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SC rules in favor of firm linked to Imelda Marcos’ deceased brother

PHOTO BY MIKE GONZALEZ

THE SUPREME Court (SC) has ordered the country’s anti-graft court and the Presidential Commission on Good Government (PCGG) to release the shares of a company linked to the late dictator Ferdinand E. Marcos’ brother-in-law.

In a 17-page decision on July 6 and made public on Sept. 21, the SC First Division ruled that the Sandiganbayan can no longer hold Trans Middle East Equities, Inc. Philippines (TMEE) shares without valid cause, citing previous rulings that favored the TMEE.

“As the registered owner of the shares, TMEE cannot be deprived of its property without due process of law,” according to the ruling penned by Associate Justice Rodil V. Zalameda.

“In this case, there is no clear determination from appropriate judicial proceedings declaring the shares of stock as ill-gotten.”

In 1986, the PCGG sequestered 6,119,067 shares registered in the name of TMEE, which the agency said was owned by the late former Leyte Governor Benjamin T. Romualdez.

Sequestration places properties under an entity’s control to prevent destruction and concealment during pending judicial proceedings of determining ill-gotten wealth, the court noted.

The High Court said that the PCGG failed to prove that TMEE along with its shares of stock, was part of the ill-gotten wealth of Mr. Romualdez.

The agency argued that shares of common stock in Equitable-PCI Bank were illegally amassed by Mr. Romualdez during the 20-year reign of the late dictator.

The late governor is the brother of former First Lady Imelda R. Marcos.

The Philippine government and the First Philippine Holdings Corp. (FPHC) filed separate complaints to the Court of Appeals that sought to recover the shares obtained through ill-gotten wealth.

FPHC had previously owned the shares of stock in PCI Bank, which became Equitable PCI Bank and is now under BDO Unibank, Inc.

In 1984, the FPHC sold the shares of stock in PCI Bank to TMEE.

The Sandiganbayan had dismissed a complaint that alleged that the firm’s shares were part of the supposed ill-gotten wealth of the late governor.

The PCGG filed an ill-gotten wealth case against Mr. Romualdez the following year; however, TMEE was not named as a party to the case.

More than a decade later, the PCGG impleaded the firm as one of the defendants.

The anti-graft court Sandiganbayan previously ordered that the shares of stock and its proceeds be deposited in escrow at the Land Bank of the Philippines.

The late former President Corazon C. Aquino created the PCGG in 1986 to go after the ill-gotten assets of Mr. Marcos.

A popular street uprising toppled the dictator’s regime in February 1986, forcing him and his family to flee into exile in the United States.

“In resolving issues pertaining to sequestration, we must always bear in mind the constitutional right to due process of law,” the High Court said. — John Victor D. Ordoñez

Star-studded Amsterdam merges facts, fiction and teamwork

Christian Bale, John David Washington, and Margot Robbie on the set of Amsterdam

LONDON —  Director David O. Russell got his starry cast involved in the creation of his new crime drama Amsterdam.

The five-time Oscar nominee reunited with his The Fighter and American Hustle star Christian Bale to develop the movie, with the duo getting together in diners over several years to bounce ideas off each other.

“He had no script. He just had a couple of ideas. We started trading music that we would listen to, bits of history that we would learn about. David would scribble all this down. And then, over years and years, came up with this story,” Mr. Bale told Reuters at the film’s European premiere in London on Wednesday.

Similarly, Mr. Bale’s co-star Margot Robbie was invited to help bring her character to life.

“I was talking to David about Valerie for years before we actually got around to making the film. It was kind of like a creative process that kept evolving,” said Ms. Robbie.

Amsterdam is set in 1918 and the early 1930s and centers around three friends, Burt Berendsen (Bale), Harold Woodman (John David Washington) and Valerie (Robbie), whose paths cross in war-torn Europe and who make a pact to always protect each other.

Returning to New York from World War I, scarred inside and out, Burt starts practicing experimental medicine and Harold becomes a lawyer, championing the vulnerable. When the daughter of their wartime battalion leader turns to them for help following his sudden, suspicious death, the trio becomes entangled in a dangerous political conspiracy plot.

Elements of the film are inspired by real historical events and people, including a fascist coup attempt against US President Franklin D. Roosevelt.

“We wanted to see a friendship that we wanted to have, a triangle of people that would do absolutely anything for each other no matter what,” said Mr. Bale.

“They’ve been kind of forged in the crucible of the Great War, and they’ve declared they will do anything for each other, and they stick to that no matter what, even when they’re dragged into this big murder rap and then into this huge global conspiracy, which is crazy but is actually based on fact,” said Mr. Bale.

In addition to its top-billing trio, the movie features a star-studded cast including Taylor Swift, Robert De Niro, Chris Rock, Anya Taylor-Joy, Rami Malek and Mike Myers.

Amsterdam begins its global theatrical rollout on Oct. 6. — Reuters

ACEN lists P10-B ASEAN green bonds  

ACEN Corp. announced on Thursday that it had successfully issued and listed its maiden peso-denominated ASEAN green bonds with a principal amount of P10 billion.

“We are grateful for the strong support of Philippine institutional and retail investors for the company’s maiden peso green bond issuance,” ACEN President and Chief Executive Officer Eric T. Francia said in a statement.

ACEN, the listed energy arm of the Ayala group, said the green bonds are the first tranche under its P30-billion debt securities program registered with the Securities and Exchange Commission. The bonds have a fixed interest rate of 6.05% annually for a five-year tenor maturing in 2027.

ACEN noted that the green bonds were eight times oversubscribed, signaling robust demand and strong participation from institutional investors.

ASEAN green bonds comply with the ASEAN green bonds standards and proceeds are used exclusively to finance or refinance eligible green projects.

Maria Corazon G. Dizon, ACEN’s chief financial officer and treasurer, said amid the “challenging macroeconomic environment, we are encouraged by the enthusiastic take-up of our bonds by the investing community.”

“Our group is one of the country’s largest issuers of green bonds, and we are happy to contribute to the development of our nation’s debt capital market with our maiden peso green bond issuance,” she added.

ACEN will use the proceeds to fund its various renewable projects in the Philippines.

These projects are the 283-megawatts of direct current (MWdc) San Marcelino Solar I farm in Zambales, 42-MWdc expansion of the 72-MWdc Arayat-Mexico solar farm in Pampanga, and the construction of the 133-MWdc solar farm in Lal-lo, Cagayan.

To date, ACEN and its majority shareholder AC Energy and Infrastructure Corp. have raised an aggregate of $1.6 billion through green bonds since 2019 to fund renewable energy projects.

On Thursday, shares in ACEN closed 2.64% lower at P6.28 apiece. — Ashley Erika O. Jose

V&A celebrates Korean Wave of popular culture with new exhibition

VAM.AC.UK/EXHIBITIONS/NETFLIX

LONDON —  From the bright pink guard costumes in hit Netflix series Squid Game to a large sculpture of rapper G-Dragon, London’s V&A museum is celebrating South Korean popular culture and its rise to global prominence in a new exhibition opening this week.

Among the items on display at Hallyu! The Korean Wave are K-Pop costumes, K-drama props as well as a replica of the bathroom set in Oscar-winning film Parasite.

“This exhibition is actually celebrating the vibrant and colorful popular culture from South Korea from its inception to its place on the global stage,” curator Rosalie Kim told Reuters at a preview on Wednesday.

“‘Hallyu’ actually means Korean wave and it refers to this meteoric rise of popular culture from South Korea that has taken the world by storm in the past few decades.”

The exhibition is split into different sections including K-pop and its fans, television drama and cinema, fashion and beauty.

Greeting visitors is the pink jacket singer Psy wore in the music video for his 2012 mega hit “Gangnam Style.” Other outfits on display include ensembles worn by G-Dragon and K-pop groups ATEEZ and Aespa as well as colorful designer creations.

From the world of television, there are costumes from historical dramas as well as the recognizable pink boiler suits and a green tracksuit from Squid Game.

The Parasite bathroom replica is the first time the set from the protagonist Kim family’s basement flat has been recreated, with the museum working closely with the film’s production designer Lee Ha-jun.

Other items on display include photographs, posters, record covers and K-pop fan banners. Visitors can also take part in an interactive K-pop dance challenge.

Hallyu! The Korean Wave opens on Saturday and runs until June 2023. — Reuters

SMC plans P80-B bonds; CLI downsizes issuance to P5B

SEPARATELY, the board of directors of listed conglomerate San Miguel Corp. (SMC) authorized a plan to issue bonds worth P80 billion in a board meeting on Thursday.

The bonds will be composed of P60-billion fixed-rate peso-denominated bonds with an oversubscription option of P20 billion.

According to SMC’s disclosure to the Philippine Stock Exchange, its board of directors also authorized the company’s filing of its registration statement and prospectus with the SEC.

It also authorized the filing of the listing application of the peso bonds with the Philippine Dealing Exchange Corp.

“The board has authorized the engagement of the services underwriters, advisors, legal counsels, stock and transfer agent, receiving agent or bank, and other agents as may be necessary,” the company said in a disclosure.

Shares in SMC shaved off 35 centavos or 0.36% to P97.65 each.

CEBU LANDMASTERS FINALIZES SIZE OF ISSUANCE
Cebu Landmasters, Inc. (CLI) downsized the initial tranche of its shelf offering to P5 billion from P8 billion, the firm disclosed on Thursday.

As earlier approved by the board of directors of the company, the program was supposed to cover a principal amount of up to P5 billion and an oversubscription option of up to P3 billion.

CLI said that the issue size of its maiden fixed rate bond offering will have an aggregate principal amount of P5 billion across three tenors.

“In a strong show of confidence in CLI, the company’s maiden retail bonds received strong demand from both institutional and retail investors, even as CLI price at the lowest end of the initial spread range,” the company said in a stock exchange disclosure.

The interest rate for the 3.5-year series A is at 6.4222%, 5.5-year series B at 6.9884%, and 7-year series C at 7.3649%.

CLI said that the public offer period will run from Sept. 26 to 30 on the condition of receipt of the permit to sell from the Securities and Exchange Commission.

On Thursday, shares in CLI lost 6 centavos or 2.49% to P2.35 apiece. — Justine Irish D. Tabile

Financial inclusion award named after Espenilla

A GLOBAL AWARD for financial inclusion has been named after the late former Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr., the central bank said on Thursday.

Malaysia-based Alliance for Financial Inclusion’s (AFI) inaugural “Nestor Espenilla, Jr. Financial Inclusion Innovation Award” is meant to honor Mr. Espenilla’s contributions to improving access to financial services in the Philippines and globally.

AFI has 82 members from 75 countries composed of central banks and regulatory financial institutions. It was established in 2008 with the BSP as one of its founding members.

The award was established with funding support from venture capital firm Flourish Ventures, “recognizes institutions that demonstrate outstanding commitment toward innovation and the use of technology to further financial inclusion,” the BSP said in a statement.

The first recipient of the award is the Central Bank of Egypt. The winner will get support from the AFI to implement that aims to boost financial inclusion through technology and innovation.

Mr. Espenilla served as BSP governor from July 2017 until his passing in February 2019 due to illness. He was with the central bank for nearly 40 years, starting as a debt analyst in 1982.

“Recognized as a global champion for financial innovation and inclusion, former Governor Espenilla played a critical role in advocating financial inclusion in the Philippines. He became a key figure in many of the BSP’s groundbreaking policies, including the use of the “test and learn” approach to promote high-impact innovations in a prudent manner,” the central bank said.

In a message, Maria Teresita F. Espenilla, the late BSP chief’s wife, said: “By serving as the inspiration for the award that will, in turn, inspire the efforts of others, my husband continues to support and contribute to the work of the AFI in harnessing the power of technology and innovation in order to bring about greater inclusion for many more unbanked people.”

The BSP, as part of its financial inclusion goals, wants 70% of Filipino adults to have a formal financial account by 2023 from 56% in 2021. — Keisha B. Ta-asan

Stuff to Do (09/23/22)

Negros Trade Fair returns

THE ASSOCIATION of Negros Producers (ANP) and the provincial government of Negros Occidental bring back the Negros Trade Fair to the Glorietta Activity Center until Sept. 25. The 36th edition of the trade fair showcases a selection of products created with skilled craftsmanship and renowned Negrense heritage. For more information, visit https://www.facebook.com/thenegrostradefair/.

‘Pista ng Kapuluan’ at Alabang Town Center

THE ALABANG Town Center (ATC) will host the “Pista ng Kapuluan” — a film festival curated by the Tayo Change Youth Agency — on Sept. 25 to 30 at the ATC Activity Center. The festival will debut and screen feature films on cultural experiences directed by Filipinos from around the country. The feature films include Kanlungan directed by Louise Isabel Mendoza; Pulangui by Bagane Fiola; Ola by Mijan Jumalon; Consequences of Man by Jeffrie Po; and Si Astri Maka Si Tambulah by Xeph Suarez. The award-winning film K’na the Dreamweaver, directed by Ida Del Mundo, will also be screened. All films will be looped and exhibited within a cube installation at the ATC Activity Center. The festival is also the soft launch of Generation Townie, a movement by Alabang Town Center to celebrate and support the creative, thoughtful, and nation-building projects of the younger set of Townies in the community. Admission is free.

Tanghalang Pilipino stages Anak Datu

TANGHALANG Pilipino stages Anak Datu on Sept. 16 to Oct. 9 as the second offering of its 36th season. It is the maiden production at the newly built Tanghalang Ignacio Gimenez (Blackbox Theatre) at the Cultural Center of the Philippines. A play with music, the story is a multi-story production that banners peace through the intertwining of conflicts in a folk tale, a piece of stark social realism, and an all-too-familiar family drama. It is based on a short story written by National Artist for Visual Arts Abdulmari Imao and adapted for the stage by veteran playwright Rody Vera, it is directed by Chris Millado. Anak Datu follows a man in the Sulu Archipelago during pre-colonial Philippines who was born in captivity and grows up believing his father is a former pirate until he discovers the truth. This short story gave birth to Mr. Vera’s stage adaptation adjacent with other events in the history of Mindanao including the Jabidah Massacre and the personal lives of Abdulmari Imao’s family in the 1970s. The play stars Marco Viaña, Fernando “Nanding” Josef, Antonette Go, Lhorvie Nuevo, Tex Ordoñez-de Leon, Carlos Dala, and Hassanain Magarang. For tickets and show buyer inquiries, contact 0915-607-2275 or e-mail tanghalangpilipinomarketing@gmail.com.

CCP holds outdoor light and sound show

AS THE Cultural Center of the Philippines (CCP) celebrates its 53rd anniversary, it brings back the show SINAG 2022: Lights and Sound Spectacle with onsite performances every 30 minutes at the CCP front lawn on Sept. 23 to 25 from 7 to 9.30 p.m. Admission is free. Health and safety protocols for outdoors must be observed.

BSP, BAP push for banks’ digital transformation

THE BANGKO SENTRAL ng Pilipinas (BSP) and the Bankers Association of the Philippines (BAP) will continue to foster digital transformation in the sector to meet demand for online financial services.

“Our policy agenda on digitalization will not only make the financial system more inclusive but also more efficient,” BSP Governor Felipe M. Medalla said in recorded opening remarks at the Asian Banker’s 2022 Finance Conference on Thursday.

“As you may know, we have welcomed the entry of digital banks into the system. These are new industry players that would further push the digital transformation of finance,” Mr. Medalla said.

The central bank has capped the number of digital banking licenses at six to monitor the development of the sector, ensure competition, and boost its capacity to regulate these kinds of lenders.

The six online lenders that secured licenses to operate in the country are Tonik Digital Bank, Inc.; GOtyme of the Gokongwei Group and Singapore-based Tyme; Maya Bank of Voyager Innovations, Inc.; Overseas Filipino Bank, subsidiary of Land Bank of the Philippines; UNObank of DigibankASIA Pte. Ltd.; and UnionDigital of UnionBank of the Philippines, Inc.

“To ensure that these banks safely operate, the BSP is about to issue the second set of rules that will clarify the prudential requirements applicable to digital banks,” Mr. Medalla said.

“A digital financial marketplace model is being developed, which will set forth, among others, the criteria for the grant of authority to engage in digital marketplace operations and the related supervisory expectations. The model builds on the open finance framework,” he added.

Earlier this week, the central bank said as part of the prudential requirements for digital banks, their reserve requirement ratio will be at 8% and they will likewise be covered by existing Basel III standards for big banks that mandate them to maintain adequate capital and liquidity buffers.

“Regulating banks amid accelerated digital transformation and post-pandemic recovery is very tricky. But with our three pillars guiding our actions, we are ready to face the challenge,” the BSP chief said.

“Rest assured that the BSP will continue to foster an enabling environment that allows the financial institutions under our supervision to contribute to our three pillars of price stability, financial stability, and safe, secure, and efficient payments and settlements system, while supporting economic growth,” Mr. Medalla added.

BAP President and East West Banking Corp. Chief Executive Officer Antonio C. Moncupa, Jr. said in a speech that financial institutions are undergoing “profound changes” towards digitalization.

“New players are coming in and introducing innovation and challenging the banks,” he said, adding that customers now expect better banking experiences.

Mr. Moncupa said government policy initiatives will also continue to usher banks towards digital transformation.

“With all these developments, digital adoption will only accelerate. While there are new players, perhaps more innovative and more agile, I see them more like a bridge than a threat to the banks,” he said.

“On behalf of the BAP member banks, we consider the digital push as good and positive. In the end, digital transformation will make financial transactions more efficient, take out some barriers, expand possibilities, and improve commerce,” he added. — K.B. Ta-asan

SEC warns public against ‘Sophia Francisco’ entities

THE SECURITIES and Exchange Commission (SEC) warned the public against investing in Sophia Francisco Holding OPC, which is also knowns as Financial Consultancy Services Sophia-Francisco or Sophia Francisco Trading, as it is not authorized to sell securities.

The entity is said to be enticing the public to invest money in the company with a minimal amount of P500 per account. Investors were promised to earn 60% in 20 days or 25% in just 10 days.

The commission also found that a 5% referral fee was promised to those who would be able to entice others to invest. Individuals were asked to register on the entity’s website and deposit money through various modes.

The SEC said that Sophia Francisco Holding OPC allegedly earns through crypto trading “by hitting its monthly win rate of 4% daily, 28% weekly, or 112% monthly.”

“The transactions stated above are considered securities in the form of ‘investment contracts’ which must be registered with the commission,” SEC said.

Although the commission’s records show that Sophia Francisco Holding OPC is registered as a one-person corporation and that Financial Consultancy Services Sophia-Francisco or Sophia Francisco Trading was granted a certificate of business name registration by the Department of Trade and Industry, these entities are not authorized to solicit investments from the public.

“Hence, the public is advised not to invest or stop investing in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of and to exercise caution in dealing with any individuals or group of persons soliciting investment for on and behalf of it,” the commission said. — Justine Irish D. Tabile

What To See This Week (09/23/22)

Avatar

Avatar 

JAMES Cameron’s 2009 blockbuster returns to cinemas in a remastered 3D format in anticipation of the release of its sequel, Avatar: Way of the Water, in December 2023. Avatar follows Jake, a paraplegic war veteran who is brought to the planet Pandora to participate in a program designed to help him walk again. The program introduces him to his avatar, a creature whose genetics are half human and half Na’vi, a sentient humanoid race who inhabit Pandora. In time, Jake will find himself in the middle of an escalating conflict between the two races. The film stars Sam Worthington, Zoe Saldana, Sigourney Weaver, and Michelle Rodriguez. Rotten Tomatoes’ Tomatometer gives it a score of 81%, and an audience score of 82%.

MTRCB Rating: PG

The Possessed

JACOB Chandler and his nephew Liam have forged a career clearing demons from the bodies of their clients. Something has changed lately as possessions increase and Jacob fights to keep those he loves safe. When he meets Liam’s new girlfriend, he recognizes something in her dark, broken gaze. Directed by Chris Sun, the film stars John Jarratt, Lincoln Lewis, Angie Kent, Lauren Grimson, Jade Kevin, and Simone Buchanan. Anton Britel of Sight & Sound writes: “With even the demons being little more than mischief makers, this comes surprisingly without much sense of peril, or even of narrative closure — but with plenty of good-natured charm.”

MTRCB Rating: R-16

‘Great resignation’ finds PHL workers wary of job-hopping

REUTERS

PROFESSIONALS in the Philippines are responding to the so-called “Great Resignation” by expressing reluctance to switch jobs unless they have another job offer lined up, according to recruitment consultancy Robert Walters, citing the results of a survey.

The report on the results of the survey, “The Not-So-Great resignation,” which was released on Thursday, indicates that 57% of Filipino professionals cited an assured landing spot as a precondition for leaving their current employer.

According to Robert Walters, the survey was conducted in June and involved 2,638 professionals and 1,131 companies in Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

“Job security proved important for the Philippines, with 57% of professionals uncomfortable leaving their job without a new one lined up… although they have thought of resigning, 38% of professionals still didn’t leave their jobs,” the report said.

“Among Southeast Asia, professionals in the Philippines are most likely to have (re-evaluated) how work fits into their personal lives… Talent in the Philippines was also the sole group in Southeast Asia to clearly prioritize work flexibility in (valuing) an employer,” it added.

The survey found that 74% of professionals in the Philippines considered resigning last year but 38% decided not to.

The top reasons affecting their decision to stay include no suitable replacement job (60%), uncertainty over the new workplace’s culture (33%), and changes in personal circumstances (26%).

Some 89% of talent in the Philippines have re-evaluated their work-life priorities over the past year, with a new focus on mental and physical health, the survey found. “Beside salaries, professionals value flexible work arrangements and inspirational colleagues and culture when looking at employers,” the survey said.  

“Companies should attract and retain employees through holistic packages that cover salaries, work flexibility and career development. Also, consider hiring and grooming talent based on potential, as they will be more likely to stay and grow with your organization,” Robert Walters Philippines Senior Manager Mae Mendoza said. — Revin Mikhael D. Ochave

Weighing financial benefits against social risks

FINANCE Secretary Benjamin Diokno has expressed his desire to discontinue the activities of Philippine Offshore Gaming Operator (POGO) companies due to the social cost associated with the industry. He said the country would incur a bad reputation for continuing to host the POGO firms during the recent Senate briefing by the Development Budget Coordination Committee (DBCC) on the proposed 2023 national budget.

DBCC is composed of the Department of Finance (DoF), the National Economic and Development Authority, the Bangko Sentral ng Pilipinas, the Department of Budget and Management, and the Office of the President. It determines the country’s overall economic targets, expenditure levels, revenue projections, deficit levels, and financing plans that are submitted to the President and the Cabinet for their approval.

The DoF chief remarked that since the online gaming industry has been banned in other countries like China and Cambodia, “people will ask why are they going to the Philippines?” To which he himself replied: “Maybe because we are loose or we are not strict on our rules, so we have reputational risk.”

On the other hand, the Philippine Economic Zone Authority had warned earlier about a possible real estate vacuum in Metro Manila once POGOs pull out of the country, while the Philippine Chamber of Commerce and Industry was worried that a mass exodus of mainland Chinese-owned POGOs would not only depress the growth of the entire property sector but also deprive the economy of much needed revenues.

In its latest market report, Leechiu Property Consultants projected that office rental rates could collapse by as much as 85% if the remaining legitimate POGOs are kicked out of the country. According to the leading real estate expert, the Manila Bay Area would be the hardest hit with lease figures expected to drop to as low as P300 per square meter from the 2019 peak of P1,500 per square meter.

POGO companies have emerged as the biggest lessees and buyers of office space in the Bay Area, where three integrated casino resorts are operating and one more is under construction. Rental rates there outperformed other property markets such as Makati, Ortigas, Taguig, and Alabang prior to the pandemic.

Not surprisingly, the area has also attracted large-scale reclamation projects spanning the cities of Navotas, Manila, Pasay, and Parañaque as well as the provinces of Cavite and Bulacan. To date, there are 25 such projects that aim to reclaim more than 100 square kilometers of land along the Bay Area’s coast. The Philippine Reclamation Authority (PRA) has so far approved six of these projects, the latest of which is Manila Waterfront City, a joint venture between Waterfront Manila Premier Development, Inc. (WMPDI) and the local government unit of Manila.

This 318-hectare public-private partnership has been valued at P34 billion by its proponent, translating to approximately P10,700 per square meter. Another property developer, Asian Seas Resources and Construction Development Corp., has asked the PRA to scrutinize it considering that a reclamation project should cost about P30,000 per square meter at current prices.

PRA Assistant General Manager Joseph John Literal disclosed that his office is looking into the alleged undervaluation based on industry standards, as the P34-billion project’s valuation is only based on WMPDI’s submissions. He noted that the social environment fund and regulatory fees of P800 million constitute part of the total fees that WMPDI needs to settle with the National Government agency.

Other projects that have already been approved by the PRA include the 360-hectare township of SM Prime Holdings, Inc. in Pasay City; the 418-hectare Horizon Manila consisting of three islands; the 650-hectare Navotas City Coastal Bay reclamation; the 148-hectare Manila Solar City venture; and the 265-hectare Pasay Harbor City project.

It remains to be seen, though, how the country’s real estate market would be able to absorb the combined 2,000-plus hectares of these land reclamation projects should the shutdown of the POGO industry push through.

The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld.

 

J. Albert Gamboa is the chief finance officer of Asian Center for Legal Excellence and chairman of the FINEX Media Affairs Committee.  #FinexPhils www.finex.org.ph

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