CEBU, Philippines - After reaping positive sales performance from its condominium units at the Persimmon, the 1.4 hectare urban village project located in Mabolo, Aboitiz Land Inc., is now on the planning stage of building another two towers that would cost around P8 million of investment.
“We are on the planning stage now. Soon, we will announce the construction of two more towers of Permission,” said AboitizLand vice president for sales, marketing and customer service Pia Mantecon.
AboitizLand president Andoni Aboitiz said in an earlier interview that the company is spending at least P4 million for every tower. Now, Persimmon” has two twin-towers. All the 157 units at Tower 1 are already sold out, while the other tower with the same number of units is currently 40 percent taken.
Last Friday, AboitizLand formally opened the commercial component called “Persimmon Plus” a support facility which offers a total leasable area of 2,200 square meters.
At present, there are already seven merchants operating at “Persimmon Plus,” these include; Mr. Coffee, Happy Roaster Home Furnishing Store, Urban Indulgence Family Organic Spa and Salon, Softwash Laundromat, Cebu Trip Tours, and Flores fashion shop.
The Permission is the first condominium residential project of AboitizLand and is the first integrated urban village in Cebu.
The company announced earlier that it is spending P2 billion this year, to introduce more residential projects in Cebu, including expansions of its existing developments.
Bigger chunk of the capital expenditure (capex) allocation for this year will be poured on the expansion of “Persimmon.” The company will be spending about P400 million for the construction of each tower.
Aboitiz said the company is on the constant lookout available land, for other projects, especially for condominium developments, as it has seen a strong take up of condominium units in Cebu, since the company offered the Towers 1 &2 units to the market.
Part of the expenditure will also be used to construct the commercial segment of its high-end residential project in Talamban—the Pristina North, including the Town Houses component of the chic subdivision.
AboitizLand’s middle-range subdivision project in the Southern part of the City, Kishanta, will also be expanded next year, as take up sales is also starting to gain some ground, he said.
The company expects to complete all the 628 condominium units at 1.4 hectare Persimmon project located in Mabolo area soon.
“[We noted] good performance of [real estate] sales especially in the condominium market. Some years ago we made judgment call that Cebuanos will embrace condo living,” Aboitiz said adding that today, the condo market is hitting very strongly and the projects a more competitive market in the next few years.
“We are studying some areas and good properties [around Metro Cebu] for our future condominium development projects,” he said.
Source: The Freeman Cebu
Showing posts with label Condotel. Show all posts
Showing posts with label Condotel. Show all posts
Tuesday, March 23, 2010
Friday, March 19, 2010
GMA inks land titling, tax info sharing laws
TWO LANDMARK LAWS -- one allowing the sharing of taxpayer information with foreign entities and another making it easier for Filipinos to secure land titles -- have been signed into law by President Gloria Macapagal Arroyo.
Approval of Republic Act 10021, or the Exchange of Information on Tax Matters Act of 2009, was prompted by the Organization for Economic Cooperation and Development’s (OECD) blacklisting the country as a tax haven last year.
"It is the declared policy of the State to promote and pursue tax environment that contributes in sustaining a favorable international investment climate and instills confidence in the adequacy and capacity of the country’s tax administration to comply with its commitments under existing international conventions or agreements on tax matters," Section 2 of the new law, signed by Mrs. Arroyo last March 5, states.
It allows the Bureau of Internal Revenue chief to inquire into bank deposits and other related information held by financial institutions following a requests by a foreign tax authority.
The new law likewise allows a foreign tax authority to examine the income tax returns of taxpayers in the country.
Local authorities had previously said they could not comply with the international tax information standard given bank secrecy laws, among others.
While the Philippines was quickly put on by the OECD on a "grey" list last year after local officials committed to pass relevant laws complying with an international tax standard, France last month said the country was on its list of tax cheat-friendly states.
Mrs. Arroyo, meanwhile, also signed into law Republic Act 10023, otherwise known as the Act Authorizing the Issuance of Free Patents to Residential Lands, last March 9.
It amended Commonwealth Act 141 or the Public Land Act.
The new law states that Filipinos who occupy untitled residential lands for at least 10 years -- down from the previous requirement of 30 years -- may apply for titles.
It also makes it easier for landowners to apply for titles as they simply have to apply for one at the Department of Environment and Natural Resources without the need to hire the services of a lawyer.
Landowners, however, will only be given titles as long as the land will be used for commercial purposes.
Banks are expected to benefit from the new law as the land titles can be used as collateral to secure loans from banks.
"This will boost lending since the landowners will now have collateral for borrowing," Chamber of Thrift Banks Executive Director Suzanne I. Felix said in a text message yesterday.
Source: Businessworld Online
Approval of Republic Act 10021, or the Exchange of Information on Tax Matters Act of 2009, was prompted by the Organization for Economic Cooperation and Development’s (OECD) blacklisting the country as a tax haven last year.
"It is the declared policy of the State to promote and pursue tax environment that contributes in sustaining a favorable international investment climate and instills confidence in the adequacy and capacity of the country’s tax administration to comply with its commitments under existing international conventions or agreements on tax matters," Section 2 of the new law, signed by Mrs. Arroyo last March 5, states.
It allows the Bureau of Internal Revenue chief to inquire into bank deposits and other related information held by financial institutions following a requests by a foreign tax authority.
The new law likewise allows a foreign tax authority to examine the income tax returns of taxpayers in the country.
Local authorities had previously said they could not comply with the international tax information standard given bank secrecy laws, among others.
While the Philippines was quickly put on by the OECD on a "grey" list last year after local officials committed to pass relevant laws complying with an international tax standard, France last month said the country was on its list of tax cheat-friendly states.
Mrs. Arroyo, meanwhile, also signed into law Republic Act 10023, otherwise known as the Act Authorizing the Issuance of Free Patents to Residential Lands, last March 9.
It amended Commonwealth Act 141 or the Public Land Act.
The new law states that Filipinos who occupy untitled residential lands for at least 10 years -- down from the previous requirement of 30 years -- may apply for titles.
It also makes it easier for landowners to apply for titles as they simply have to apply for one at the Department of Environment and Natural Resources without the need to hire the services of a lawyer.
Landowners, however, will only be given titles as long as the land will be used for commercial purposes.
Banks are expected to benefit from the new law as the land titles can be used as collateral to secure loans from banks.
"This will boost lending since the landowners will now have collateral for borrowing," Chamber of Thrift Banks Executive Director Suzanne I. Felix said in a text message yesterday.
Source: Businessworld Online
Monday, March 8, 2010
Real estate loans rise in ‘09
UNIVERSAL, commercial and thrift banks increased their exposure to the real estate sector in 2009 by extending more loans, central bank data showed.
Data released on Friday showed that total exposure of these lenders to the real estate sector reached P393.6 billion as of December, up by 9.4% from the previous year.
Universal and commercial banks accounted for almost three quarters of the total, while thrift lenders accounted for the balance.
“The additional exposure came primarily from real estate loans, which rose [by 9.67% year-on-year] to P383.7 billion,” a statement from the Bangko Sentral ng Pilipinas (BSP) explained.
“Investments in [debt and equity] securities issued by real estate companies also expanded by 1% to P9.9 billion.”
Total real estate exposure as ratio of banks’ total loans excluding loans they made between themselves rose to 14.47% from 13.96% from a year ago.
But Victor J. Asuncion, director for research and consultancy at CB Richard Ellis Philippines, Inc., downplayed the figures, pointing out that while loans to the real estate sector have been growing, the rise has been tempered by other funding sources available to developers.
“Real estate developers, if they can help it, don’t want to borrow from banks anymore... because loans that have floating rates make their borrowing costs more volatile... [Bank loans] are still a part of funding sources, but no longer the primary one,” he said.
Mr. Asuncion added that property companies prefer to fund projects with equity, bonds or from pre-selling projects, and the share of bank loans as a funding source could go down with the introduction of real estate investment trusts or REIT, a company that pools funds and invests these in properties.
Central bank data also showed that real estate loans for construction and development of commercial properties accounted for nearly three-fifths of total real estate loans at P221.1 billion, while the balance was granted for the construction or improvement of residential units by individual borrowers.
Of total real estate loans granted by universal and commercial banks, 73.7% or P203.1 billion were directed to commercial projects, while the balance of P72.6 billion went to residential purposes.
Thrift banks lent out P90 billion to finance the acquisition, improvement or construction of residential units for households, and provided only P18 billion for commercial real estate loans.
Soured real estate loans rose to P23.18 billion from last year’s P22.83 billion, but as percentage of total real estate loans, slid to 6.04% in December from 6.53% a year ago because of a higher growth in loans.
In February, BSP Deputy Governor Diwa C. Guinigundo said monetary authorities may further limit banks’ exposure to the real estate sector from the current 20% of total loans as a way of controlling excessive foreign capital flows that may stoke an asset price bubble.
The deputy governor noted that the central bank had done this before when it limited banks’ exposure to the real estate industry to 20% from 30% after the Asian financial crisis in 1997.
He said that while an asset bubble is unlikely to emerge in the Philippines, this policy tool is available to the BSP in case a slower than expected recovery in developed markets prompts investors to seek higher yields in emerging economies.
Source: Businessworld Online
Data released on Friday showed that total exposure of these lenders to the real estate sector reached P393.6 billion as of December, up by 9.4% from the previous year.
Universal and commercial banks accounted for almost three quarters of the total, while thrift lenders accounted for the balance.
“The additional exposure came primarily from real estate loans, which rose [by 9.67% year-on-year] to P383.7 billion,” a statement from the Bangko Sentral ng Pilipinas (BSP) explained.
“Investments in [debt and equity] securities issued by real estate companies also expanded by 1% to P9.9 billion.”
Total real estate exposure as ratio of banks’ total loans excluding loans they made between themselves rose to 14.47% from 13.96% from a year ago.
But Victor J. Asuncion, director for research and consultancy at CB Richard Ellis Philippines, Inc., downplayed the figures, pointing out that while loans to the real estate sector have been growing, the rise has been tempered by other funding sources available to developers.
“Real estate developers, if they can help it, don’t want to borrow from banks anymore... because loans that have floating rates make their borrowing costs more volatile... [Bank loans] are still a part of funding sources, but no longer the primary one,” he said.
Mr. Asuncion added that property companies prefer to fund projects with equity, bonds or from pre-selling projects, and the share of bank loans as a funding source could go down with the introduction of real estate investment trusts or REIT, a company that pools funds and invests these in properties.
Central bank data also showed that real estate loans for construction and development of commercial properties accounted for nearly three-fifths of total real estate loans at P221.1 billion, while the balance was granted for the construction or improvement of residential units by individual borrowers.
Of total real estate loans granted by universal and commercial banks, 73.7% or P203.1 billion were directed to commercial projects, while the balance of P72.6 billion went to residential purposes.
Thrift banks lent out P90 billion to finance the acquisition, improvement or construction of residential units for households, and provided only P18 billion for commercial real estate loans.
Soured real estate loans rose to P23.18 billion from last year’s P22.83 billion, but as percentage of total real estate loans, slid to 6.04% in December from 6.53% a year ago because of a higher growth in loans.
In February, BSP Deputy Governor Diwa C. Guinigundo said monetary authorities may further limit banks’ exposure to the real estate sector from the current 20% of total loans as a way of controlling excessive foreign capital flows that may stoke an asset price bubble.
The deputy governor noted that the central bank had done this before when it limited banks’ exposure to the real estate industry to 20% from 30% after the Asian financial crisis in 1997.
He said that while an asset bubble is unlikely to emerge in the Philippines, this policy tool is available to the BSP in case a slower than expected recovery in developed markets prompts investors to seek higher yields in emerging economies.
Source: Businessworld Online
Tuesday, March 2, 2010
Cebu City now Asia's top outsourcing city - survey
MANILA, Philippines - Cebu City emerged as Asia’s top outsourcing city, overtaking Chinese cities Shanghai and Beijing, a survey from one of the global outsourcing advisory firms showed yesterday.
Data from strategic advisory firm for global outsourcing and investments Tholons ranked Cebu City as the top Asian outsourcing city, followed by Shanghai and Beijing in China. Three other Philippine cities were included in the top 18 Asian outsourcing cities: Pasig, Quezon City and Mandaluyong.
However, the survey showed that Makati City, the country’s leading business district has slipped from the survey as a good BPO destination. Tholons showed that Makati City is no longer in the list of Asian cities included in the Top 50 Global Emerging Outsourcing Countries.
“It is unfortunate that the country’s acknowledged financial capital is losing out in the BPO boom. The impact is being felt by mostly the middle class residents of Makati who would otherwise be recipients of jobs and business opportunities in BPOs, especially call centers,” Makati Vice Mayor Ernesto Mercado said.
He also noted that allied sectors like construction and real estate have also been affected.
“While we read glowing accounts of investors being bullish about the Philippines as a BPO destination, most of them are locating in other cities in Metro Manila. As a result, residents in these cities get better opportunities for employment and livelihood, as well as skills training and education,” Mercado explained.
He said the city government has not been able to match the investments poured in by neighboring cities in education and infrastructure to suit the demands of BPO firms.
He also said the city government’s business support services have deteriorated, turning off many investors including BPO firms.
“I have received unflattering reports about the way city hall has been treating our businessmen and potential investors. This has greatly contributed to the drop in the city’s overall competitiveness as a business haven,” Mercado noted.
He said Makati needs to regain its competitive edge, starting with a city government-driven campaign to address weaknesses and problems with key business services.
“Makati needs to regain its competitive edge. The private sector is looking to the city government to institute programs to attract BPO investments. Sadly, city hall does not seem to realize the urgency of the problem,” Mercado said.
Source: The Philipp;ine Star
Data from strategic advisory firm for global outsourcing and investments Tholons ranked Cebu City as the top Asian outsourcing city, followed by Shanghai and Beijing in China. Three other Philippine cities were included in the top 18 Asian outsourcing cities: Pasig, Quezon City and Mandaluyong.
However, the survey showed that Makati City, the country’s leading business district has slipped from the survey as a good BPO destination. Tholons showed that Makati City is no longer in the list of Asian cities included in the Top 50 Global Emerging Outsourcing Countries.
“It is unfortunate that the country’s acknowledged financial capital is losing out in the BPO boom. The impact is being felt by mostly the middle class residents of Makati who would otherwise be recipients of jobs and business opportunities in BPOs, especially call centers,” Makati Vice Mayor Ernesto Mercado said.
He also noted that allied sectors like construction and real estate have also been affected.
“While we read glowing accounts of investors being bullish about the Philippines as a BPO destination, most of them are locating in other cities in Metro Manila. As a result, residents in these cities get better opportunities for employment and livelihood, as well as skills training and education,” Mercado explained.
He said the city government has not been able to match the investments poured in by neighboring cities in education and infrastructure to suit the demands of BPO firms.
He also said the city government’s business support services have deteriorated, turning off many investors including BPO firms.
“I have received unflattering reports about the way city hall has been treating our businessmen and potential investors. This has greatly contributed to the drop in the city’s overall competitiveness as a business haven,” Mercado noted.
He said Makati needs to regain its competitive edge, starting with a city government-driven campaign to address weaknesses and problems with key business services.
“Makati needs to regain its competitive edge. The private sector is looking to the city government to institute programs to attract BPO investments. Sadly, city hall does not seem to realize the urgency of the problem,” Mercado said.
Source: The Philipp;ine Star
Monday, March 1, 2010
Robinsons Land a driving force in Cebu
MANILA, Philippines - The strong domestic retail market continues to paved the way for more property developments and expansion not only in major urban centers like Metro Manila but throughout the country. The expansion is being followed rapidly by BPO and call center companies as they moved to the Next Wave Cities.
Cebu has taken advantage of these developments and has landed itself as the premier destination for BPO and call center companies because of the presence of the correct mix of critical infrastructure, ample and appropriate human resources and lower cost. Cebu was selected as one of the highest-ranking BPO destinations in Asia due to high literacy and labor pool, fiscal incentives and competitiveness.
Robinsons Cybergate Cebu, Robinsons Land Corporation’s latest Cebu project that integrates BPO office spaces in its newest shopping and lifestyle mall development has reinforce the company stature as a driving force in the industry and the main developer of BPO sites that offers a total live-work-play environment.
Cebu has taken advantage of these developments and has landed itself as the premier destination for BPO and call center companies because of the presence of the correct mix of critical infrastructure, ample and appropriate human resources and lower cost. Cebu was selected as one of the highest-ranking BPO destinations in Asia due to high literacy and labor pool, fiscal incentives and competitiveness.
Robinsons Cybergate Cebu, Robinsons Land Corporation’s latest Cebu project that integrates BPO office spaces in its newest shopping and lifestyle mall development has reinforce the company stature as a driving force in the industry and the main developer of BPO sites that offers a total live-work-play environment.
Wednesday, February 10, 2010
The GA Report: A fresh take on housing and property development
MANILA, Philippines - The phenomenal success of Globe Asiatique Realty Holdings Corp. in redefining mass housing and township development in the country has motivated the company to open another door of opportunity for most Filipino families who dream of owning their own home by conceptualizing an informative TV show which answers the questions posted by viewers interested in various aspects of housing, real estate and property development.
Aptly called The GA Report, the show airs over the ABS-CBN News Channel (ANC) with primetime telecast every Thursday, from 10:30 to 11 p.m. and replays every Saturday from 1 to 1:30 p.m. The show is slated to run until April 24, 2010. The program will also be telecast over The Filipino Channel (TFC), reaching a wide range of audience both here and abroad.
The program is hosted by Globe Asiatique president, successful entreprenuer and philanthropist Delfin Lee. It will be co-hosted by noted broadcaster, television personality and Clark Development Corp. Public Affairs manager, Angelo “Sonny’’ Lopez Jr.
“The GA Report wants to bring Filipinos closer to their dream of owning their own home by discussing relevant issues on housing, property development and tips on sustaining a progressive lifestyle,’’ Lee explained.
Lee has been vocal on his ambition to elevate the lifestyle condition of Filipinos through his company’s housing projects and make them affordable to income-challenged Pinoys.
As such, The GA Report aims to bring fresh concepts on housing and property development by making first time property buyers especially the overseas Filipino workers (OFWs) as well as Filipinos living abroad make an informed decisions on their investments.
By discussing relevant issues and concerns ranging from the most mundane such as how to go about obtaining a Pag-IBIG loan, interest rate computations, amortization schemes to presenting helpful tips and information on family life in a township community, the show aims to simplify and make information available to the masses and potential buyers.
The program is also envisioned to inspire start-ups as well as experienced entrepreneurs in the field of real state and property development.
Lee hopes the phenomenal success of Globe Asiatique in mass housing could inspire more businessmen and entreprenuers to take on the challenges of property developments and likewise set a noble goal of developing housing opportunities for low-income earners without the low quality standard that comes with that segment.
The GA Report also hopes to provide viewers with candid answers on housing and property development by presenting what people are drawn to such as security, good environment, community solidarity, and first class facilities.
With Globe Asiatique’s well established reputation as the leader in community and township development, Lee is confident that The GA Report has the credibility to present information on the advantages of living in a well planned township project.
“We are in the business of building communities and not just houses. The ordinary Filipino wants a better lifestyle, a higher standard of living for his children. We at GA are going all out to make this particular Filipino dream possible, and I believe we’ve been uniquely successful,’’ Lee was quoted as saying.
Likewise, the program will touch on city planning, corporate social responsibility, careers in the field of sales and so much more.
It will also feature various case studies and success stories of people who have made it as well as businesses and developments which continue to thrive.
Globe Asiatique, owned by the family of Delfin Lee, is a leading developer of mass housing communities and a prominent player in the high-rise residential condominium market. It is the company behind groundbreaking projects such as St. Monique Valais in Binangonan, Rizal; Xevera in Bacolor and Mabalacat town in Pampanga; Casa Ibiza in Antipolo; the Enclave in Angeles City; Chateau Valenzuela; GA Twin Towers in Mandaluyong; and the 38-storey GA Sky Suites in Quezon Avenue-soon to rise as the tallest building along Edsa.
The company is set to lauch more projects soon, including The Courtyard, the New Sta. Rosa Homes in Laguna, Sameerah in Angeles City and the Xevera Neo-Calapan in Mindoro.
During the first nine months of 2009, Globe Asiatique posted a net income of P300.1 million, 40 percent higher than its earnings a year earlier, on revenues of P3.02 billion.
Globe Asiatique is gearing up for its initial public offering (IPO) soon. The company said proceeds from the sale share will fund the development of the company’s housing projects on a wider, nationwide scale. It is currently awaiting the Securities and Exchange Commission (SEC) approval of its IPO registration filed late last year.
Source: The Philippine Star
Aptly called The GA Report, the show airs over the ABS-CBN News Channel (ANC) with primetime telecast every Thursday, from 10:30 to 11 p.m. and replays every Saturday from 1 to 1:30 p.m. The show is slated to run until April 24, 2010. The program will also be telecast over The Filipino Channel (TFC), reaching a wide range of audience both here and abroad.
The program is hosted by Globe Asiatique president, successful entreprenuer and philanthropist Delfin Lee. It will be co-hosted by noted broadcaster, television personality and Clark Development Corp. Public Affairs manager, Angelo “Sonny’’ Lopez Jr.
“The GA Report wants to bring Filipinos closer to their dream of owning their own home by discussing relevant issues on housing, property development and tips on sustaining a progressive lifestyle,’’ Lee explained.
Lee has been vocal on his ambition to elevate the lifestyle condition of Filipinos through his company’s housing projects and make them affordable to income-challenged Pinoys.
As such, The GA Report aims to bring fresh concepts on housing and property development by making first time property buyers especially the overseas Filipino workers (OFWs) as well as Filipinos living abroad make an informed decisions on their investments.
By discussing relevant issues and concerns ranging from the most mundane such as how to go about obtaining a Pag-IBIG loan, interest rate computations, amortization schemes to presenting helpful tips and information on family life in a township community, the show aims to simplify and make information available to the masses and potential buyers.
The program is also envisioned to inspire start-ups as well as experienced entrepreneurs in the field of real state and property development.
Lee hopes the phenomenal success of Globe Asiatique in mass housing could inspire more businessmen and entreprenuers to take on the challenges of property developments and likewise set a noble goal of developing housing opportunities for low-income earners without the low quality standard that comes with that segment.
The GA Report also hopes to provide viewers with candid answers on housing and property development by presenting what people are drawn to such as security, good environment, community solidarity, and first class facilities.
With Globe Asiatique’s well established reputation as the leader in community and township development, Lee is confident that The GA Report has the credibility to present information on the advantages of living in a well planned township project.
“We are in the business of building communities and not just houses. The ordinary Filipino wants a better lifestyle, a higher standard of living for his children. We at GA are going all out to make this particular Filipino dream possible, and I believe we’ve been uniquely successful,’’ Lee was quoted as saying.
Likewise, the program will touch on city planning, corporate social responsibility, careers in the field of sales and so much more.
It will also feature various case studies and success stories of people who have made it as well as businesses and developments which continue to thrive.
Globe Asiatique, owned by the family of Delfin Lee, is a leading developer of mass housing communities and a prominent player in the high-rise residential condominium market. It is the company behind groundbreaking projects such as St. Monique Valais in Binangonan, Rizal; Xevera in Bacolor and Mabalacat town in Pampanga; Casa Ibiza in Antipolo; the Enclave in Angeles City; Chateau Valenzuela; GA Twin Towers in Mandaluyong; and the 38-storey GA Sky Suites in Quezon Avenue-soon to rise as the tallest building along Edsa.
The company is set to lauch more projects soon, including The Courtyard, the New Sta. Rosa Homes in Laguna, Sameerah in Angeles City and the Xevera Neo-Calapan in Mindoro.
During the first nine months of 2009, Globe Asiatique posted a net income of P300.1 million, 40 percent higher than its earnings a year earlier, on revenues of P3.02 billion.
Globe Asiatique is gearing up for its initial public offering (IPO) soon. The company said proceeds from the sale share will fund the development of the company’s housing projects on a wider, nationwide scale. It is currently awaiting the Securities and Exchange Commission (SEC) approval of its IPO registration filed late last year.
Source: The Philippine Star
Tuesday, February 9, 2010
6%-7% increase in OFW remittances seen this year
MANILA, Philippines - Metrobank Group’s First Metro Investments Corp. (FMIC) and the University of Asia and the Pacific (UA&P) see the amount of money sent home by Filipinos abroad growing between six percent and seven percent this year with the expected gobal economic recovery.
FMIC and UA&P in its The Market Call Capital Markets Research said the growth of overseas Filipino workers’ (OFW) remittances would remain in double digit level this year with the gradual recovery from the gobal financial meltdown.
“And with the improvement of our host countries’ economies, we see remittances growing by six percent to eight percent this year,” the groups said.
The research note stated that OFW remittances would grow between four percent and six percent in the first quarter of the year.
“OFW remittance growth in US dollar terms will remain single digit in Q1, moving in a tight range of four percent to six percent, but in peso terms this will be closer to zero, thus giving little added stimulus to the economy,” FMIC and UA&P added.
The Bangko Sentral ng Pilipinas (BSP) sees OFW remittances growing by at least six percent this year from a record $17.1 billion last year.
Latest data from the BSP showed that OFW remittances climbed by 5.1 percent to $15.78 billion as of end-November last year from $15.019 billion as of end-November in 2008. This after it accelerated to its fastest level in 14 months after it grew by 11.3 percent to $1.459 billion in November last year from $1.311 billion in the same month in 2008.
Major sources of remittances included the US, Canada, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, Italy, and Germany.
“Though not as high as recorded in earlier years, US dollar remittances outperformed expectations of negative to flat growth by many foreign institutions. As expected, these remittances kept the Philippine economy buoyant while neighboring countries, except for Indonesia and Vietnam, saw their economies shrink in 2009,” it added.
FMIC an UA&P added that another driving force behind this is the increase in services such as money transfers and account transfers provided by commercial banks.
The groups said the appreciation of the peso against the dollar would continue to mitigate the effects of high OFW remittances on domestic consumption spending in the country.
According to the, OFW remittances could have gone up by 5.5 percent last year or better than the projected four percent growth forecast sey by BSP officials.
“Given the strong inflow of remittances during the Christmas holidays, we think that it is still possible for remittances to post 5.5 percent growth for 2009.”
Source: The Philippine Star
FMIC and UA&P in its The Market Call Capital Markets Research said the growth of overseas Filipino workers’ (OFW) remittances would remain in double digit level this year with the gradual recovery from the gobal financial meltdown.
“And with the improvement of our host countries’ economies, we see remittances growing by six percent to eight percent this year,” the groups said.
The research note stated that OFW remittances would grow between four percent and six percent in the first quarter of the year.
“OFW remittance growth in US dollar terms will remain single digit in Q1, moving in a tight range of four percent to six percent, but in peso terms this will be closer to zero, thus giving little added stimulus to the economy,” FMIC and UA&P added.
The Bangko Sentral ng Pilipinas (BSP) sees OFW remittances growing by at least six percent this year from a record $17.1 billion last year.
Latest data from the BSP showed that OFW remittances climbed by 5.1 percent to $15.78 billion as of end-November last year from $15.019 billion as of end-November in 2008. This after it accelerated to its fastest level in 14 months after it grew by 11.3 percent to $1.459 billion in November last year from $1.311 billion in the same month in 2008.
Major sources of remittances included the US, Canada, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, Italy, and Germany.
“Though not as high as recorded in earlier years, US dollar remittances outperformed expectations of negative to flat growth by many foreign institutions. As expected, these remittances kept the Philippine economy buoyant while neighboring countries, except for Indonesia and Vietnam, saw their economies shrink in 2009,” it added.
FMIC an UA&P added that another driving force behind this is the increase in services such as money transfers and account transfers provided by commercial banks.
The groups said the appreciation of the peso against the dollar would continue to mitigate the effects of high OFW remittances on domestic consumption spending in the country.
According to the, OFW remittances could have gone up by 5.5 percent last year or better than the projected four percent growth forecast sey by BSP officials.
“Given the strong inflow of remittances during the Christmas holidays, we think that it is still possible for remittances to post 5.5 percent growth for 2009.”
Source: The Philippine Star
Monday, February 8, 2010
Cebu gears up for tourist influx in 2010
While the global economic turmoil failed to shutdown growth of Cebu’s tourism industry, the anticipated slow recovery of international tourists will bring Cebu’s tourism at its peak starting 2010.
In fact, tourism stakeholders are already bracing themselves for the influx of foreign tourists, by adding more products and come-ons, expanding room accommodations, and boosting marketing efforts.
DOT figure showed that Cebu is the second most visited tourist destination
with 830,599 visitors, claiming 23 percent share of total arrivals.
Cebu continues to be the top destination for foreign tourists with 321,116 in the first semester.
Department of Tourism (DOT) secretary Joseph Ace Durano said that the expansion in air access from major tourist markets, including the new charter flights from Incheon, Busan, Shanghai, Guangzhou, and Kaohsiung as well as increase in room supply, aggressive promotion, public and private sector partnership to diversify the tourism products greatly contributed to the hike in visitor volume to Cebu.
As the year of the tiger—2010 enters, Durano said Cebu will continue to the one of top preferred destinations among foreign tourists, calling stakeholders to get ready for the influx.
Cebu’s tourism industry was able to manage an encouraging growth in 2009 amid the depressed economic landscape as it immediately captured the interest of the active domestic market.
Cebu City Marriott Hotel posted an improving occupancy rate towards the end of 2009, an indication that local tourism is on its way to recovery starting 2010.
The hotel’s general manager Roy Abraham reported that the premier business hotel in the City registered an average occupancy rate of 70 percent, higher than the industry rate.
According to Abraham the year 2009 started with weak occupancy turn out due to the effect of global recession, but starting third quarter of this year guests traffic started to pick up.
Generally, he said the economy is starting to recover, “US economy is starting to pick up.” Abraham added that indication of the recovery has already started and people are already starting to travel.
Record from the DOT-7 as of third quarter of 2009 showed that a total of 748,861 domestic tourists visited the region for the period, a 5.4 percent up from the 710,763 recorded in the same period of last year.
“The domestic travelers have been a key market for the Philippines especially with the onset of the global financial crisis where international market was slow,” said Tourism senior adviser Phineas Alburo.
Alburo credited the positive development in the domestic tourism activities to the active promotions of the department on Cebu’s leisure market.
He said aside from the province’s white beaches and world class resorts, the DOT has also positioned Cebu as a destination for Island Hopping, bird watching, diving, kayaking and other adventure type activities.
This year, despite the “perceived” financial difficulties, more Filipinos are traveling in the intra-country destination, and Cebu is one in the “top of the list” among Filipino travelers.
Tourism advocate and chairman for Cebu Visitors Convention Bureau (CVCB) Jay P. Aldeguer expects Cebu to lead the tremendous growth of the country’s tourism in 2010, helping the country hit the 5-million arrival target.
“Domestic tourism will continue to grow and still cushion the slow down in international travel,” Aldeguer said.
However, he said that the year 2010 “we should see some foreign markets return to normal as some economies around the globe are showing signs of recovery.”
In the national front, as the global outlook for tourism is going upward, the Philippine tourism industry is looking at a much brighter 2010.
“Throughout the global crunch, Philippine tourism remained optimistic and adaptive to the challenges. Being a key driver for economic growth in the country, the tourism industry continues to carry a positive outlook.
In spite of the difficulties, the sector continued to be strong because the over-all focus is on opportunities instead of the threats,” said Durano.
Durano made this positive pronouncement of the Philippine tourism trade following the release of Euromonitor’s International’s report, a market research group based in the United Kingdom, which said that 2010 is a better year for the tourism sector, citing new opportunities and innovation, and suggesting pro-active measures to reverse the slump to continue recovery.
Euromonitor International, recently released the World Travel Market (WTM) Global Trends Report, which extensive outlook is supported by the report by the latest edition of the UNWTO World Tourism Barometer, which indicated that “the rate of decline has eased from January to August of 2009,” and stated that a “moderate growth can be expected” for the following years.
The reports estimate that global travel bookings will pick up steadily in 2010 after ‘a challenging year,’ dotted with a change in the travel landscape in light of the global scenario.
According to the UNWTO’s initial forecast for 2010, “International tourist arrivals are likely to witness a moderate recovery next year, with 1-3 percent growth..
This outlook reflects the gradual improvement of international tourism figures in recent months, as well as the better-than-expected economic indicators in some major source markets.
The report further emphasized that, “Asia will show the strongest rebound, while Europe and the Americas will probably take longer to recover.”
Source: The Freeman Cebu
In fact, tourism stakeholders are already bracing themselves for the influx of foreign tourists, by adding more products and come-ons, expanding room accommodations, and boosting marketing efforts.
DOT figure showed that Cebu is the second most visited tourist destination
Cebu continues to be the top destination for foreign tourists with 321,116 in the first semester.
Department of Tourism (DOT) secretary Joseph Ace Durano said that the expansion in air access from major tourist markets, including the new charter flights from Incheon, Busan, Shanghai, Guangzhou, and Kaohsiung as well as increase in room supply, aggressive promotion, public and private sector partnership to diversify the tourism products greatly contributed to the hike in visitor volume to Cebu.
As the year of the tiger—2010 enters, Durano said Cebu will continue to the one of top preferred destinations among foreign tourists, calling stakeholders to get ready for the influx.
Cebu’s tourism industry was able to manage an encouraging growth in 2009 amid the depressed economic landscape as it immediately captured the interest of the active domestic market.
Cebu City Marriott Hotel posted an improving occupancy rate towards the end of 2009, an indication that local tourism is on its way to recovery starting 2010.
The hotel’s general manager Roy Abraham reported that the premier business hotel in the City registered an average occupancy rate of 70 percent, higher than the industry rate.
According to Abraham the year 2009 started with weak occupancy turn out due to the effect of global recession, but starting third quarter of this year guests traffic started to pick up.
Generally, he said the economy is starting to recover, “US economy is starting to pick up.” Abraham added that indication of the recovery has already started and people are already starting to travel.
Record from the DOT-7 as of third quarter of 2009 showed that a total of 748,861 domestic tourists visited the region for the period, a 5.4 percent up from the 710,763 recorded in the same period of last year.
“The domestic travelers have been a key market for the Philippines especially with the onset of the global financial crisis where international market was slow,” said Tourism senior adviser Phineas Alburo.
Alburo credited the positive development in the domestic tourism activities to the active promotions of the department on Cebu’s leisure market.
He said aside from the province’s white beaches and world class resorts, the DOT has also positioned Cebu as a destination for Island Hopping, bird watching, diving, kayaking and other adventure type activities.
This year, despite the “perceived” financial difficulties, more Filipinos are traveling in the intra-country destination, and Cebu is one in the “top of the list” among Filipino travelers.
Tourism advocate and chairman for Cebu Visitors Convention Bureau (CVCB) Jay P. Aldeguer expects Cebu to lead the tremendous growth of the country’s tourism in 2010, helping the country hit the 5-million arrival target.
“Domestic tourism will continue to grow and still cushion the slow down in international travel,” Aldeguer said.
However, he said that the year 2010 “we should see some foreign markets return to normal as some economies around the globe are showing signs of recovery.”
In the national front, as the global outlook for tourism is going upward, the Philippine tourism industry is looking at a much brighter 2010.
“Throughout the global crunch, Philippine tourism remained optimistic and adaptive to the challenges. Being a key driver for economic growth in the country, the tourism industry continues to carry a positive outlook.
In spite of the difficulties, the sector continued to be strong because the over-all focus is on opportunities instead of the threats,” said Durano.
Durano made this positive pronouncement of the Philippine tourism trade following the release of Euromonitor’s International’s report, a market research group based in the United Kingdom, which said that 2010 is a better year for the tourism sector, citing new opportunities and innovation, and suggesting pro-active measures to reverse the slump to continue recovery.
Euromonitor International, recently released the World Travel Market (WTM) Global Trends Report, which extensive outlook is supported by the report by the latest edition of the UNWTO World Tourism Barometer, which indicated that “the rate of decline has eased from January to August of 2009,” and stated that a “moderate growth can be expected” for the following years.
The reports estimate that global travel bookings will pick up steadily in 2010 after ‘a challenging year,’ dotted with a change in the travel landscape in light of the global scenario.
According to the UNWTO’s initial forecast for 2010, “International tourist arrivals are likely to witness a moderate recovery next year, with 1-3 percent growth..
This outlook reflects the gradual improvement of international tourism figures in recent months, as well as the better-than-expected economic indicators in some major source markets.
The report further emphasized that, “Asia will show the strongest rebound, while Europe and the Americas will probably take longer to recover.”
Source: The Freeman Cebu
In Cebu this 2010 Innoland to invest in big projects
CEBU, Philippines - The promising outlook for real estate sector in Cebu has prompted a Cebuano capitalist group to put its focus on the industry and readies to invest at least close to a billion pesos this year.
The company that developed three buildings, two of which are BPO buildings, the Sykes building and TG Universal (TGU) Building at the Asiatown IT Park, has created Innoland Development Corporation to pursue its active real estate developments for Cebu in the next few years.
At least three more big projects will be introduced by the new company within this year, one of which will be started before the May elections, said Innoland chief operating officer (COO) Charles Ong.
“These will be high-breed projects, something different for Cebu,” said Ong during the formal opening of the 16-story TGU Building at the Asiatown IT Park.
According to Ong, the company has positive outlook for Cebu’s real estate sector, “there’s a room for growth in the long term. Besides, we feel the passion to contribute to Cebu’s economy.”
The group, which is led by its chief executive officer (CEO) Joy Anthony Ong, expressed its seriousness in venturing into the real estate development for Cebu, and ultimately ventures projects in other regions, after building its name here.
In fact, Innoland consultant Tetta Ba-ad said the company is planning to enter into IPO (Initial Public Offering) for a long-term plan.
This new real estate development brand, although has not divulge the kind of projects it is going to venture into in the next couple of months, Ong only said that one of the projects will be the creation of a full-“green building” that will get and international accreditation for environment friendly building.
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 Asiatown IT Park. However, the group has not divulged the full description of the kind 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 need for today’s market.
According to Ba-ad, Innoland will not only concentrate in building projects contained in the urban areas in Cebu, but eventually it will also look at possibilities of developing other projects, such as resorts, residential, among others.
The company, is constantly on the look out for more opportunities to develop more real estate projects in Cebu, aside from the identified three projects that will be introduced under the Innoland brand in the next few months.
The group behind the InnoLand, is the same group that developed the Sykes Building in Mabolo, TGU Building. This time, the group has decided to put their future developments into one brand, indicating its seriousness in entering in full-time into the real estate business.
Innoland strives not only to create living and working spaces, but projects that are tempered buy respect for nature and environment. “Sustainability will be an important consideration in the design and implementation of our projects,” Ong concluded.
Source: The Freeman Cebu
The company that developed three buildings, two of which are BPO buildings, the Sykes building and TG Universal (TGU) Building at the Asiatown IT Park, has created Innoland Development Corporation to pursue its active real estate developments for Cebu in the next few years.
At least three more big projects will be introduced by the new company within this year, one of which will be started before the May elections, said Innoland chief operating officer (COO) Charles Ong.
“These will be high-breed projects, something different for Cebu,” said Ong during the formal opening of the 16-story TGU Building at the Asiatown IT Park.
According to Ong, the company has positive outlook for Cebu’s real estate sector, “there’s a room for growth in the long term. Besides, we feel the passion to contribute to Cebu’s economy.”
The group, which is led by its chief executive officer (CEO) Joy Anthony Ong, expressed its seriousness in venturing into the real estate development for Cebu, and ultimately ventures projects in other regions, after building its name here.
In fact, Innoland consultant Tetta Ba-ad said the company is planning to enter into IPO (Initial Public Offering) for a long-term plan.
This new real estate development brand, although has not divulge the kind of projects it is going to venture into in the next couple of months, Ong only said that one of the projects will be the creation of a full-“green building” that will get and international accreditation for environment friendly building.
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 Asiatown IT Park. However, the group has not divulged the full description of the kind 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 need for today’s market.
According to Ba-ad, Innoland will not only concentrate in building projects contained in the urban areas in Cebu, but eventually it will also look at possibilities of developing other projects, such as resorts, residential, among others.
The company, is constantly on the look out for more opportunities to develop more real estate projects in Cebu, aside from the identified three projects that will be introduced under the Innoland brand in the next few months.
The group behind the InnoLand, is the same group that developed the Sykes Building in Mabolo, TGU Building. This time, the group has decided to put their future developments into one brand, indicating its seriousness in entering in full-time into the real estate business.
Innoland strives not only to create living and working spaces, but projects that are tempered buy respect for nature and environment. “Sustainability will be an important consideration in the design and implementation of our projects,” Ong concluded.
Source: The Freeman Cebu
Friday, February 5, 2010
SEC okays FLI's P3-billion retail bond issue
MANILA, Philippines - The Securities and Exchange Commission has approved Filinvest Land Inc.’s registration of an additional P3 billion worth of fixed-rate retail bonds.
FLI, however, has postponed its planned bond issuance since it would be cheaper for the company to finance its projects by drawing on its bank lines and rediscounting part of its P6 billion unrediscounted receivables.
FLI said the company’s “internal cash generation is very strong, reducing the need for such debt funding at this time.”
The planned additional P3 billion bonds had similarly been assigned the highest rating of PRS Aaa by PhilRatings.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.
FLI earlier issued P5 billion bonds comprising P500 million due in 2012 and P4.5 billion due in 2014. The first bond series was assigned a rating of PRS Aaa in October 2009.
The rating took into consideration the following key considerations: strong growth of FLI’s real estate and leasing operations; its improving cash generation; conservative debt position; and financial flexibility.
The rating also reflects the following factors which were considered when the PRS Aaa rating was assigned to FLI’s P5-billion bond issue last October 2009: FLI’s diversified portfolio; focus on the mass housing segment which enhances FLI’s resilience; and favorable industry conditions.
Despite having to face a more challenging environment brought about by the global financial crisis and relatively weak GDP growth in the country, FLI’s revenues for the first nine months of 2009 were generally unchanged from the same period for the previous year.
The slight drop in real estate revenues, brought about by the overall decline in high-end property sales experienced industry-wide, was offset by the slight increase in FLI’s rental income. Although expenses were slightly higher, net income managed to register a 4.2 percent increase as a result of the lower corporate tax rate.
The company is expected to post increased growth from 2010 to 2015. Forecast hikes in real estate revenues will come from the strong performance of the affordable, middle-income and high-end segments.
Mid-rise buildings such as One Oasis-Cebu, One Oasis-Davao, One Oasis-Ortigas, Bali Oasis and the company’s first high-rise building, The Linear, will generate bulk of future revenues.
Rental income is also expected to augment FLI’s revenue generation, although at more modest growth levels. The improvement in leasing operation results will come from additional lease area and rental escalations.
FLI is also expected to benefit from the earnings potential of Cyberzone Properties Inc.’s (CPI) business process outsourcing (BPO) buildings through its acquisition of Africa-Israel Properties (Phils) Inc.’s 40 percent stake in CPI.
Source: The Philippine Star
FLI, however, has postponed its planned bond issuance since it would be cheaper for the company to finance its projects by drawing on its bank lines and rediscounting part of its P6 billion unrediscounted receivables.
FLI said the company’s “internal cash generation is very strong, reducing the need for such debt funding at this time.”
The planned additional P3 billion bonds had similarly been assigned the highest rating of PRS Aaa by PhilRatings.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong.
FLI earlier issued P5 billion bonds comprising P500 million due in 2012 and P4.5 billion due in 2014. The first bond series was assigned a rating of PRS Aaa in October 2009.
The rating took into consideration the following key considerations: strong growth of FLI’s real estate and leasing operations; its improving cash generation; conservative debt position; and financial flexibility.
The rating also reflects the following factors which were considered when the PRS Aaa rating was assigned to FLI’s P5-billion bond issue last October 2009: FLI’s diversified portfolio; focus on the mass housing segment which enhances FLI’s resilience; and favorable industry conditions.
Despite having to face a more challenging environment brought about by the global financial crisis and relatively weak GDP growth in the country, FLI’s revenues for the first nine months of 2009 were generally unchanged from the same period for the previous year.
The slight drop in real estate revenues, brought about by the overall decline in high-end property sales experienced industry-wide, was offset by the slight increase in FLI’s rental income. Although expenses were slightly higher, net income managed to register a 4.2 percent increase as a result of the lower corporate tax rate.
The company is expected to post increased growth from 2010 to 2015. Forecast hikes in real estate revenues will come from the strong performance of the affordable, middle-income and high-end segments.
Mid-rise buildings such as One Oasis-Cebu, One Oasis-Davao, One Oasis-Ortigas, Bali Oasis and the company’s first high-rise building, The Linear, will generate bulk of future revenues.
Rental income is also expected to augment FLI’s revenue generation, although at more modest growth levels. The improvement in leasing operation results will come from additional lease area and rental escalations.
FLI is also expected to benefit from the earnings potential of Cyberzone Properties Inc.’s (CPI) business process outsourcing (BPO) buildings through its acquisition of Africa-Israel Properties (Phils) Inc.’s 40 percent stake in CPI.
Source: The Philippine Star
Tuesday, August 25, 2009
Fuente Triangle to build more condotel properties
CEBU, Philippines - The property development arm of J. King and Sons Inc., Fuente Triangle Realty Development, plans to develop at least two more multi-billion-peso condotel properties in the country in the next two years, eyeing the top tourism destinations in the country.
Fuente Triangle vice president for sales and marketing Jose Ma. H. Gianzon announced that the company will build condotel properties in Bohol and Tagaytay starting next year. This is on top of the company’s P5 billion investment projects already being built in Cebu and in Boracay Island.
The company plans to build a P1.2 billion sprawling condotel facility on its recently acquired property in Tagaytay. It also purchased a three-hectare lot on Panglao Island in Bohol province to establish the first condotel on the island.
According to Gianzon, the Richard King-led company will break ground its development project in Bohol early next year.
Also, the Crown Regency Group, the hotel management arm of the J. King and Son’s Inc., recently got the hotel management operation of two condotel facilities in Metro Manila, the Regalla Towers, and Melenia Towers, with a total of 255 units.
Gianzon said the company believes that the next big thing to happen in the Philippines will be the influx of condotel investors coming in from different parts of the world. With the company’s wide network of Club Membership through the Club Ultima, through its partnership with Interval International with over 2,000 hotels and resorts partners all over the world.
To date, Fuente Triangle has built a total of 800 condotel rooms nationwide in Ramos Street in Cebu, and in Boracay. About 40 percent of the total available units are already sold-out, he said.
The company ‘s strong confidence to attract worldwide condotel investors is backed with its Club Membership benefits which allows condotel owners to enjoy free night stays in its partner hotel and resorts worldwide, while earning revenues in their condotel units in the Philippines.
For an investment of P5 million for instance, return of investments (ROI) is assured within a short period of time or at least seven years.
“We would like to attract global investors. Most of our sales so far came from external investments. Money is coming into the Philippines because of our attractive condotel offer,” he said in a press conference.
Prices of real estate properties have not gone down even during the hard times, it instead plateaud, he said adding that unlike in the United States wherein value of real estate products had gone further down than its original value.
The company is one of the most active developers in the country today in terms of building condotels, of which two developments are now being built in Boracay Island, to give premium benefits to the Club Ultima members, while condominium unit owners can earn hotel generated revenue from the Crown Regency hotel management.
"One way to confront the economic crisis is to offer good value investments and opportunities to people," Gianzon said.
The company has five operating hotels around the country, three in Cebu, one in Davao, and one in Makati, two more hotels will be opened soon in Boracay.
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