, but see the frequency of their clients,” she added.
Most of these establishments are also expected to profit from groups that will hold their Valentine’s parties or Juniors-Seniors prom, she added.
Rodriguez said the move is in line with the BIR’s program to increase tax collection.
She said they would conduct their discreet operations on Feb.13, 14 and 15 or before and after Valentine’s Day.
Source: The Philippine Star
The BIR said it will run after owners of motels, inns, hotels and restaurants who will not declare their true income on Valentine’s Day in order to evade taxes.
Such establishments usually earn large profits during the day of hearts.
BIR Deputy Commissioner Lucita Rodriguez told The STAR that these establishments would be placed under discreet surveillance to verify if the owners report and pay correct taxes.
She clarified that the program is not meant to harass couples who patronize these establishments.
“The only intention of the bureau is to collect correct taxes,” she said.
“We would not check who will patronize these establishments, especially the motels, but see the frequency of their clients,” she added.
Most of these establishments are also expected to profit from groups that will hold their Valentine’s parties or Juniors-Seniors prom, she added.
Rodriguez said the move is in line with the BIR’s program to increase tax collection.
She said they would conduct their discreet operations on Feb.13, 14 and 15 or before and after Valentine’s Day.
Source: The Philippine Star
Friday, February 12, 2010
BY MID 2010: Newly opened I.T. bldg expects 100% occupancy
CEBU, Philippines - TG Universal (TGU), one of the newest buildings that opened at the Cebu Asiatown IT Park, expects to be 100 percent occupied by middle of this year.
Shortly after it soft opened last year, TGU attracted 20 occupants, that filled in the 16-story structure developed by Business Ventures Corporation.
The company’s chief operating officer Charles Ong said that aside from those who expressed interest to locate at the building, the existing companies now occupying office spaces in the building are also expanding.
To date, big names in the IT sector have made their office-base at TGU building, these include; IBM Global Delivery Center, Bombardier Transportation (Shared Services) Philippines Inc., Xlibris Philippines Inc., Windward Software Philippines Inc., Playtech—Bingames Limited, eBusiness BPO Inc., Next2Web, Taylor Science and Technology Philippines Inc., among others.
According to Ong, TGU which is the largest building in terms of gross floor area within the cyberpark, is expected to be fully occupied by the middle of this year.;
Business Ventures Corporation, which is also the developer of Sykes building in Mabolo, spent more than P700 million for the construction of the state-of-the-art IT building, to take advantage of the strong demand for BPO spaces in Cebu.
Ong, whose family core business is into real estate (apartment rentals, warehousing), said that the family decided to diversify its business to building development targeting the BPO investors because of the good prospect for this kind of development.
For this reason, the company has decided to focus on investing its money on the real estate trade in Cebu, with the establishment of a new brand, called “Innoland” which allocates close to a billion pesos capital expenditure (capex) for this year, to build three more sophisticated buildings within the metropolis.
Ong described one of its upcoming projects as an internationally-accredited “Green Building” that will put Cebu in another dimension of attracting investors that are looking for environment friendly structures.
The first project that will be started by the company in the next couple of months will be located in a 3,000 square-meter lot at the Asia Town IT Park. However, the group has not divulged the full description of the nature of project.
Innoland has done extensive research and feasibility study for Cebu real estate sector. “The market is different now—sophisticated, tech-savvy, well informed, and conscious of the environment,” Ong said.
Thus, the company’s line of projects will incorporate the different and sophisticated needs of today’s market.
Source: The Freeman Cebu
Shortly after it soft opened last year, TGU attracted 20 occupants, that filled in the 16-story structure developed by Business Ventures Corporation.
The company’s chief operating officer Charles Ong said that aside from those who expressed interest to locate at the building, the existing companies now occupying office spaces in the building are also expanding.
To date, big names in the IT sector have made their office-base at TGU building, these include; IBM Global Delivery Center, Bombardier Transportation (Shared Services) Philippines Inc., Xlibris Philippines Inc., Windward Software Philippines Inc., Playtech—Bingames Limited, eBusiness BPO Inc., Next2Web, Taylor Science and Technology Philippines Inc., among others.
According to Ong, TGU which is the largest building in terms of gross floor area within the cyberpark, is expected to be fully occupied by the middle of this year.;
Business Ventures Corporation, which is also the developer of Sykes building in Mabolo, spent more than P700 million for the construction of the state-of-the-art IT building, to take advantage of the strong demand for BPO spaces in Cebu.
Ong, whose family core business is into real estate (apartment rentals, warehousing), said that the family decided to diversify its business to building development targeting the BPO investors because of the good prospect for this kind of development.
For this reason, the company has decided to focus on investing its money on the real estate trade in Cebu, with the establishment of a new brand, called “Innoland” which allocates close to a billion pesos capital expenditure (capex) for this year, to build three more sophisticated buildings within the metropolis.
Ong described one of its upcoming projects as an internationally-accredited “Green Building” that will put Cebu in another dimension of attracting investors that are looking for environment friendly structures.
The first project that will be started by the company in the next couple of months will be located in a 3,000 square-meter lot at the Asia Town IT Park. However, the group has not divulged the full description of the nature of project.
Innoland has done extensive research and feasibility study for Cebu real estate sector. “The market is different now—sophisticated, tech-savvy, well informed, and conscious of the environment,” Ong said.
Thus, the company’s line of projects will incorporate the different and sophisticated needs of today’s market.
Source: The Freeman Cebu
Thursday, February 11, 2010
RLC rolling out 11 new residential projects
MANILA, Philippines - Robinsons Land Corp. (RLC), the property development arm of Gokongwei holding firm JG Summit Holdings Inc., is rolling out 11 new residential projects to fill in the strong demand for low-to middle-income housing.
In a filing with securities regulators, RLC said it is awaiting the issuance of a license to sell a total of 5,008 housing units covering 11 new projects.
These projects are Monte Del Sol, Costa Verde, Forest Parkhomes North, Hanalei Heights , Brighton Parkplace North, Montclair Highlands , Sitio Andalucia, St. Bernice Estates, Nizanta Gardens , Vimana Verde Residences and Grand Tierra.
RLC said it plans to develop at least three new housing projects a year. To further expand its landbank and geographic base, the company is in various stages of negotiations for the acquisition of approximately 203 hectares in key regional cities throughout the country.
For its residential buildings division, RLC said it plans to build at least three new projects annually. As of end-September 2009, RLC had a portfolio of 29 residential condominium projects located in Metro Manila and Cebu , of which 16 had been completed and 13 projects under various stages of development.
“The company’s business plan for its residential buildings division is to develop new projects in response to actual and anticipated market demand.
The company believes that the potential for growth is in the affordable to middle-cost high-rise condominium developments and in the middle-cost to high-end horizontal residential segments of the market,” RLC said.
For its commercial center division, RLC had 10 new shopping malls in the planning and development stage for completion in the next two to three years to sustain its growth momentum.
For its fiscal year ending September 2009, RLC had opened five malls: Pulilan, Bulacan; Tagaytay; Davao; Tacloban and Gen. Santos City and a redeveloped mall in Tarlac City. It currently operates 26 shopping malls, comprising six malls in Metro Manila and 20 malls in other urban areas throughout the Philippines, with a gross floor area of approximately 1.43 million square meters.
The commercial centers division’s main revenue stream is derived from the lease of commercial spaces. Historically, revenues from lease rentals have been a steady source of operating cash flow for the company.
RLC expects that the revenues and operating cash flow generated by the commercial centers business shall continue to be the driver for the company’s growth in the future.
Source: The Philippine Star
In a filing with securities regulators, RLC said it is awaiting the issuance of a license to sell a total of 5,008 housing units covering 11 new projects.
These projects are Monte Del Sol, Costa Verde, Forest Parkhomes North, Hanalei Heights , Brighton Parkplace North, Montclair Highlands , Sitio Andalucia, St. Bernice Estates, Nizanta Gardens , Vimana Verde Residences and Grand Tierra.
RLC said it plans to develop at least three new housing projects a year. To further expand its landbank and geographic base, the company is in various stages of negotiations for the acquisition of approximately 203 hectares in key regional cities throughout the country.
For its residential buildings division, RLC said it plans to build at least three new projects annually. As of end-September 2009, RLC had a portfolio of 29 residential condominium projects located in Metro Manila and Cebu , of which 16 had been completed and 13 projects under various stages of development.
“The company’s business plan for its residential buildings division is to develop new projects in response to actual and anticipated market demand.
The company believes that the potential for growth is in the affordable to middle-cost high-rise condominium developments and in the middle-cost to high-end horizontal residential segments of the market,” RLC said.
For its commercial center division, RLC had 10 new shopping malls in the planning and development stage for completion in the next two to three years to sustain its growth momentum.
For its fiscal year ending September 2009, RLC had opened five malls: Pulilan, Bulacan; Tagaytay; Davao; Tacloban and Gen. Santos City and a redeveloped mall in Tarlac City. It currently operates 26 shopping malls, comprising six malls in Metro Manila and 20 malls in other urban areas throughout the Philippines, with a gross floor area of approximately 1.43 million square meters.
The commercial centers division’s main revenue stream is derived from the lease of commercial spaces. Historically, revenues from lease rentals have been a steady source of operating cash flow for the company.
RLC expects that the revenues and operating cash flow generated by the commercial centers business shall continue to be the driver for the company’s growth in the future.
Source: The Philippine Star
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