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Dominguez calls anew for passage of tax reform packages

By Camille A. Aguinaldo, Reporter
FINANCE Secretary Carlos G. Dominguez III on Friday reiterated his call to Congress to pass the remaining packages of the government’s tax reform program this year.
“Last year, we were able to complete and to submit to Congress the succeeding packages of the tax reform programs. We hope after the mist that this electoral season clears that our legislators will find the wisdom of completing the tax reform program,” he said in a televised speech during the Rotary’s District Conference (DISCON) in Mandaluyong City.
“We’re hoping Congress will act later this year on the subsequent tax reform packages,” he added.
The House of Representatives has approved on third and final reading the Tax Reform for Attracting Better and Higher-Quality Opportunities (TRABAHO) bill as well as the packages 2 plus, 3 and 4 of the government’s Comprehensive Tax Reform Program (CTRP). All the measures remain pending in the Senate committee on ways and means, which conducted public hearings on some of the measures last year and during the Jan. 14-Feb. 8 session.
The TRABAHO bill or House Bill No. 8083 covers the reduction of corporate income tax and the rationalization of fiscal incentives. Meanwhile, package 2 plus, contained in House Bills No. 8677, 8618 and 8400, proposes to increase excise taxes on tobacco and alcohol products as well as increase the government’s share in miners’ revenues.
Package 3 or House Bill No. 8453 seeks to centralize valuation and assessment of real properties, while package 4 or House Bill No. 8645 proposes to simplify the tax regime for financial investors.
Senate President Vicente C. Sotto III has expressed doubts on the chances of the pending tax measures in the Senate reaching third reading approval in the 17th Congress.
Mr. Dominguez in his speech noted that the existing tax reform law has been successful in accomplishing both the government’s revenue and economic goals. He added that the tax reform packages would bring the government “robust revenue flow, make the system more equitable… and eliminate corruption with the assured transparency and help improve the ease of doing business.”
The Finance Secretary also assured that the Philippines would not fall into the “so-called debt trap” amid issues surrounding the China-funded projects, noting that the government has been “very conservative” and careful in its borrowing program.
“In 2018, our total project debt exposure to China was only 6/10s of 1% of our total debt, comparative to a project total debt in Japan which is 9% of our total debt. By 2022 when most financing from the Build, Build, Build program should have been accessed, our project debt to China will constitute around 4 1/2% of the total debt, while project debt to Japan will be around twice as large at 9 1/2 % of the total debt,” he said.
“There is no danger of us being drowned in Chinese debt. While we appreciate people warning us about the so-called debt trap. We certainly know how to avoid it,” he added.
China has provided a concessional loan financing for the $62.09 million Chico River Pump Irrigation Project and $211.21 million the New Centennial Water-Source Kaliwa Dam. The Davao-Samal Bridge Project in Mindanao and the Panay-Guimaras-Negros Inter-island Bridge in Western Visayas are two projects in the pipeline for possible Chinese funding.
Mr. Dominguez also raised the issue of the delayed enactment of the P3.757 trillion national budget for 2019, saying that the government has lost the opportunity to spend around P4.37 billion or around P740 million for January and February this year.
He said the period could have been spent to rollout projects, to build new infrastructure, and to upgrade the country’s health facilities.
“This is a clear example of how politicking could harm our people. As we rank among the best performing economies in this dynamic part of the world, growth is not a final goal in our efforts. We seek a more dynamic economy to bring down poverty and create more opportunities for our people,” Mr. Dominguez said.

2017 PSA survey shows 9 in 10 families have improved source of drinking water

By Christine Joyce S. Castañeda, Senior Researcher
NINETY-FOUR PERCENT (94%) of 24.354 million families have access to improved source of drinking water, according to the Philippine Statistics Authority’s (PSA) 2017 Annual Poverty Indicators Survey (APIS).
In the urban areas, 97.4% of families have improved source of drinking water as compared to 90.9% in the rural areas.
The World Health Organization and the United Nations Children’s Fund’s Joint Monitoring Report defined improved drinking water sources as “those that have potential to deliver safe water by nature of their design and construction.” These include piped water into dwellings; tube wells or boreholes; protected dug wells and springs; rainwater; and standpipes, among others.
The top three sources of drinking water were water refilling stations from “improved source,” which accounted for 37.7%, followed by piped water into dwellings at 20.3%, and tube wells or boreholes at 12%.
Relative to the Sustainable Development Goal (SDG) 6.1 which aims to “achieve universal and equitable access to safe and affordable drinking water for all” by 2030, drinking water was classified according to service levels, namely: safely-managed, basic, limited, unimproved and surface water.
Among the Filipino families, 27% used “safely-managed” drinking water “from an improved water source located on premises, available when needed and free from fecal contamination.”
Around 91% of the families have at least “basic” drinking water services in which water comes from improved sources and collection time would not take more than 30 minutes for a roundtrip including queuing.
Meanwhile, around 3% of families have “limited” drinking water services, in which they have access to improved water sources, but it takes them more than 30 minutes to collect water.
Around 5% have “unimproved” drinking water services, or those who collect drinking water from unprotected dug wells or springs.
Lastly, less than 1% collect water from surface water, or directly from rivers, dams, lakes, or canals.
By income groups, 7.1% and 14.9% of families in the first quintile — or those that make up the lowest 20% in terms of income — have “safely-managed” and “unimproved” sources of drinking water, respectively, as compared to the 48.5% and 0.5% in the fifth quintile or those families belonging to the highest 20% income group.
The 2017 round of APIS also includes a water quality testing module (WQT) which monitors the presence of Escherichia coli (E.coli) — a fecal indicator bacteria — in the drinking water.
Based on the results from 1,300 households sampled, around one in every three families have drinking water free from fecal contamination or with zero E. coli. Those in the urban areas likely have access to drinking water free from contamination at 62% compared to 39% in the rural areas.
SANITATION AND HYGIENE
The report also contained data on sanitation facilities. In particular, the PSA defines improved sanitation facilities as those “designed to hygienically separate excreta from human contact.” These include flush/pour flush to piped sewer systems, septic tanks or pit latrines, ventilated improved pit latrines, composting toilets or pit latrines with slabs.
This is in line with goal 6.2 of the SDG which aims to “achieve access to adequate and equitable sanitation and hygiene for all and end open defecation, paying special attention to the needs of women and girls and those in vulnerable situations” by 2030.
Sanitation has been classified according to service levels, namely: safely-managed, basic, limited, unimproved and open defecation.
The PSA noted that 74% of Filipino families have at least “basic” sanitation services, defined as those sanitation facilities which are not shared with other households.
Meanwhile, 15% have “limited” sanitation or those with shared facilities while 6% have “unimproved” services or those who use hanging or bucket latrines or pit latrines without a slab or platform.
Lastly, 6% practice open defecation.
Sought for comment, Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an email that drinking water access is “positively correlated” with economic development.
“This means that as incomes increase, economic actors have potentially easier access to amenities such as drinking water sources. Since the Philippines has been consistently growing economically, its population is getting more access to various life improvements, one of which is access to drinking water,” he said.
The economist noted that the country is on track in achieving SDG 6.1, saying that “almost 100%” of families having access to “basic” drinking water is already a “great achievement.”
He added that the government should “carefully and strategically plan for sustainable and efficient drinking water sources for all Filipinos.”
“No Filipino in the near future should struggle because they do not have access to ample drinking water,” Mr. Asuncion said.
The APIS is a nationwide survey by the PSA designed to provide non-income indicators related to poverty at the national level.

El Niño seen to have minimal impact on economy

By Reicelene Joy N. Ignacio, Reporter
THE National Economic and Development Authority (NEDA) on Friday cited El Niño’s minimal impact on the economy, as it noted the agriculture sector’s relative contribution to economic growth.
“Agri sector, overall, it might not be that substantial…about 8% to 9% of GDP contributed,” Carlos Bernardo O. Abad Santos, NEDA Assistant Secretary for Planning and Policy, said in a press briefing on Friday.
“Initial estimates is -0.2 percentage points but also we want to emphasize we had very low agriculture growth last year. Less thunderstorms during El Niño…there may be benefits later on due to less thunderstorms,” Mr. Abad Santos said.
NEDA Secretary Ernesto M. Pernia, on the other hand, said his agency has yet to come out with better estimates on El Niño’s impact on GDP, adding that “the impact would be proportionate to the percentage contribution.”
“Maybe if there is some impact on inflation, it will still be below 4%,” he said.
He added: “Timing of imports will be right on the dot especially private importers are quite adept responding to perceptible shortages. They are better at estimating when it is profitable importing, when it is not.”
The NEDA chief said the Philippines has experienced worse El Niño in 2014 until 2016. “The lessons we had back then will be used to try to attenuate the wide-ranging impacts of this phenomenon. PAGASA’s early warning system and the government’s multi-sectoral approach are important since we all know that El Niño is a concern not only of the agriculture sector. The creation of the El Niño Task Force made government efforts more coordinated.”
For his part, Agriculture Secretary Emmanuel F. Piñol said his agency is not threatened by the possible effect of El Niño, with measures in place such as cloud seeding and provision of seeds to affected farmers, construction of small scale irrigation systems, loans, and provision of insurance.
The Department of Agriculture (DA) reported P1.33 billion in damage, affecting rice and corn plantations, as of March 19. On the other hand, the National Disaster Risk Reduction and Management Council (NDRRMC), on Wednesday reported P2.67 billion in damage, which DA has yet to confirm. Nevertheless, DA estimates more than 20 million metric tons (MT) in rice production this year.

Arroyo defends PHL deals with China

By Charmaine A. Tadalan, Reporter
HOUSE Speaker Gloria Macapagal-Arroyo said the Philippines’ cooperation with China should be seen as an opportunity, rather than a threat, amid doubts on the governments’ loan agreements.
“The Philippines actually has been investing in China for quite some time now because we have a very big Filipino-Chinese community, so I’m sure they can invest further in China. At the same time, China is also now investing more and more in the Philippines,” Ms. Arroyo told reporters on the sidelines of the Boao Forum for Asia (BFA) Annual Conference in Hainan, China on Thursday.
“So, this must be a win-win solution for the developing world. So what I can say is that China’s effort in opening up has really been a boost for the economies of the world, especially the developing economies. The world should look at China’s rise as an opportunity rather than a threat,” she also said.
The remarks followed scrutiny of the Chico River Pump Irrigation Project deal, signed on April 10, 2018, which was said to pledge Philippine “patrimonial assets” as collateral.
Associate Justice Antonio T. Carpio last week said Article 8.1 of the P3.6-billion deal allows China to seize “Patrimonial assets and assets dedicated to commercial use,” should it fail to pay its loans.
The Makabayan bloc of the House of Representatives said it is set to file on April 3 a declaratory relief petition, asking the Supreme Court to order the recall of the Chico River Pump Irrigation Project deal over its unconstitutionality.
Ms. Arroyo maintained that the country’s bilateral relations with China should be further strengthened, and cited China’s role in Philippine trade and infrastructure development.
“For instance, China has built bridges in the Philippines, it is building a dam for a water system and irrigation, and it will be building a major railroad. Not just one but two major railroads. So those are some of the ways by which China has benefited the Philippines,” Ms. Arroyo said, referring to the Chico River Project, the New Centennial Water Source-Kaliwa Dam project, the Subic-Clark Railway Project in Luzon and Mindanao Railway Project.

PCC to look into cold-storage cartel in onion industry

By Janina C. Lim, Reporter
THE Philippine Competition Commission (PCC) said it will look into the Department of Agriculture’s (DA) complaint on the alleged cold-storage cartel in the onion industry.
“PCC will look at the alleged refusal of storage access to onion farmers in favor of large traders and will also evaluate if there are business agreements that are anticompetitive or enablers of cartelistic behavior,” the anti-trust agency said in a Friday statement.
“Specifically, PCC will examine whether there are competition concerns in the onion industry such as restriction of storage space or price manipulation by cartels, or whether the storage concerns are natural consequences of supply conditions,” it added.
Cold storage facilities form an important part in the value chain to prolong the shelf life of onions after harvest season.
On March 20, the DA requested the PCC and the National Bureau of Investigation (NBI) to investigate reports that trading firms have closed down four major cold-storage facilities in an attempt to compel farmers to sell at low prices.
The DA recently suspended the importation of bulb onions pending the results of the investigation of both agencies. PCC said the investigation should not prevent the DA from exercising its own judgment in suspending or allowing importation.
PCC also proposed signing a memorandum of agreement with the DA “to harmonize the objectives of both agencies of fostering fair market competition and promoting agricultural growth.”
Republic Act 10667 or the Philippine Competition Act of 2015 prohibits businesses from forging anti-competitive agreements which, among others, restrict competition in price and other components related to the trade.
The competition law punishes those engaged in cartels with a fine of P100-P250 million and imprisonment of up to seven years.

DTI order out reenlisting flat glass in mandatory standards

By Janina C. Lim, Reporter
THE Department of Trade and Industry (DTI) said it has signed an order reviving the mandatory testing and certification of flat glass and other subproducts before market entry to ensure the safety of consumers.
“Signed the DAO [department administrative order] on mandatory compliance requirement for flat glass. To ensure quality standard and protect consumers. Must be produced by PS [Philippine Standard] certified plants and all imports (should) pass quality test for their ICC [import commodity clearance] mark,” Trade Secretary Ramon M. Lopez told reporters in a mobile message on Friday.
As of press time, the DAO is still up for publication numbering.
Aside from re-enlisting all flat glass products covered by Philippine National Standard (PNS) 193 under the Bureau of Philippine Standard’s product certification scheme, the DAO also broadened the scope to include these subproducts specifically intended for building applications:
• heat-strenghtened and fully-tempered flat glass covered by PNS American Society for Testing and Materials (ASTM) C1048;
• laminated glass and laminated safety glass products covered by PNS 12543-2 and PNS 12543-3;
• and all bent glass products covered by PNS ASTM C1464
The BPS’ certification scheme requires manufacturers and importers or distributors to obtain a PS license and ICC before their BPS-covered products can be sold in the market.
Products affixed with these marks assure consumers of their passing quality and safety tests.
Any retailer or wholesaler found selling uncertified products will be seized of such products and will be fined up to P300,000, without prejudice to the filing of criminal or civil actions under applicable laws.
Flat glass, most commonly used for windows and doors in houses, buildings and automobiles, was delisted from the BPS’ certification scheme in 2015.
Nonito B. Galpa, Executive Vice-President of Pioneer Float Glass Manufacturing, Inc., the manufacturing affiliate through which TQMP produces flat glass, welcomed the DTI’s move.
“This is a welcome development, especially so that we have been praying for the reenlistment of flat glass in the mandatory standards. After all, this has been our advocacy to ensure the safety and welfare of the consumers. As we can see, all modern high rise buildings now are made up of 3 major components; cement, steel, and glass. So this is just a right timing to regulate the said products,” Mr. Galpa said in a mobile message yesterday.
TQMP had been making appeals to re-enlist flat glass amid the flooding of substandard imports which have thinned the market share of local manufacturers.
Mr. Galpa said TQMP’s over P5 billion expansion plan, which had been deferred due to the influx of substandard flat glass imports, “will push through and has been [put back] in the drawing table.”
A plant in Bataan will have a groundbreaking next year, with operations targeted by early 2022.

CA issues TRO aganst RTC-ordered suspension of Iloilo power franchise turnover

THE Court of Appeals (CA) said it issued a temporary restraining order (TRO) preventing the implementation of a Mandaluyong court order which had barred MORE Electric and Power Corp. (MORE) from taking over the assets of Panay Electric Company, Inc. (PECO).
In an eight-page resolution on March 28, the CA special seventeenth division issued a 60-day TRO against the March 12 decision of Mandaluyong City regional trial court (RTC) Branch 209. The RTC had issued a 20-day TRO on the implementation of Republic Act (RA) No. 11212 which granted MORE the franchise to operate in Iloilo City.
“The Court perceives more than adequate grounds for the grant thereof,” the CA ruled.
In issuing the TRO, the appellate court said PECO’s franchise to operate the distribution of electric power in Iloilo City had expired after its franchise to operate was granted to MORE.
It also said that under Section 78 of the Electric Power and Industry Reform Act (EPIRA) of 2001, only the Supreme Court may issue an order enjoining the implementation of EPIRA, which includes RA 11212. The order of the RTC stops the Energy Regulatory Commission (ERC) and Department of Energy (DoE) from performing their mandate, which is illegal.
The Court of Appeals also said that the TRO against the implementation of RA 11212 effectively extends the franchise of PECO, which is an authority vested only to the Congress.
“Wherefore, considering that the issues raised are of transcendental importance, and to avoid any grave and irreparable injury which would be suffered by petitioner pending disposition of the instant petition, and likewise so as not to render the outcome of the petition moot and academic, let a temporary restraining order issue effective for sixty days from service to the respondents,” the CA ruled.
The CA also gave MORE 10 days to pay P50 million for any damages PECO may suffer under this TRO. It also directed PECO to file its comment to the petition PECO within 10 days and explain why a writ of preliminary injunction should be issued against the order of the RTC.
Judge Monique Quisumbing-Ignacio of Mandaluyong RTC Branch 209 on March 12 issued a TRO against RA 11212 includiing the expropriation proceedings and takeover of PECO’s distribution assets in the franchise area and the issuance by the DoE and ERC of a Certificate of Public Convenience and Necessity, which would authorize MORE to operate in the franchise area.
In the petition to the CA, MORE said Ms. Ignacio committed grave abuse of discretion in issuing a TRO against the implementation of Republic Act No. 11212.
The decision was written by Associate Justice Elihu A. Ybañez and concurred in by Associate Justices Nina G. Antonio-Valenzuela and Ma. Luisa Quijano-Padilla. — Vann Marlo M. Villegas

Travellers 2018 net profit up sharply after launch of new gaming space, hotels

TRAVELLERS International Hotel Group, Inc. said 2018 net profit was P1.44 billion, up sharply from P279.82 million a year earlier, after the owner and operator of Resorts World Manila (RWM) posted robust growth after launching more gaming and hotel space.
“The improved performance was helped by the opening of the ground floor gaming at the Grand Wing as well as the launch of Hilton Manila and the Sheraton Manila Hotel,” said Kingson Sian, president and chief executive officer of RWM, in a disclosure to the stock exchange.
“Both hotels added 747 rooms to the company’s hotel portfolio,” he added.
Gross revenue rose 17% to P24.7 billion, while earnings before interest, tax, depreciation and amortization (EBITDA) increased 27% to P3.88 billion.
Travellers said gross gaming revenue was buoyed by sustained growth in all gaming segments. Non-gaming revenues rose by 17% to P4.7 billion, a record for the company.
“Property visitation increased by 11% averaging 28,500 per day while the average occupancy rate for the four hotels — Marriott Hotel Manila, Maxims Hotel, Hilton Manila, and Holiday Inn Express Manila Newport City — was 79% with a total room count of 1,811,” the company said.
The Grand Wing, RWM’s development project dedicated to gaming activities, will have three international luxury hotels, Travellers said. Aside from Hilton Manila, which opened in October 2018, the group had a soft opening for Sheraton Manila Hotel.
Hotel Okura Manila, which opens this year, will bring the Grand Wing hotel room count to around 940. It will include new gaming, entertainment, and retail spaces, plus six basement parking decks.
“When the Grand Wing is fully operational, RWM will be the largest and most versatile integrated resort in the country offering our customers thrilling experiences,” Mr. Sian said.
Travellers said once construction of all hotels is completed, RWM will have the highest number of hotel rooms for a single property in the Philippines. — Victor V. Saulon

PXP Energy, Dennis Uy holding firm terminate share purchase deal

PXP Energy Corp. said on Friday that the subscription agreement it signed with Davao City businessman Dennis A. Uy’s Dennison Holdings Corp. had been terminated by the two parties effective on March 29, 2019.
In a disclosure to the stock exchange, PXP Energy said on the termination date, all rights of Dennison to subscribe for the common shares of the PXP, and any of its obligations to issue such shares, are terminated “without any residual rights of any kind remaining” with Mr. Uy’s holding firm.
Accordingly, all other rights of PXP Energy under the agreement are terminated, it said, including the right to receive payment of the remaining balance of the subscription price.
On Oct. 26, 2018, the two parties entered into a subscription agreement calling for PXP Energy to issue 340 million common shares and for Dennison to subscribe for those shares for a total amount of P4.029 billion. The agreement, which priced the shares at P11.85 apiece, was amended on Dec. 26, 2018.
The issuance and subscription deal was subject to certain conditions. In particular, the agreement provided that strategic investor Dennison will be entitled to all rights of a shareholder only upon full payment of the subscription price.
“The cancellation of the Agreement does not affect the funding obligations of the Company in respect of its various service contracts this year,” PXP Energy said.
It also said that it had relinquished any and all preferential rights granted under the preferential rights agreement dated Oct. 26 among Phoenix Petroleum Philippines, Inc., PXP Energy, and the strategic investor after the termination of the agreement.
On Friday, PXP Energy closed down 0.97% at P12.28.
The company made the disclosure after the end of the day’s trading. — Victor V. Saulon

ICTSI’s Subic unit expands cargo handling capacity

SUBIC Bay International Terminal Corporation (SBITC), a unit of International Container Terminal Services, Inc., said it added four reach stackers, increasing capacity at the port.
The terminal operator said the equipment will increase its handling at its New Container Terminals 1 and 2 at the Subic Bay Freeport Zone.
“These firm up our position as a competitive international gateway for industries in the freeport area and the North and Central Luzon region,” SBITC said in a statement Friday.
Each of the reach stackers, all to be fully operational in April, has a 45,000-kilogram capacity and can stack up to five containers high.
SBITC said more equipment is expected to arrive in the first half which will ensure efficient port operations and optimize container yard space of the Subic port terminal.
“This is only the first leg of the improvements planned for the year,” SBITC added.
The terminal operator has been boosting its capacity following SBITC ports’ assignment last year as a pickup and evacuation point for empty containers amid a surge in imports.
The port currently has seven reach stackers for yard and vessel operations.
SBITC is the container port operator of the Subic Freeport Area in Subic, Zambales, where cargo operations serve Northern and Central Luzon. — Janina C. Lim

PSALM sets April deadline for HQ redevelopment submissions

THE Power Sector Assets and Liabilities Management Corp. (PSALM) said it set a new deadline fora design competition for the redevelopment of its Quezon City compound.
“The design contest shall select the most energy-efficient conceptual design that could be used as basis for the master planning and redevelopment of the 5.1-hectare Diliman property,” the company said in a statement on Friday.
PSALM, the agency tasked to privatize the government’s energy assets, has set 4:00 p.m. on April 5, 2019 as the new deadline for the submission of expressions of interest and first-stage requirements of the architectural conceptual design contest.
The property currently houses the National Power Corp., National Transmission Corp. and National Grid Corp. of the Philippines.
“The entire property is centrally located in a long stretch of commercial establishments adjacent to Centris Walk and Vertis North in Quezon City,” PSALM said.
PSALM did not immediately respond to a request for comment on the property redevelopment’s timeline or whether its completion is expected to be within the term of the current administration.
Earlier this month, PSALM launched the contest and set the deadline at March 22, 2019. It opened the contest to local and international architectural firms.
The company said the postponement of the original schedule would allow more time to update the contest’s mechanics and to consider the preparation of the eligibility requirements from interested participants.
In a previous interview, PSALM President and Chief Executive Officer Irene Joy B. Garcia said the redevelopment of the property was meant to maximize the gains to be derived from the assets.
She said the property could be developed with one building housing all the offices, possibly on a joint venture with a private entity on a profit-sharing arrangement.
PSALM was created under Republic Act No. 9136, the Electric Power Industry Reform Act (EPIRA) of 2001, the law that restructured the Philippine power sector. It took over the ownership of all existing government-owned power generation assets. Its principal purpose is to manage the orderly sale and privatization of the assets. — Victor V. Saulon

Cebu Landmasters JV to develop new business district in Matina, Davao City

CEBU Landmasters, Inc. (CLI) is partnering with the Villa-Abrille clan to develop a site currently occupied by 22-hectare golf course into a new business district, the company told the stock exchange on Friday.
The Davao Global Township (DGT) project, which the company valued at P33 billion, will be executed via YHEST Realty and Development Corp., a joint venture between the Visayas-Mindanao property developer and the Yuson, Huang and Tan families belonging to the Villa-Abrille clan of Davao.
The township will rise in the Matina district of Davao City, one of the city’s residential areas. Groundwork on the first phase of the project has started.
“The size of the (DGT) property, our first township development, will allow us to have a diversity of uses to make a complete and truly sustainable community,” said Jose R. Soberano III, president and chief executive officer of CLI, in a statement.
“We envision DGT to be the central business district with a dynamic lifestyle that will provide economic and social value to Davao, one of the fastest growing economic regions in the country,” according to Mr. Soberano, who chairs both CLI and YHEST.
The first phase of the township, which is estimated to cost P10 billion, will involve 93,000 square meters of gross floor area as envisioned by YHEST with masterplanner RTKL, a global planning and design firm responsible for the revival of some downtown centers in various countries. It is set for completion in 2022.
“Edifices planned for this phase include a corporate center, two premier residential towers, a retail strip with a cineplex, and outdoor retail spaces called the DGT Town Strip, as well as a civic center to be named DGT Gallery,” CLI said.
The listed company quoted YHEST President Frederick H. Yuson as saying: “These are exciting times for Davao and the Philippines as this tie-up (with CLI) ushers a new generation of local homegrown developers ready to be at par with the best of the world.”
CLI said Mr. Yuson is a fifth-generation descendant of one of Davao’s forefathers, the businessman Francisco “Juna” Villa-Abrille. It said the Villa-Abrille family is one of the oldest clans in Davao that is into leasing of commercial offices and buildings such as Matina IT Park and Sutherland Global Services. They launched Davao’s first residential subdivision in 1952 and put up the Davao City Golf Club, the first and oldest golf course in the city which was closed in 2018 to make way for DGT.
“As the descendants of Juna Villa-Abrille, we commit ourselves to his legacy of hard work, humility and generosity. We are happy that in our generation, we are able to kick-start all these simultaneous developments and there’s no better way but to partner with VisMin’s leading developer Cebu Landmasters,” Mr. Yuson said.
He said his family decided to partner with CLI because of the latter’s vision to be the top regional property company in the Philippines and its ability to quickly turn around its projects.
DGT is the clan’s third and biggest project with CLI. MesaTierra, a garden residential condominium, is 98% sold. The Paragon Davao, a mixed-use property that will host Citadines Paragon Davao, was launched in November. The residential component One Paragon Place is 75% sold after three weeks of sales.
“Things are happening fast in our generation and we trust CLI’s expertise particularly in the VisMin market,” Mr. Yuson said.
CLI was down 2.33% on Friday at P4.20. — Victor V. Saulon

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