Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 12762

Rico’s Lechon seeks court injunction anew

Rico's lechon logo

3MRS DIONSON Corp., owner of the Rico’s Lechon restaurant chain, has filed another petition asking the court to reverse its earlier decision that denied the issuance of a writ of preliminary injunction against the Cebu City government over the closure of three of the company’s sites of operations. In its motion for reconsideration, 3MRS Dionson reiterated that it has complied with the requirements for the issuance of business permits. Earlier, Regional Trial Court Branch 7 Judge James Stewart Ramon E. Himalaloan denied the issuance of a writ of preliminary mandatory injunction for lack of legal basis. Mr. Himalaloan said although 3MRS Dionson suffered irreparable damage from the closure of its business establishments, it failed to comply with the requisite documents listed in the business application form. In the new petition, the company, through lawyer Deolito L. Alvarez, said the court should reconsider its earlier ruling because the documents which the company allegedly failed to comply with were not included in the lists of items enumerated in the notice to comply, which were required under the show cause order. “The Honorable Court will kindly take a second hard look on the Notice to Comply and the Show Cause Order if there is one item that mentions about documents which respondents claimed required to be submitted,” read the motion. — The Freeman

Local products get a boost at Shopwise

IN A bid to make local products from micro, small and medium enterprises (MSMEs) available to the general population, the Department of Trade and Industry (DTI) together with Shopwise hypermarkets has dedicated an aisle in the supermarket for local products as part of the department’s ongoing Go Lokal! program.

“We started talking [with DTI] in September… [this is] our way of helping fellow countrymen with their businesses,” Irwin C. Lee, CEO of Rustans Supercenter, Inc., said during the launch on Dec. 4 at Shopwise Araneta Center, Quezon City.

Mr. Lee added that they are giving the space for MSMEs “vetted and validated by the DTI” and the Go Lokal! aisles will also be set up in other Shopwise branches.

The Shopwise Araneta branch has chosen 51 products — mostly food products — such as Cebu dried mangoes and otap (a cookie), among others.

Shopwise currently has 12 hypermarkets alongside seven smaller “Express” branches nationwide.

Go Lokal! is a DTI-led initiative meant to “give more opportunities for Filipino businesses,” and “giving opportunities for products to be showcased,” said DTI Secretary Ramon M. Lopez during the launch.

Described as a “design-led concept store showcasing quality products crafted, designed and created by Philippine MSMEs,” the project is envisioned “as an opportunity for the country’s micro and small enterprises to go mainstream and test the marketability of their products without incurring the high costs of operating a retail outlet,” according to the DTI Web site.

“The challenge [for small businesses] is always where to sell as listing fees and rent can be high… in this project, [products] will be exposed to consumers, volume buyers and foreign buyers,” Mr. Jimenez added.

DTI has also partnered with other retailers under the Go Lokal! project including SM Robinsons, Ayala Malls, and City Malls. — ZBC

Sophos warns vs rise in cybersecurity threats

By Patrizia Paola C. Marcelo
Reporter

CYBERSECURITY company Sophos Group Plc has warned against increasing cybersecurity threats.

“The global threat landscape would be very similar to the Philippines, with ransomware, zero-day attacks,” Sumit Bansal, managing director, ASEAN and Korea at Sophos said in a media roundtable discussion.

Mr. Bansal added that phishing is on the rise, particularly with hackers getting “very good” at mimicking legitimate e-mail messages.“[The] 66% of malware is through e-mail. So e-mail is the way in.”

Of all the ransomware intercepted by Sophos Labs in 2017, the highest share was recorded in the United States (17.2%), followed by the United Kingdom (11%), Belgium (8.6%), while 6.5% circulated in Singapore, and 5.3% circulated in Indonesia.

“The richer countries will be targeted more, because they can get people to pay up,” Mr. Bansal said.

The Philippines recorded at 1.9% share of the intercepted attacks, but with increasing attacks and a wider range of techniques used.

Cyberattacks are becoming difficult to trace or locate, as cyber criminals use techniques to use different Internet protocol (IP) addresses.

The security software and hardware company also said it has noticed an increase in attacks on Android devices, because of easy access to Android devices and software, as well as its popularity as a mobile operating system.

“Android devices can go to non-sanctioned Google stores… Because of so many stores, you may have malicious malware sitting there,” Mr. Bansal said. He cited the case of Pokémon GO, wherein many Android users who live in places where the game was geo-blocked went to non-sanctioned stores to download the game, but he said 90% of those games were fake.

Mr. Bansal said, however, that no operating system is immune from attacks, with their company also seeing increasing attacks on Macintosh devices.

All these trends have made security solutions evolve. From an initial “reactive” approach, to an “evasive” approach, the solutions now are “predictive”, meaning aiming to stop ransomware and other attacks before they can even infect systems.

Phoenix Petroleum to expand LPG business in Luzon

PHOENIX Petroleum Philippines, Inc. is targeting to widen its share of the liquefied petroleum gas (LPG) market in the country, as it plans to expand in Luzon.

“There is a lot of opportunities for growth [as] 80% of the market is in Luzon,” Henry Albert R. Fadullon, Phoenix chief operating officer, told reporters on Tuesday night.

Phoenix’s LPG business is currently only in the Visayas and Mindanao, with its nationwide market share at only 6%, he said.

To meet the strong demand in Luzon, Phoenix has placed an order for 650,000 cylinders for LPG, which will be delivered next year.

“[It’s] probably one of the biggest purchases of cylinders placed in the market,” Mr. Fadullon said. “A significant portion of that is going to be for Luzon.”

He declined to disclose the cost per cylinder and the resulting industry ranking of the company in terms of volume sales, but noted the cooking gas will be available in Phoenix service stations to supplement its availability in traditional retail trading outlets.

As of the third quarter, Phoenix has a total 523 service stations, or 18 more than the end-2016’s 505, company officials said. The outlay for the new cylinders will be tucked into next year’s capital expenditure.

“[It’s] planned for next year. You pay progressively. You pay when it gets delivered,” Mr. Fadullon said.

The expansion of the Davao City-based listed company comes as it integrates the LPG business of Petronas Energy Philippines, Inc.

The acquisition of the LPG business, since renamed Phoenix LPG Philippines, Inc., is a strong growth and value driver for Phoenix in its expansion, company officials said. 

Ignacia S. Braga IV, vice-president for finance of Phoenix’s parent Udenna Corp., said Phoenix remains the biggest contributor to the holding firm’s revenues but 2017 ushered in changes in Udenna’s revenue contributions. 

“I’m not even familiar yet with the Petronas volume [because] it’s part of the consolidation,” she said. “So the (third quarter) does not have it yet. It will be a surprise by the end of the year.”

In the third quarter, Phoenix posted a net income of P826.54 million, more than double last year’s P338.62 million, with the newly acquired LPG business boosting profit.

Aside from the acquisition of the LPG business, the company owned by businessman Dennis A. Uy announced in October the acquisition of 100% of Family Mart, the third-largest convenience store brand in the country.

On Wednesday, shares in Phoenix rose by 0.83% to close at P12.20 each. — Victor V. Saulon

Biado vs Ignacio in all-Pinoy last 16 match

THE Philippines’ Carlo Biado and Jeffrey Ignacio will square off in an all-Pinoy final 16 match. This is an intriguing matchup as the 34-year-old Biado is the veteran in the group who’s been knocking on the door of big time success for three years, while the 25-year-old Ignacio has wowed Filipino fans with his awesome talent, but has yet to produce long-term success. Biado will certainly come in as the favorite, as several months back he won a gold medal in the World Games and seems to have finally picked up a knack for closing out big matches.

Ko Pin Yi manhandled Austria’s Max Lechner, 11-3. In the final 16 Ko will take on the Philippines Roland Garcia. Garcia, who was once a protégé of the legendary Efren Reyes, and even comes from the same hometown as Reyes, has reached his best effort at a world championship this week in Doha.

A massive surprise in the final 16 is Myanmar’s Maung Maung. The 23-year-old has been a revelation all week and kept up the superb play under immense pressure today. In the round of 32, the Philippines’ Jeffrey de Luna threw everything he could at Maung, but Maung never flinched and closed out the match nicely, 11-9.

Venezuelan-Jordanian Jalal Yousef is very well known on the pro circuit. Yousef is enjoying his best ever success this week in Doha. After his second straight win today, Yousef revealed that he came to Doha brimming with confidence.

“I’m playing good,” Yousef said. “I’m breaking good. I was in the States for two months I played in a lot of tournaments. Ten days ago I played in a tournament in Dubai I played really good. I’ve been practicing a lot and I’m playing good and I’m excited to play. I feel like I’m in shape. I’m playing my best game right now. I hope I can keep it up.”

Yousef will match wits with China’s Dang Jinhu, another hard-nosed player who plays under the radar. Chinese veteran Liu Haitao joins Dang in the final 16. Today Liu barely escaped the round of 32 with an 11-10 win over Spain’s Francisco Sanchez Ruiz.

Despite the plethora of upstarts, veterans and current and former world champions in the final 16, fans in Doha and around the world can’t help but keep turning their attentions to the two young superstars remaining in the field; Germany’s 20-year-old Joshua Filler, and Albania’s 18-year-old Klenti Kaci.

Filler continued to cruise at his usual lightning pace in two matches today, seemingly playing without a care in the world, shooting lights-out pool, and keeping that determined look that speaks of a champion in the making.

In terms of styles, Kaci is the polar opposite of Filler; clinical, methodical and deliberate. But the Albanian seems absolutely impervious to pressure and exudes pool playing class at all times during a match. Nobody would be surprised if Kaci found himself raising the trophy come Thursday evening.

Kaci, however, will have his hands full against Canadian John Morra, whose confidence seems to be soaring. Morra first turned back world number one Chang Jun Lin, 11-9, then beat Russia’s Konstantin Stepanov by the same score line to advance.

The final 16 and quarterfinals will take place on Wednesday, Dec. 13. The round of 16 begins at 10 a.m. Doha time (GMT +3), while the quarterfinals begins at 2 p.m. All matches will be race to 11, alternate break.

Naples pizza wins big: here’s the recipe

NAPLES, ITALY — The art of Neapolitan pizza making has joined UNESCO’s list of “intangible heritage.”

For those unable to pop to the city at the foot of Vesuvius for a slice, here’s how to make the real thing:

Follow in the steps of the famed Brandi pizzeria in Naples, which claims to have be home to the “pizzaiuolo” who made the tomato, mozzarella and basil classic for Queen Margherita in 1889.

The traditional recipe, as given by 27-year old Gennaro Sarnelli from Brandi, for a pizza party of eight.

Ingredients:

1 liter of water

1,700 grams of flour

2 grams of yeast

60 grams of salt for the dough

Toppings: Italian tomato sauce, buffalo mozzarella and freshly picked basil.

Dissolve the salt in the water (which must be at room temperature), then add the yeast, dissolving it in slowly by hand. Add the flour a bit at a time, until the mixture is solid enough to begin kneading.

Leave the dough to rise for 12 hours (in an area with a temperature around 20° Centigrade, 60° Fahrenheit).

Divide it into eight cakes, and leave them to rest for another 12 hours.

Stretch out each pizza, flipping the dough and using the palm of the hand to hit the sides to make it wider. This will push air towards the edges and create the pizza’s distinctive raised border.

Cook them in a wood-fired oven at 485° Centigrade for between 60 and 90 seconds.

Serve with a nice glass of Aglianico wine from the Campania region. — AFP

Recent measures to address judicial delays

It is trite but bears repeating: justice too long delayed is justice denied. Our government has enacted several measures to somehow address the issue of judicial delays, the recent one of which is the Revised Guidelines for Continuous Trial of Criminal Cases which took effect on Sept. 1.

Among its objectives is to protect and advance the constitutional right of persons to a speedy disposition of their criminal cases. To achieve this, the guidelines set the following salient rules with the aim to reduce trial time/period:

Trial shall be held from Monday to Thursday, and courts shall call the cases at exactly 8:30 a.m. and 2 p.m. Hearing on motions, arraignment, pre-trial, and promulgation of decisions shall be held in the morning of Fridays.

Upon arrest or voluntary surrender of the accused, the court shall set the arraignment and pre-trial within ten (10) calendar days from the court’s receipt of the case for detained accused, and within thirty (30) days for non-detained accused.

The arraignment and pre-trial conference shall be simultaneously held. The court shall proceed with the pre-trial despite absence of the accused and/or private complainant, provided they were duly notified, and accused’s counsel and public prosecutor are present. Stipulations shall be done with the active participation of the court. The pre-trial order shall immediately be served upon parties and counsels on the same day after termination of the pre-trial.

As to the form of testimony, for first level courts, the testimonies of the witnesses shall be the duly subscribed written statements given to law enforcers, or affidavits or counter-affidavits submitted to the investigating prosecutor during preliminary investigation. If not available, they shall be in the form of judicial affidavits. The same rule shall apply for second level courts, the Sandiganbayan and Court of Tax Appeals, where the demeanor of the witness is not essential in determining the credibility (such as forensic chemists, medico-legal officers, investigators, auditors, accountants, engineers, custodians, expert witnesses), and who will testify on the authenticity, due execution and contents of public documents and reports, and the criminal cases are transactional in nature (such as falsification, malversation, or estafa).

The court shall strictly adhere to the rule that a witness has to be fully examined in one (1) day only.

Motions for postponement are generally prohibited, except if it is based on acts of God, force majeure, or physical inability of the witness to appear and testify. If the motion is granted based on such exceptions, the moving party shall be warned that the presentation of its evidence must still be finished on the dates previously agreed upon.

The offer of evidence (which must be made on the same day after the presentation of the last witness), and the comment/objection thereto, with the court’s ruling thereon, shall be made orally and in open court.

The court shall announce in open court and include in its order submitting the case for decision, the date of promulgation of decision, which shall not be more than ninety (90) days from the date the case is submitted for decision. Motions for reconsideration shall be resolved by the court within a non-extendible period of ten (10) calendar days from submission of the comment thereon.

These guidelines shall apply (1) to all newly filed criminal cases (including those governed by the Comprehensive Dangerous Drugs Act of 2002, Cybercrime Prevention Act of 2012, Rules of Procedure for Environmental Cases, Rules of Procedure for Intellectual Property Rights Cases, and Criminal Cases cognizable by Family and Commercial Courts) in the first and second level courts, the Sandiganbayan, and the Court of Tax Appeals, as of effectivity date, and (2) to pending criminal cases with respect to the remainder of the proceedings.

Noncompliance with the guidelines shall be a ground for disciplinary action.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or legal opinion

 

Jessa G. Wong-Cantano is a Senior-Associate of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Davao Branch.

jgwong@accralaw.com

Democrat wins Alabama elections in blow to Trump

BIRMINGHAM — Democrat Doug Jones won a bitter fight for a US Senate seat in deeply conservative Alabama on Tuesday, dealing a political blow to President Donald J. Trump in a race marked by sexual misconduct accusations against Republican candidate Roy Moore.

The stunning upset makes Mr. Jones the first Democrat elected to the US Senate from Alabama in a quarter-century and will trim the Republicans’ already narrow Senate majority to 51-49, opening the door for Democrats to possibly retake the chamber in next year’s congressional elections.

US stock futures, Treasury yields and the dollar dipped on Wednesday on the news of Mr. Jones’ victory which could endanger Mr. Trump’s policy agenda.

With 99% of the vote counted, Mr. Jones had a lead of 1.5 percentage points over Mr. Moore. But the Republican refused to concede, telling supporters in Montgomery that votes were still coming in and state law would trigger a recount if the margin was within half a percent.

In a CNN interview, Alabama Secretary of State John Merrill said it was “highly unlikely” that anything would change the election outcome. “The people of Alabama have spoken,” he said.

The ugly campaign drew national attention and split the Republican Party following accusations by several women that Mr. Moore sexually assaulted or pursued them when they were teens and he was in his 30s.

Mr. Moore, 70, a Christian conservative twice removed from the state Supreme Court in Alabama for ignoring federal law, denied the allegations and said he did not know any of the women who made them. Reuters has not independently verified them.

Mr. Trump endorsed Mr. Moore even as other party leaders in Washington walked away from him, but Mr. Jones, 63, a former federal prosecutor, portrayed the campaign as a referendum on decency and promised the state’s voters he would not embarrass them in Washington.

“I have always believed that the people of Alabama have more in common than divides us,” Mr. Jones told cheering supporters at his Birmingham victory party, where Lynyrd Skynyrd’s “Sweet Home Alabama” had blasted from loudspeakers earlier.

“We have shown the country the way we can be unified,” said Mr. Jones, who as a US attorney prosecuted members of the Ku Klux Klan for the 1963 bombing of a Birmingham church that killed four little girls.

Mr. Jones, who cast himself on the campaign trail as the candidate who could reach across the aisle and get things done in Washington, said Alabama had often taken the wrong road when it came to a crossroads.

“Tonight you took the right road,” Mr. Jones said.

Mr. Jones is expected to take office early in January, after the results are certified. His election will not effect the pending votes in Congress on a tax overhaul or government funding.

TRUMP CONGRATULATES JONES
Senate Republican leader Mitch McConnell had called on Mr. Moore to drop out of the race and other Senate leaders had suggested he should be expelled if elected.

“Decency wins,” tweeted retiring Republican Senator Jeff Flake, a frequent critic of Mr. Trump.

The sexual misconduct allegations against Mr. Moore came at a time when many powerful men, including Mr. Trump, have faced similar accusations. Democrats had promised to try to link many Republican candidates in next year’s elections to Mr. Moore, and use the issue to appeal to women and suburban voters.

The network exit polls found 54% of voters said the sexual allegations against Mr. Moore were not important to their vote, while 41% said they were.

“Part of the problem with this campaign is we’ve been painted in an unfavorable light,” Mr. Moore told supporters in Montgomery who sang Christian hymns while waiting for his speech.

Mr. Trump had recorded robo-calls to voters to bolster turnout for Mr. Moore, and held a campaign rally across the border in Florida last week. Mr. Trump’s former senior adviser, Steve Bannon, appeared at two rallies with Mr. Moore down the stretch.

Mr. Trump tweeted his congratulations to Mr. Jones, saying, “A win is a win. The people of Alabama are great, and the Republicans will have another shot at this seat in a very short period of time. It never ends!”

Network exit polls, however, showed Mr. Trump was not a factor in the decision for about half of Alabama voters. A further 29% said they voted to express support for Mr. Trump, and 20% said they voted to oppose him.

David Lockwood, 37, a designer from Nashville, Tennesee, who watched the race on the news drove down to Birmingham Monday to see the finish.

“I just had to see it,” he said. “I believe this race has national implications and that it’s totally about Trump, 100 percent. I feel this is a victory for the national Democrats.”

John Laine, 65, a retired book editor from Birmingham who backed Mr. Jones, said he thought many Republicans crossed over and voted for a Democrat “maybe for the first time in the lives. My cousin said she had to hold her nose and vote Democrat.”

He added, “The reason is that people just couldn’t stomach any more of Roy Moore.”

Former Democratic President Barack Obama recorded robo-calls for Mr. Jones to help turn out African-American voters, who, network exit polls said, constituted about 30% of the electorate on Tuesday.

Mr. Jones also supported abortion rights and opposed the repeal of Obama’s signature health care law, unpopular positions in the conservative state. Messrs. Moore and Trump labeled Mr. Jones a liberal follower of Democratic House of Representatives leader Nancy Pelosi. — Reuters

Japan says PHL Sept. road show welcomed by potential investors

THE Japan External Trade Organization (JETRO) said that it will enhance cooperation on trade and investment with the Philippines, after its economic road show was positively received by potential Japanese investors.

In a letter to Finance Secretary Carlos G. Dominguez III, JETRO Executive Vice-President Yuri Sato said that the Philippine Economic Briefing 2017 in Tokyo on Sept. 26 was “successful.”

“With seven key Cabinet members of the Philippine government presenting their commitment to Japanese investors regarding deregulation of foreign direct investment and tax reform, the briefing received high praise from participants,” Sato said in his letter.

“JETRO will continue its efforts to increase cooperative activities between the Philippines and Japan. We would appreciate your continued kind support and encouragement,” he added. 

JETRO is an independent Japanese government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. It hosted a luncheon session following the briefing.

Those who led the briefing were Mr. Dominguez,  Socioeconomic Planning Ernesto M. Pernia, Budget Secretary Benjamin E. Diokno, Public Works Secretary Mark A. Villar, Transportation Secretary Arthur P. Tugade, Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla, Jr., and Executive Secretary Salvador C. Medialdea.

During the briefing in Tokyo, the Cabinet officials had cited the “robust and mutually beneficial relationship” between Manila and Tokyo over the past six decades.

The officials said that potential investors in infrastructure and transportation sectors are welcome, with the Philippines planning to spend $160-$170 billion over the next five years.

They added that spending will be accompanied by fiscal discipline, with a view towards improving the manageability of government debt.

The officials also noted that financial stability has provided an enabling and conducive environment for rapid and sustainable economic growth.

Mr. Dominguez and other members of a Cabinet-level delegation also took part in the 3rd Philippines-Japan High-Level Meeting of the Joint Committee on Infrastructure Development and Economic Cooperation.

In the meeting, Mr. Dominguez said officials of the two countries agreed to further streamline their respective approval processes and introduce new measures to put in the fast lane the implementation of big-ticket infrastructure projects presented by Manila to Tokyo for possible financing.

Japan was the country’s second largest trading partner in 2016, accounting for total trade of $21.552 billion or 15.2% of the country’s total trade. — Elijah Joseph C. Tubayan

Storm Urduja forecast to intensify

TROPICAL DEPRESSION Urduja, located as of Wednesday afternoon at 415 kilometers east of Guiuan, Eastern Samar, could intensify into a tropical storm within the next 36 hours, according to weather bureau PAGASA. Moderate to heavy rains and thunderstorms are expected in the Visayas, Mindanao, and the regions of Mimaropa (Mindoro-Marinduque-Romblon-Palawan) and Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon). Metro Manila and the rest of Luzon will also have scattered rains. Urduja is expected to remain within the Philippine area until Monday, Dec. 18.

Apple buys early iPhone app hit Shazam

APPLE, INC. agreed to acquire music-identification service Shazam, taking ownership of one of the first apps to demonstrate the power of the iPhone, recognizing songs after hearing just a few bars of a tune.

Terms of the deal weren’t disclosed, but a person familiar with the situation said Apple is paying about $400 million for the UK-based start-up. That would be one of Apple’s largest acquisitions ever, approaching the size of its 1996 purchase of Next Computer, Inc. which brought co-founder Steve Jobs back to the company. That transaction would be worth more than $600 million in today’s dollars.

The deal announced Monday will be a disappointment for some of Shazam Entertainment Ltd.’s investors, including Mexican billionaire Carlos Slim and venture capital firms Kleiner Perkins Caufield & Byers, Institutional Venture Partners and DN Capital Ltd. The 18-year-old company, which has required twice the average time to deliver an exit for backers, was valued at about $1 billion when it closed its last funding round in 2015.

“A company isn’t worth a billion dollars until it’s sold or exited. Many of these so-called unicorns are of course fakies,” Mark Tluszcz, co-founder of VC firm Mangrove Capital Partners and chairman of Web site building service Wix.com Ltd. “They will face their day of reckoning and may turn out to be a disappointment. The case of Shazam will serve as a stark warning to other companies.”

The Shazam app uses the microphone on a smartphone or computer to identify almost any song playing nearby, then points users to places they can listen to it in future, such as Apple Music or Google’s YouTube.

While Shazam has been popular with customers, it struggled turning its clever music service into a business that justified its valuation. It expanded beyond simple audio recognition in 2010 by adding capabilities that let television viewers “Shazam” an ad, which would then open a promotion from the advertiser on a user’s device. The company said this feature was used 700,000 times during the 2014 Super Bowl broadcast.

“Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users,” Apple said in an e-mailed statement on Monday. “We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement.”

In November, Shazam had about 175 million monthly active users globally across iOS and Android, according to research firm App Annie. The US is the largest single market, with about 20 million active users in November, while the UK had about 4 million in the same month.

The acquisition would help Apple embed that capability more deeply into its music offerings. The company’s digital assistant Siri gained Shazam integration in 2014, so users could ask it what song is playing in the background. — Bloomberg

P2-B office project woos Binondo-based businessmen

By Victor V. Saulon, Sub-Editor

Aspire Corporate Plaza is expected to be completed by early 2020.

GOLDEN BAY Properties, Inc., a company whose owners started in seafood trade, will spend around P2 billion to develop a premium office building along Macapagal Boulevard in Pasay City.

Golden Bay is hoping to lure Filipino-Chinese businesses from Binondo to its new project, Aspire Corporate Plaza. “We want them to embrace change,” said Jardin Brian B. Wong, Golden Bay chief operating officer, in a media briefing on Wednesday.

The 10-storey Aspire Corporate Plaza will be built on a 3,500 square meter-lot behind the Golden Bay Fresh Seafood Restaurant. It is expected to be completed in early 2020.

Mr. Wong said the property firm is in the process of acquiring its name by simply renaming the existing Golden Bay restaurant, known for its freshly caught seafood.

For Aspire Corporate Plaza, Asya Design Partners has been tapped as the designer, Sta. Elena Construction as piling contractor, D.A. Abcede and Associates as construction managers, and Meinhardt Philippines as facade consultant.

Mr. Wong said Golden Bay has shortlisted three companies to construct the project, with the final decision to be announced before the end of the year.

He said the company aims to offer other Filipino-Chinese businessmen, especially those in the Binondo area, the chance to own their space rather than just leasing it.

“It’s a fact that Binondo now is far away from the center of growth. We want to offer them a chance. Our family from Binondo, we were among the first ones to take a risk,” Mr. Wong said.

Another advantage of Aspire Corporate Plaza is its location, with its proximity to Entertainment City and the SM Mall of Asia complex.

The project will be supported by a mix of internally generated funds from the sale of some floors during the first year of construction, and bank financing. The sale of the rest of the office spaces will come later into the construction as the company expects the price per square meter to continue to appreciate.

At the same time, Golden Bay Properties is planning to redevelop the restaurant area into a two-tower project — composed of a hotel and a residential condominium. The hotel, which will host the new restaurant, will be built first.

The company bought the property 10 years ago with the vision of developing the area for the Chinese business community looking for an authentic and fresh seafood lauriat venue. The Aspire property was acquired in December.

“We’re scouting for a partner hotel,” Mr. Wong said, adding that the Swiss Hotel brand is a candidate.

Mr. Wong estimated the cost of the second project at P2.5 billion, but this would depend on whether the company would take in a four- or five-star hotel operator.

Golden Bay Properties is also acquiring a third property for another project, bringing total landbank to 4.2 hectares, he said.

Aside from the restaurant and property businesses, the Wongs are also into small-scale construction, shipping, agricultural and ornamental products. Some family members are into politics in Catanduanes province.

1...12,76112,76212,763...13,707Page 12,762 of 13,707
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube