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Sandiganbayan nixes Jinggoy, Napoles’s bid for dismissal

THE Sandiganbayan on Friday dismissed Janet Lim-Napoles and former Senator Jose “Jinggoy” P. Ejercito Estrada’s pleas to dismiss their plunder case, stating that the evidence presented by the prosecution could lead to their conviction.

The Fifth Division of the anti-graft court said in its Resolution dated June 13 that the prosecution denied Mr. Estrada’s demurrer to evidence he filed last March regarding his plunder case which is linked to the allocation of his Priority Development Assistance Fund (PDAF) to non-existent non-government organizations (NGOs) managed by Ms. Napoles, since evidence of the prosecution is strong enough to prove his role in transferring the funds.

“(T)his court is convinced that the prosecution presented sufficient evidence both testimonial and documentary which established each element of the crime of plunder against the accused,” the resolution said.

A demurrer to evidence is an option for the accused to seek the dismissal of the case due to lack of evidence on the part of the prosecution.

The former senator, who lost his latest senatorial bid in the May 13 elections, allegedly received more than P55 million from Ms. Napoles in the PDAF scam.

The Sandiganbayan also stressed that the prosecution established that Mr. Estrada was able to allocate his PDAF in Ms. Napoles’ NGOs for a commission of 40 to 60% of the PDAF, in which both shared the kickbacks.

Based on the demurrers Mr. Estrada and Ms. Napoles filed, they stressed that the proof filed before the Sandiganbayan did not show that plunder had been committed.

Now that their demurrer has been dismissed, they have to present evidence that will prove their innocence in court. — Gillian M. Cortez

PDEA denies some travel expenses lacked documentation

THE Philippine Drug Enforcement Agency (PDEA) denied reports that some P74 million in domestic travel expenses were insufficiently documented after the Commission on Audit (CoA) flagged the agency.

In a statement released Friday, PDEA Director General Aaron N. Aquino said that the documents supporting P22.45 million in travel expenses had already been submitted to the commission by the agency through its Finance service last May.

According to CoA’s 2018 annual report, the PDEA had P110.82 million in domestic travel expenses but eight of the domestic vouchers (DVs) and liquidation reports pertaining to the P22.45 million had insufficient documentation such as office/travel orders, approved itineraries, tickets, and boarding passes, among others.

The PDEA also clarified the report of the state auditor which said that 101 DVs worth P51.83 million were submitted but were not supported with official receipts. It said the DVs refer to various suppliers paid by the agency but which were under the LDDAP (List of Due and Demandable Accounts Payable), a bank transaction mode of payment that replaced the old check payment system in line with COA rules.

“We are adhering to all COA rules and regulations, however, pagkabayad naming sa suppliers through bank deposits, hindi na sila nagbibigay ng official receipts (after payment to suppliers through bank deposits, they no longer give official receipts,” Mr. Aquino was quoted as saying in the PDEA statement.

The statement said that Mr. Aquino had, on several occasions, asked COA to “reconsider check issuance as a mode of payment to make sure that PDEA will be issued Official Receipt upon releae of payment.”

PDEA said it asked it suppliers to immediately issue the official receipts which were lacking. — Vann Marlo M. Villegas

DoH secretary says he did not misuse OWWA funds

DEPARTMENT of Health (DoH) Secretary Francisco H. Duque III denied claims made by Senator Panfilo M. Lacson that he was involved in the misuse of government funds during his term as PhilHealth president, saying that these were resolved in his favor years ago.

“I would like to address an issue that is being revived again. I was accused of being involved in the alleged misuse of the Overseas Workers Welfare Administration (OWWA) funds. For the record and information of the honorable Senator Panfilo Lacson, this case was already dismissed by the Ombudsman in 2012 and dismissed with finality by the Supreme Court in 2013 due to the lack of evidence,” Mr. Duque said in a statement released on Friday.

Mr. Lacson said in a social media message on Wednesday that the Mr. Duque, when sitting as PhilHealth president in 2004, illegally used more than P500 million in OWWA funds to purchase and distribute PhilHealth cards during the administration of Former President and outgoing Speaker of the House, Congresswoman Gloria Macapagal-Arroyo.

Mr. Lacson did not mention Mr. Duque’s name in his social media post, although his message called on President Rodrigo R. Duterte to mind the DoH Secretary, who also currently sits as PhilHealth Chairman.

The senator’s statements come amid reports of alleged fraud by current PhilHealth officials and health providers over ghost kidney dialysis paid for by PhilHealth. Philhealth’s President, CEO, and six other officials tendered their courtesy resignations soon after the news broke.

Mr. Duque was appointed as DoH Secretary in 2018, during which time the Commission on Appointments (CA) dismissed the the issue linking Mr. Duque to the misuse of OWWA funds. Mr. Lacson sat as a member of the CA at the time of Mr. Duque’s appointment as DoH Chief.

“It is my sincere hope that information like this that may damage one’s reputation is verified first before being narrated to the public to avoid confusion. It is also my sincere hope that this puts the issue to rest. I have been in public service for more than two decades and I have never been convicted of any wrongdoing, simply because I hold integrity as my core principle,” Mr. Duque said. — Gillian M. Cortez

Human Rights Commission concerned over non-renewal of ABS-CBN franchise

THE Commission on Human Rights (CHR) expressed concern over lawmakers’ freezing of ABS-CBN franchise bill, saying that it “could signal a bleaker state of press freedom in the country.”

In a statement released on Friday, CHR Spokesperson Jaqueline Ann C. de Guia said “Non-renewal can be tantamount to shutting down the network. If an entire media giant would be toppled down due to political caprice, it could signal the beginning of a bleaker state of press freedom in the country and a catapult to the wave of previous assaults to media.”

Earlier this week, the House of Representatives froze the renewal of ABS-CBN’s legislative franchise to operate — the network’s franchise is set to expire in 2020.

The franchise renewal bill or House Bill 4349 was filed back in 2016 by Nueva Ecija 2nd District Representative Micaela S. Violago. The bill aimed to renew the TV network’s franchise for another 25 years.

Lawmakers can re-file the bill once the 18th Congress begins sessions in July.

The CHR Spokesperson stressed that possible violations done by the media network should be tackled through the appropriate processes rather than just outright dismissal by lawmakers.

“The services provided by ABS-CBN, alongside other media networks, cater to the Filipino people in numerous ways that are beyond the whim of politics. If the network has committed any violation, it must be tackled through due process,” said Ms. De Guia.

Last November 2018, President Rodrigo R. Duterte said in a speech that he “objects” to the renewal of ABS-CBN’s franchise, adding that a 2016 TV ad he paid for when he was running for office was not aired by the network. — Gillian M. Cortez

Palace announced non-working holiday to commemorate Pinatubo eruption

MALACANANG on Friday announced a special non-working day on June 15 in Angeles City in Pampanga, in “remembrance of the ruinous volcanic eruption of Mount Pinatubo” 28 years ago.

On Friday, upon the request of Angeles City, the Palace declared June 15 a special non-working day in the City of Angeles through Proclamation 735.

The eruption of Mt. Pinatubo in 1991 was the second largest in the 20th century and caused massive destruction in the provinces of Zambales, Pampanga, Bataan, Tarlac, and Nueva Ecija noted the proclamation, signed by Executive Secretary Salvador C. Medialdea on June 11.

The proclamation is meant “to render appropriate tribute to those who perished, as well as to those who survived, and to those who helped in the relocation, rehabilitation, and recovery of families affected by the volcanic eruption.”

The proclamation will give the people of Angeles “full opportunity to celebrate and participate int eh occasion with appropriate ceremonies.”

The Palace has also issued proclamations on Friday for four other municipalities and cities that call for special non-working days in remembrance of their founding anniversaries/charter anniversaries:

• the Municipality of Sta. Maria, Davao Occidental (June 18, 2019);

• General Santos City (June 15, 2019);

• Lapu-Lapu City (June 17, 2019);

• the Municipality of Bindoy, Negros Occidental (June 17, 2019);

• and, the Municipality of Maco, Compostela Valley (June 17, 2019). — Gillian M. Cortez

Mislatel consortium finishes on step towards operation

antenna tower

NEW telecommunications player Mislatel consortium — made up of Chelsea Logistics and Infrastructure Holdings Corp., China Telecommunications Corp., and Udenna Corp. — said it completed the signing of the share-purchase agreement with franchise holder Mindanao Islamic Telephone Company, Inc. (Mislatel), as it moves forward in securing government requirements to receive its permit to operate and frequencies.

In a disclosure to the stock exchange Friday, Chelsea Logistics said the Mislatel consortium finalized the share-purchase agreement on Thursday.

“The deal was signed by Udenna Chairman Dennis A. Uy, Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy, and China Telecom Deputy Managing Director Xiao Wei,” it said.

The deal was among the government’s bidding requirements when it held the auction for a third telecommunications player last year, where it said the winner needs to have a paid capital of at least P10 billion.

“The shares reflect the binding bidding agreement shares of 35% Udenna, 25% Chelsea, and 40% Chinatel. This is in compliance with our required equity infusion of P10 billion under the terms of reference,” Mislatel Spokesperson Adel A. Tamano said in a mobile message.

Mislatel is currently in the process of securing the requirements to be given its certificate of public convenience and necessity (CPCN) which is the permit to operate, and the frequency bands of 700 megahertz (MHz), 2100 MHz, 2000 MHz, 2.5 gigahertz (GHz), 3.3 GHz and 3.5 GHz.

The Department of Information and Communications Technology (DICT) said it is ready to award the permit and frequencies to Mislatel once it gets the go signal from the Securities and Exchange Commission (SEC).

Mislatel is required by the bid’s terms of reference to get an SEC clearance confirming the consortium follows the 40% limit on foreign equity ownership of telecommunications companies.

“We’re really hoping to get everything fixed by July. The signing of the agreements is a vivid manifestation of the fulfillment of our goal to provide Filipinos with faster and reliable internet connection,” Chelsea’s Mr. Damuy was quoted as saying.

Mislatel is targeting to start its commercial operations by the second quarter of next year. It committed to render an average broadband speed of 27 Megabits per second (Mbps) and cover 37.03% of the national population within its first year of operation. — Denise A. Valdez

Resorts World to reopen casino’s 2nd floor two years after deadly fire

TRAVELLERS International Hotel Group, Inc. (TIHGI), the owner and operator of Resorts World Manila (RWM), expects double-digit growth in gross gaming revenues (GGR) as reopens the second floor of its casino area in July, two years after a gunman shot up the casino and started a fire that killed 36 people.

TIHGI President and Chief Executive Officer Kingson U. Sian said the second floor of the casino will take up 7,000 square meters (sq.m.) and will have 100 gaming tables and about 600 slot machines.

“That will be an entire new floor of gaming space, so as we expand the gaming space, we are attracting not only locals but also foreign players to come, and we can develop new junket relationships cause we can provide new space,” Mr. Sian told reporters after the company’s annual shareholders meeting on Friday.

With the opening of the second floor, Mr. Sian said they will have a total of 165 tables and about 1,000 slot machines in RWM’s Grand Wing. This is in addition to more than 200 tables and 1,300 slot machines in the Garden Wing.

The company expects average daily foot traffic to improve to 40,000 to 50,000 by next year because of this expansion, compared to its 2018 average foot traffic of 28,500.

Mr. Sian noted that once they open the second floor of the casino, TIHGI will have more gaming space than it had prior to the gunman’s attack.

With this, TIHGI expects double-digit growth when it comes to gross gaming revenues.

“We’re coming from a low base, and we’re coming up with new spaces so we’re expanding the gaming revenue. The plan is to sustain it. We’re working hard to complete the new facilities,” Mr. Sian said.

Apart from the gaming area, the company is also adding more hotel rooms at the RWM complex with the opening of Hotel Okura Manila by the end of the year. This follows the opening of the Hilton Manila in October 2018 and the Sheraton Manila Hotel last January, for a total of 940 additional rooms.

The company will end the year with 3,555 rooms in the RWM complex.

The other hotels in the complex include the Marriott Hotel Manila, Maxims Hotel, and Holiday Inn Express Manila Newport City.

TIHGI booked a net income attributable to the parent worth P244.44 million in the first quarter of 2019, 45% lower year-on-year. This came amid a 55% jump in gross revenues to P8.49 billion in the same period.

Meanwhile, GGR climbed 53.8% to P6.89 billion, driven by both its VIP and mass gaming segments. — Arra B. Francia

Belmonte says IRR for QC gambling ordinance to be made in her term

QUEZON City Mayor-elect and outgoing Vice-Mayor Maria Josefina G. Belmonte said the city ordinance which will regulate gaming firms and require city residents to pay entrance fees to casinos may be implemented in her term as mayor.

“I think what we have to do is write the implementing rules and regulations and that is the task of the executive department. And the executive hasn’t written the implementing rules and regulations yet, so tingin ko ako na siguro, panahon ko na siguro yan mas ma-i-implement (I thinks it’s on me, it will be implemented during my term),” Ms. Belmonte said in phone interview.

The Quezon City Council on Oct. 1, 2018 approved Ordinance No. SP-2773, S-2018 which was in turn approved by Mayor Herbert M. Bautista. The ordinance, which was modeled after Singapore’s restrictions on gambling by residents, was aimed to protect Quezon City locals from developing gambling addictions.

The ordinance establishes the Gambling Regulatory Advisory Council which shall recommend the approval of permits, monitor gambling operations, and enforce the provisions of the ordinance with the help of the Quezon City Police District, Philippine Amusement and Gaming Corp. (PAGCOR), and other operators of games of chance. It will also implement a 24-hour gambling helpline.

It will also require Quezon City residents to pay P1,500 if they want to play at a casino; P500 at e-games outlets; and P100 at e-bingo for every consecutive 24-hour period. Residents will have to pay P30,000 if the gambling establishment offers annual memberships.

According to the data from the city, there are 54 Betting/Off-Track Stations, four Betting/On-Line Bingo, 11 lotto outlets, and 13 online casinos (e-games) operating within the city in 2019.

PAGCOR expressed opposition to the city ordinance last March, asserting that it has the sole authority to regulate gambling operations, citing, among others, Presidential Decree No. 771 which revokes the authority of the local governments to issue licenses and permits for gambling operations.

Ms. Belmonte said the Quezon City government believes the enactment of the Local Government Code of 1991 has “devolved some of the regulatory functions for people’s welfare to the local government” while the PAGCOR charter was authored much earlier.

“I believe it includes regulating gambling because I believe it is a vice, and I believe it is something that can affect the welfare of our constituents,” she said.

Ms. Belmonte said they have appealed to the PAGCOR to work together to curb problems in gambling and consider the “welfare aspect” of the ordinance more rather than the loss of revenue.

“Pero (But) having said that, they still register their opposition and they said that they will TRO (temporary restraining order) the measure,” she said, adding that she does not know when the TRO might be filed.

The mayor-elect said if PAGCOR deems filing a TRO as the appropriate act, the city government will “welcome” the move and whatever the decision of the Supreme Court is.

“Kung (if) the Supreme Court rules in favor of the local government, then that is a victory for all local governments because that means all local governments can now regulate in their respective jurisdictions. If the Supreme Court rules in favor of PAGCOR, we will respect the ruling of the Supreme Court,” she said.

Listed Bloomberry Resorts Corp. secured a 1.57 hectare site at the Ayala Vertis North Complex in Quezon City and is set to build another branch of the Solaire Casino on the land.

Ms. Belmonte said the QC government is not afraid of losing investments due to the ordinance, saying that there were appropriate public consultations during the proposal and all stakeholders were represented.

“All stakeholders were duly invited to and participated in our public consultations and they were able to submit their positions papers,” she said. “While there was opposition on the part of some gambling establishments, many also understood the need to protect the welfare of people, especially those who cannot afford to gamble.”

The ordinance was proposed by Councilors Franz S. Pumaren, Ivy Xenia L. Lagman, Alexis R. Herrera, Raquel S. Malañgen, Marvin C. Rillo, and Godofredo T. Liban II.

Ms. Belmonte is set to assume her post on June 30. — Vann Marlo M. Villegas

Central bank calls on financial institutions to sign up on cybersecurity sharing platform

By Reicelene Joy N. Ignacio, Reporter

TO HELP strengthen the banking industry’s resilience to cyber attacks, the Bangko Sentral ng Pilipinas (BSP) has ordered BSP-supervised financial institutions (BSFIs) to participate in a cybersecurity sharing platform hosted by the Bankers Association of the Philippines (BAP).

“In order to further strengthen the industry’s cyber-resilience amidst growing threats, the BSP reiterates the need for BSFIs to have a collective, coordinated and strategic cyber response through information sharing and collaboration,” according to BSP Memorandum No. M-2019-016 issued on June 11 and published last June 13 as signed by Sector-in-Charge Restituto C. Cruz of the Financial Supervision Sector.

“As cyber-attacks can be launched even against BSFI’s with simple IT (information technology) profiles, the BSP enjoins all BSFIs to participate in the BAP Cybersecurity Incident Database (BAPCID)…,” the memorandum further read.

BAPCID is a platform hosted by BAP used for sharing industry-wide and cyber threat and best practices.

The memorandum further stated that through the database, BSFIs can raise “the level of situational awareness” as the latest tactics, techniques, and procedures of cyber threat actors that target financial institutions, including those in the dark web, will be shared.

“The BSP, as an advisory member of the BAPCID, shall also use the BAPCID platform in the issuance of specific cyberthreat advisories and memoranda,” read the memorandum.

In March, BSP Governor Benjamin E. Diokno said that he would strengthen the central bank’s capacity to respond to cyberthreats, which he called the “number one threat to any financial system.”

The BSP started to become stricter in its rules in 2016 after unidentified hackers transferred an amount of $81 million from Bangladesh Bank’s account at the New York Federal Reserve to a Makati branch of Rizal Commercial Banking Corp.

For one, the BSP requires all supervised financial firms to report any cyber-attacks or data breach cases within two hours upon discovery, followed by a more detailed report the next day.

Peso declines on US-Iran tensions

By Kimani Eros S. Franco

THE PESO declined against the dollar on Friday, dragged by geopolitical tensions between the United States and Iran.

The local currency closes the session yesterday at P52.02 versus the greenback, sixteen centavos weaker than the P51.865 finish on Thursday.

The peso opened the session stronger at P51.9 against the dollar. Its peak for the day stood at P51.845 while its intraday trough settled at P52.025.

Trading volume thinned to $870.39 million from the $919.84 million that changed hands the previous session.

“The peso weakened today due to dollar safe-haven demand amid further heightening of geopolitical tensions abroad,” a trader said.

In particular, the trader referred to the renewed conflicts between the United States and Iran following a bombing on two oil tankers in the Gulf of Oman.

This comes as the US blames Iran for the attacks on two oil tankers in the Gulf of Oman on Thursday, according to a report by Reuters. It was not immediately clear what befell the two oil tankers, which both experienced explosions and forcing the crews to abandon ship. Iran has denied these allegations.

Oil prices rose as much as four percent following this incident, raising concerns on a military confrontation between Tehran and Washington.

For Rizal Commercial Banking Corp. (RCBC) economist Michael L. Ricafort, yesterday’s P52.02 close was “still better” than the P52.04 close last week and is “still among the best levels in a month and… in a year.”

“Despite geopolitical risks in the Middle East involving attacks on two tanker ships at the Gulf of Oman… global oil prices remained among four-month lows and [that] the ten-year US government bond yields eased to 21-month lows at 2.06%,” Mr. Ricafort said in an e-mail.

“Lower oil and US government bond yields are offsetting factors that support the peso,” he added.

PSEi falls amid geopolitical tensions

By Janina C. Lim, Reporter

LOCAL equities finished Friday in negative territory as investors took caution over the geopolitical tensions at home and abroad, particularly the continued worries over the US-China trade tensions and the attack on two oil tankers in the Middle East that was seen as a cause for the increase in oil prices.

The bellwether Philippine Stock Exchange index fell 0.77% or 61.56 points to close at 7,990.20 yesterday. Meanwhile, the broader all-shares index slid 0.59% or 29.21 points to 4,884.91.

Summit Securities, Inc. President Harry G. Liu said in a phone interview that the explosions on oil tankers in the Gulf of Oman caused “sudden pressure” in the market over fears that the price of crude oil will go up.

News reports said the United States, citing a report from its Intelligence unit, linked Iran to the attack, stoking fears of a conflict furthering between the two countries.

Regina Capital Development Corp. Managing Director Luis A. Limlingan also noted in a mobile phone message that oil futures surged after reports about the attack.

Overall, Mr. Limlingan noted that local stocks closed in the red this week “with geopolitical tensions headlining the fall.”

For one, Mr. Limlingan noted the US’s and United Kingdom’s separate pronouncements of implementing punishing measures against Hong Kong over possible extradition to China, including freezing US assets for those that force individuals into China.

In addition, investors also turned to the US-China trade spat amid the lack of other market catalysts.

“With little in the way of market-moving news, investors were searching for narratives and again weighing the potential impact of the U.S.-China trade war on policy and markets,” said Mr. Limlingan.

Nevertheless, Summit Securities’ Mr. Liu sees the index breaching the 8,100 “medium-term” resistance once positive developments make way between the US and China’s trade negotiations.

“If we break 8,100, we broke the resistance of the medium term where you can predict that the market can rise to up to 8,200,” Mr. Liu said.

Mr. Liu said that the collision between the Chinese and Philippine vessels at the West Philippine Sea may have also raised a concern.

On June 12, it was reported that a Filipino vessel, which was anchored at Recto Bank in the West Philippine Sea, sank after it collided with a Chinese vessel on the evening of June 9.

The incident was reported by Filipino fishermen in the vicinity, who said the Chinese vessel abandoned the submerged Philippine-flagged F/B GIMVER 1 that had 22 people on board.

Friday closed with more subsectors in the red. Holding firms plunged 1.41% or 107.96 points to 7,542.51; property slumped 0.85% or 37.06 points to 4,332.57; industrial went down 0.55% or 64.75 points to 11,731.32; and services inched down 0.15% or 2.60 points to 1,694.87.

On the other hand, mining and oil grew 0.74% or 52.44 points to 7,152.78 while financials rose 0.44% or 7.56 points to 1,742.79.

Decliners trumped advancers, 112 to 74, while 54 were unchanged.

Friday’s turnover was valued at P7.68 billion, down from the previous session’s P9.10 billion.

Foreign investors turned sellers, with net outflows at P388.12 million, reversing net purchases on Thursday at P318.98 million.

Arthaland leading the way in sustainable office developments

ArthaLand is making its mark as the Philippines’ foremost developer of green office buildings. It all started last year with the opening of the 31-storey ArthaLand Century Pacific Tower (ACPT) in Bonifacio Global City. ACPT is a multi-award winning Premium Grade office development recognized both locally and internationally. Among others, it was the 5-Star winner for Best Office Architectural Design in Asia at the 2017 Asia Property Awards and the winner for Best Green Development and Best Office Architectural Design at the 2017 Philippines Property Awards. It has received both the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) Platinum rating and the Philippine Green Building Council’s Building for Ecologically Responsive Design Excellence (BERDE) 5-Star certification, the highest and most prestigious categories in both green building rating standards.

Expanding their Footprint with a Signature Office in Cebu

Following the success of ACPT, ArthaLand is currently in the midst of constructing the Cebu Exchange, a landmark business ecosystem at the gateway of the Cebu I.T. Park. Recognized as the Best Office Development in the Philippines by the 2018 Property Guru Asia Property Awards, the Cebu Exchange is envisioned to be the best and biggest single tower green office development in the country with approximately 11-hectares of floor space. On-track for its 2021 turnover, it holds the distinction of being the largest green high-rise in the Visayas and Mindanao region to be on target to achieve dual building certification from both LEED and BERDE.

Artist’s perspective of the Cebu Exchange retail area (Salinas Drive, Cebu City)

A New Capital Address for Business and Commerce in Taguig City

 Launched within the first quarter of 2019, construction is also already underway for the Savya Financial Center – a Grade A mid-rise office development with a fully integrated retail component. Situated in the highly connected new business district of ARCA South in Taguig City, both the North and South Towers of Savya are designed and built with modern, smart, and sustainable building features, qualifying it for dual certification in both LEED and BERDE, much the same way as all the other ArthaLand offices.

Artist’s Perspective of the Savya Financial Center (ARCA South, Taguig City)

The Value of Sustainability

“When we decided to dedicate ourselves to developing sustainable properties, obviously we were thinking of how the market would receive it being a publicly-listed company. But, it was also a commitment by the major shareholders to attend to the concern for the environment,” said Jaime C. González, Vice Chairman and President & CEO of ArthaLand.

‘Artha’ is a Sanskrit word connoting purpose, knowledge, significance, and wealth. Not just wealth in material terms but, more importantly, in the enduring intangibles such as comfort, health, and happiness. These concepts characterize ArthaLand’s commitment to sustainability.

“That defines our philosophy. It is not just about making money. We want to take care of the environment. We want to leave a lasting legacy behind,” said González.

And being green is paying-off for the Company as there is a rising demand for LEED and BERDE-certified sustainable office buildings, especially among multinational companies, due to their positive impact in saving the environment. Not only that, green buildings also allow businesses and organizations to maximize their operational efficiency, lower day-to-day costs, and provide a healthier, more comfortable, and more productive work environment.

“We are expanding our development space fivefold over the next few years, and each development will be sustainable,” says González. “We are extremely gratified to be known for sustainable, world-class developments, where each project is carefully developed, designed, and constructed to the highest standards in the country.”

ArthaLand is on-track to grow its development portfolio by five times. With several projects in the pipeline, the Company is expected to reach 550,000 sq.m. of gross floor area.

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