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ACEN targets 20-GW renewable energy capacity by 2030

ACEN Corp. announced on Monday that it has adopted a new corporate vision and strategy that targets 20 gigawatts (GW) of attributable renewables capacity by 2030.

“We are now facing a global energy crisis, and the elevated fuel prices are compounding the tight power supply situation in the country. The world needs to accelerate the energy transition, and the country needs new capacity urgently,” said ACEN Chairman Fernando M. Zobel de Ayala, in a press release.

ACEN said the company’s “bold aspiration” to boost its growth plan by six times from its current renewable energy capacity of 3.4 GW is achievable by 2030.

Currently, ACEN has 18 GW of pipeline projects across the region.

The company also noted that in terms of technology buildup, solar and wind will remain its core energy technologies, complemented by investments in new technologies such as battery energy storage, floating solar, and offshore wind.

Eric T. Francia, president and chief executive officer of ACEN, said the entire organization is committed to “ACEN 2030,” its vision to reach 20 GW of renewables by 2030.

“It is an aggressive goal, though we believe that we have the right elements to succeed. We have a strong balance sheet, robust pipeline, strong partnerships, and a highly energized organization,” he said.

ACEN, the Ayala group’s listed energy platform, also said that it plans to “aggressively” expand its investments in Australia, which is seen to be its second-largest market within the decade.

The company also plans to expand its presence in Vietnam, Indonesia, and India through strategic partnerships.

“The Philippines will remain as the core market, which currently accounts for 40% of total capacity, and is expected to remain at this level,” it said.

ACEN aspires to be the largest listed renewables platform in Southeast Asia. At present, renewable energy sources account for 87% of its attributable capacity.

On Monday, shares in the company inched up by 0.45% or P0.04 to finish at P8.90 apiece on the stock exchange. — Ashley Erika O. Jose

AboitizPower, foreign partners explore 3,000-MW offshore wind

ABOITIZ Power Corp. has partnered with two foreign entities, with the support of the United States Trade and Development Agency (USTDA), to explore the feasibility of developing up to 3,000 megawatts (MW) of offshore wind projects in the Philippines.

In a press release on Monday, Singapore-based Clime Capital Management Pte. Ltd. said the consortium with AboitizPower and Rocky Mountain Institute (RMI) is launching a feasibility study that aims to complement existing research on wind power.

It quoted AboitizPower President and Chief Executive Officer Emmanuel V. Rubio as saying: “It is our goal to contribute to our country’s energy transition journey by exploring more zero-emissions indigenous energy sources. This offshore wind feasibility study is a step in the right direction as we further diversify our extensive renewable energy portfolio to achieve our goal.”

AboitizPower will be the project lead in the pre-feasibility assessment and wind data collection phase to unlock the offshore wind market, marshal resources to prepare the supply chain in case offshore wind proceeds with the development stage, and capture necessary data.

The project, which is partially funded by the USTDA, will start on Aug. 11 and is expected to conclude by mid-2023.

“Unlocking the offshore wind sector requires significant early-stage development funding. We are delighted to support this and believe offshore wind could prove a significant source of green energy for the Philippines,” Clime Capital Managing Director and Chief Executive Officer Mason Wallick said in the press release.

The Clime Capital team is described as consisting of senior professionals with deep Southeast Asian market experience in clean energy investments and developments.

Citing data from the Department of Energy (DoE), Clime Capital said the Philippines has onshore wind installed capacity of 443 MW as of 2020.

It said there is “significant potential” to expand the generation of wind power, especially offshore where wind farms generate more power. It also cited a 2021 study by the World Bank and BVG Associates, in coordination with the DoE, that identified opportunities for wind power development in the Philippines.

In the Philippine Energy Plan, the DoE targets wind power generation capacity to hit 12,000 MW by 2040. A low-growth scenario places the potential of 3,000 MW by 2040 and 6,000 MW by 2050.

“In partnership with USTDA, RMI aims to unlock private sector investment in offshore wind and utility-scale clean energy power projects in the Philippines and the broader Southeast Asia region,” said Justin Locke, RMI global south program managing director.

Clime Capital quoted US Secretary of State Antony J. Blinken as saying: “The United States stands committed to working with the Philippines to achieve a clean energy future together. The signing of the USTDA grant on offshore wind is an important step in that direction.”

Separately, Aboitiz Equity Ventures, Inc. announced in a media release on Monday that Sabin M. Aboitiz, the group’s president and chief executive officer, accepted an invitation to become a steward of the Council for Inclusive Capitalism (CIC).

CIC is a global nonprofit organization that combines moral and market imperatives to help build a more inclusive, sustainable, and trusted economic system for the world.

Meredith Sumpter, chief executive officer of CIC, said he is thrilled to welcome Mr. Aboitiz to the council “and look forward to working with them as they take the necessary actions to ensure a better future for us all.”

Also on Monday, AboitizPower told the local bourse that Monalisa C. Dimalanta, its compliance officer, has resigned after her appointment as the chairperson of the Energy Regulatory Commission.

On the stock exchange, shares in AboitizPower rose by 1.29% or P0.40 to close at P31.40 apiece. — Ashley Erika O. Jose

Bloomberry returns to profitability with P1.8-B earnings 

BLOOMBERRY Resorts Corp. reported an attributable net income of P1.81 billion for the second quarter, reversing last year’s net loss of P1.16 billion, on eased mobility restrictions.

“Our performance in the second quarter indicates a sustained recovery in all segments of our Philippine operations,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon Jr. said in a press release on Monday.

“Strong demand from the domestic mass market is pushing revenues closer to pre-pandemic levels and spurring the continued improvement of EBITDA (earnings before interest, tax, depreciation, and amortization) and net income,” Mr. Razon added.

Bloomberry, the operator of Solaire Resort & Casino, reported a consolidated EBITDA amounting to P3.86 billion in the second quarter, almost four times of last year’s P1.03 billion.

Its topline during the three-month period reached P10.23 billion, more than double last year’s P4.75 billion.

“Absent the emergence of new COVID-19 (coronavirus disease 2019) variants that could disrupt our gains, we see scope for further recovery as regional travel starts to pick up in the coming months. In the meantime, we will grow our market leadership by continuing to operate Solaire at the highest levels of service and health security,” Mr. Razon added.

Total gross gaming revenue (GGR) at Solaire posted P13.12 billion, more than double of last year’s P5.67 billion in the second quarter.

“Easy COVID-19 restrictions throughout the quarter furthered the recovery of gaming revenues,” Bloomberry said.

Solaire’s VIP tables contributed P4.41 billion, mass tables accounted for P4.11 billion, and slots made up P4.6 billion.

Meanwhile, Solaire’s non-gaming revenue reached P1.7 billion, almost triple last year’s P657 million, amid operating under more relaxed mobility restrictions.

Its hotel occupancy rate reached 53.4%, higher than the recorded 14.9% rate in the second quarter of 2021.

Year to date, Bloomberry’s attributable net income went up to P2.49 billion from the P1.93-billion net loss recorded in the same period last year.

Its topline for the six months ended in June climbed to P17.49 billion, almost two times last year’s P10.25 billion.

Bloomberry develops destination resorts featuring premium accommodations, gaming and entertainment, restaurants and other amenities.

The company and its subsidiaries own and operate the Solaire Resort & Casino in the Philippines and Jeju Sun Hotel & Casino in Korea.

On the stock market on Monday, shares in Bloomberry soared by 6.45% or 40 centavos to P6.60 apiece. — Justine Irish D. Tabile

Gov’t fully awards T-bills at mostly higher rates

BW FILE PHOTO

THE GOVERNMENT fully awarded its offer of Treasury bills (T-bills) at mostly higher rates on expectation of another hike by the Bangko Sentral ng Pilipinas (BSP) next week amid elevated inflation.

The Bureau of the Treasury (BTr) raised P15 billion as planned from its auction of T-bills on Monday, with bids reaching P43.77 billion.

Broken down, the Treasury made a full P5-billion award of its offer of 91-day securities as the tenor attracted P18.69 billion in bids. The average rate of the three-month paper went down by 24 basis points (bps) to 1.85% from the 2.09% fetched at the previous auction. Accepted rates ranged from 1.825% to 1.875%.

The government also borrowed P5 billion as planned via the 182-day securities as tenders reached P17.17 billion. The average rate of the tenor rose by 2.3 bps to 3.211% from the 3.188% fetched at the previous auction as accepted rates were from 3.19% to 3.25%.

Lastly, the BTr raised P5 billion from the 364-day debt papers as programmed, with demand for the tenor reaching P7.91 billion. The tenor’s average rate rose by 15.5 bps to 3.635% from the 3.48% fetched at the previous auction, with the government accepting offers with yields from 3.45% to 3.769%.

At the secondary market prior to Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 2.123%, 2.871%, and 3.3693%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon told reporters in a Viber message that the average rate of the 91-day paper declined due to overwhelming demand as the market awaits the BSP’s Aug. 18 policy meeting.

Investors are “parking funds in the meantime,” Ms. De Leon said.

“The market is also looking for clues whether the Federal Reserve will pivot or sustain its rate hikes after the US payrolls report beat market estimates,” she added.

The first trader said the result was expected as the auction saw a strong turnout.

“This is basically investors putting their liquidity to work while waiting for justified directional leads in terms of inflation and view on policy rates,” the first trader said.

“Nothing surprising here. Just that the one-year space is reflecting the market’s view of higher rates moving forward,” the second trader said.

BSP Governor Felipe M. Medalla last week said the central bank may hike rates by 50 bps at the Monetary Board’s Aug. 18 meeting after headline inflation accelerated further in July.

The Monetary Board last month raised the benchmark interest rates by 75 bps in an off-cycle move, as it sought to contain inflationary pressures exacerbated by the peso’s weakening versus the dollar amid the Fed’s aggressive stance. It has raised rates by 125 bps so far since May.

Headline inflation quickened to 6.4% year on year in July, its fastest pace since October 2018, mainly due to soaring prices of food and higher transport costs.

The reading was faster than the 6.1% in June and 3.7% a year ago. It also settled at the high end of the BSP’s 5.6-6.4% forecast range for the month.

For the first seven months, inflation averaged 4.7%, higher than the 4% seen in the same period a year ago and the central bank’s 5% inflation forecast, but higher than its 2-4% target for the year.

Meanwhile, Fed Chair Jerome H. Powell said last month the US central bank may consider another “unusually large” rate hike at their Sept. 20-21 policy meeting as inflation in the world’s largest economy remains at a multi-decade high.

The Fed raised interest rates by 75 bps for a second straight meeting in July. It has hiked borrowing costs by a total of 225 bps since March.

On Tuesday, the BTr will auction off P35 billion in 10-year Treasury bonds (T-bonds) with a remaining life of six years and five months.

The Treasury wants to raise P215 billion from the domestic market this month, or P75 billion through T-bills and P140 billion via T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — Diego Gabriel C. Robles

Uy: Converge’s digital hub in Pampanga will be PHL’s biggest 

CONVERGE ICT Solutions, Inc. on Monday said that its planned digital hub and tech city in Pampanga will be the largest in the country.

“To share something very close to my heart, I plan to build the biggest digital hub and tech city in the country in Pampanga,” Converge Chief Executive and Co-Founder Dennis Anthony H. Uy said at the Makati Business Club’s “Leading in Extraordinary Times” forum.

“I want to build an ecosystem of innovation and technology where we can cultivate the ideas of young entrepreneurs and students,” he added.

Mr. Uy and his wife, Converge President Maria Grace Y. Uy, founded the company in 2007 in Pampanga, their home province.

“From a few thousand customers when we started in Pampanga, we now have over 1.8 million customers nationwide,” he said.

Converge is expected to cover 55% of households nationwide by 2023.

“I want to produce technology-minded students and business people that will know the direction of technology and create solutions for the future,” Mr. Uy said, referring to the company’s envisioned projects in Pampanga.

He also urged the business community to play an active role in building the nation.

“Despite the need to still remain profitable during these hard times, I encourage you to look to bigger causes to help.”

“Now is not the time to turn inwards or mind our own business — rather, now more than ever, we should go out of our comfort zones and seek out larger causes that help the common Filipino,” he added.

At the same time, he noted that the government needs private sector support for economic recovery, especially in infrastructure development.

“These are difficult times, I admit, but with cooperation from the business sector and sound economic management from the (new) administration, we can survive this economic downturn.” — Arjay L. Balinbin

Eagle Cement income down 34% to P1.3B

EAGLE Cement Corp. registered a 34.2% decrease in its attributable net income to P1.3 billion in the second quarter as production costs increased due to surging prices and supply chain difficulties.

In its quarterly financial report on Monday, the company’s topline rose by 18.3% to P6.85 billion for the three months ending June from P5.79 billion in the previous year.

It said the increase in revenues “was offset by higher production cost due to surge in prices triggered by the Russia-Ukraine situation and the recent frequent and wider ranging lockdowns in various manufacturing hubs causing bottlenecks in global supply chains.”

Operating expenses rose by 29.4% in the second quarter to P735.73 million and climbed by 35.3% in the first half to P1.45 billion.

“Operating expenses likewise increased by 35% largely due to higher freight costs attributable to sales volume growth and spike in oil prices, increase in warehousing expenses, personnel costs and higher spending on advertising and promotions expenses,” the company said.

In the first half of the year, the company’s income reached P2.97 billion, lower by 19.7% than last year’s P3.7 billion.

Revenues in the first semester reached P13.68 billion, 23.7% higher than last year’s P11.06 billion.

Eagle Cement is primarily engaged in manufacturing, marketing, selling, and distributing cement products.

On Monday, its shares rose by 0.56% or P0.08 to P14.40 apiece. — Justine Irish D. Tabile

RCBC’s income rises 84% in the first semester

BW FILE PHOTO

RIZAL Commercial Banking Corp. (RCBC) booked a higher consolidated net income in the first half of the year following the robust performance of its core businesses.

The lender’s consolidated net income rose by 84% year on year to P6.14 billion in the January to June period, it said in a disclosure to the stock exchange on Monday.

This translated to a return on equity of 9.5%, while return on assets was at 1.1%.

Its quarterly report was unavailable as of press time.

“We are excited to unlock more business opportunities and make positive disruptions to accelerate our growth and create more value for our customers,” RCBC President and Chief Executive Officer Eugene S. Acevedo said in a statement.

The bank’s gross income reached P21.23 billion as net interest earnings grew by 18%. Earning assets of P850 billion continued to expand, buoyed by the 59% increase in RCBC’s investment securities portfolio.

“With the help of data science and analytics, the bank cautiously built up loans primarily from safe-haven sectors in the corporate, SME (small and medium enterprises), mortgage and credit card segments. Cross-selling initiatives boosted its credit card portfolio by 27%, bringing total cards in force to nearly 925,000,” the bank said.

Non-interest income increased by 48% on the back of the “strong growth” in its digital and retail transactions. This was underpinned by the strong growth in trust, retail, and digital transactions. RCBC’s DiskarTech app rose by 199% in total transaction value, while RCBC Digital grew by 53%.

Meanwhile, the bank’s operating expenses went up by 10% due to higher business tax and volume-related expenses. RCBC said it optimized its traditional and digital delivery channels, resulting in a better cost-to-income ratio of 58%. 

The Yuchengco-led bank’s resources breached the P1-trillion mark as of June, higher by 19% year on year, which it said was driven by solid expansion of its customer loans and treasury assets.

Supporting the bank’s asset buildup was the 24% jump in its total deposits to P739.51 billion as low-cost current and savings account deposits expanded by 18%.

RCBC also set aside 20% lower impairment provisions as its nonperforming loan ratio eased to 2.73% amid its improved credit underwriting and management.

The bank’s capital base was at P112.05 billion as of June. Its capital adequacy and common equity Tier 1 ratios stood at 15.49% and 12.38%, respectively, above the minimum required by the regulator.

RCBC’s shares went up by 34 centavos or 1.73% to end at P19.94 apiece on Monday. — K.B. Ta-asan

CLI to increase bond issuance to P8B

PROPERTY developer Cebu Landmasters, Inc. is increasing the size of its bond issuance to a full-on base of P8 billion — from a P5-billion base with a P3-billion oversubscription option — after strong participation interest from institutions.

The issuance would still be the initial tranche of its shelf-registered P15-billion debt securities program that will be used in three years.

The bonds will have maturities of 3.5, 5.5 and 7 years, similar to the previously announced “indicative maturities ranging from 3.5 to 7 years.”

“The proceeds of the bond offer will be used mainly for the ongoing construction and development of its 55 ongoing projects and 21 pipeline projects,” the company said in a disclosure on Monday.

The company has appointed BPI Capital Corp. and China Bank Capital Corp. as the joint lead issue managers, underwriters and bookrunners. The coupon rates will be determined through a book-building process.

Funds are also said to be deployed in CLI’s large-scale estate projects: the 22-hectare Davao Global Township, the 14-hectare Manresa Town in Cagayan de Oro, and the 100-hectare Minglanilla Techno-Business Park as stated in its previous announcement on the bond issuance.

Previously, its peso-denominated fixed-rate issuance received an Aa plus rating from Philippine Rating Services Corp. which means that it is of high quality and is subject to very low credit risk.

The company’s target capital expenditure for the year is at P13 billion as stated in its information statement released on May 23.

On the stock market on Monday, CLI shares inched up by 2.88% or P0.07 to P2.50 apiece. — Justine Irish DP. Tabile

iWantTFC offers a new music drama

A GROUP of students’ journey to fulfilling their hopes and dreams is the focus of iWantTFC’s new musical drama series Lyric and Beat. The show premieres on Aug. 10.

Written and directed by Dolly Dulu (The Boy Foretold by the Stars, and Love Beneath the Stars), Lyric and Beat is influenced by her background in theater and exposure to musicals such as the Disney Channel’s High School Musical and Camp Rock.

The musical series follows Lyric (played by Andrea Brillantes), a driven teenager who wants to be a famous singer like her late mother. A scholar at the Philippine National Conservatory of Music (PNCM), she must become part of a show choir and win the upcoming national competition in order to stay in the school.

As Lyric navigates PNCM, she meets students who also want to make their dreams come true:  Beat (Seth Fedelin), an introverted freshman who developed stage fright; Jazz (Darren Espanto), one of the best singers in PNCM and the head of the choir; and Cadence (AC Bonifacio), Jazz’s best friend who wants to introduce dancing in show choir. Lyric also crosses paths with Grae (Kyle Echarri), the leader of the rival school; Melissa (Sheena Belarmino), Jazz’s sister and the school’s resident mean girl; Stevie (Jeremy G), who stutters but not when he sings; Virlyn (Angela Ken), who can play any musical instrument; and Unique (Awra Briguela), rejected by the choir because of her gender identity.

The show’s cast began attending workshops and rehearsals in December 2021 before the locked-down taping this year.

“Bawat episode may character na naha-highlight….(There is a character highlighted in each episode),” Ms. Dulu said during a press conference on July 19 which was streamed on YouTube.

“’Yung cast namin, iba-iba ang speciality ng lahat (Our cast members have different specialties),” Ms. Dulu said. “Ang bilin ko kasi sa kanila (I just remind them): everybody has to look like they are all on the same level.”

The musical series features the music of composer and music producer Jonathan Manalo.

Twenty years’ worth of songs from Mr. Manalo’s catalog will be featured in the series. Mr. Manalo’s compositions in Lyric and Beat, such as “Tara Tena,” “Kabataang Pinoy,” and “Patuloy Ang Pangarap,” are given a new treatment. Original songs were also written for the project.

“My songs have been there. Its 20 years’ worth of songs. Song book lang ’yun (It is just as song book). Hindi ko masasabi na (I cannot say that) it’s a musical with the story of [Direk Dolly],” he said.

Lyric and Beat can be seen for free on iWantTFC in the Philippines and Indonesia. The show will also be available for premium users in other countries beginning Aug. 10. — Michelle Anne P. Soliman

Tookitaki enters PHL market, offers AML solutions

TOOKITAKI, a regulatory technology firm based in Singapore, is entering the Philippine market to bring scalable and machine learning-powered product offerings to help financial institutions address money laundering risks.

Tookitaki Chief Executive Officer and Founder Abhishek Chatterjee said in an interview with BusinessWorld last week that the firm will offer Anti-Money Laundering Solutions (AMLS) to enable businesses to build comprehensive and customized risk-based AML compliance programs.

“The vision of Tookitaki is to make this world safer by providing anti-financial crime software to detect and prevent financial crime globally,” Mr. Chatterjee said.

“Our goal in the next two years is to become the leader in AML software in the Philippine market, and when I say leader, I mean both building the network to fight and share knowledge so that the awareness in the industry is much more than what it is today,” Mr. Chatterjee said.

Tookitaki’s Anti-Money Laundering Suite or AMLS is based on a unique Hub and Spoke model for powerful transaction monitoring. The Hub is an invite-only ecosystem where experts, consulting companies, and non-profit organizations network to collate information on money laundering developments in the country.

“For us, every customer of ours actually gets access to a large ecosystem, which thereby means that they are far better protected than anybody else. That’s our differentiator, our AML ecosystem, AML network and our approach to machine learning, which is sort of federated in nature but still protects the privacy laws that every jurisdiction has,” Mr. Chatterjee said. “Once (clients) install the software in their private network and they get access to those scenarios, their network is protected from crimes related to AML.”

“We are very excited that we are not just launching an AML software tool, but we are actually launching that ecosystem. Without the ecosystem, fighting financial crime is extremely difficult. I believe with that ecosystem, we can really bring a much more integrated AML framework to the Philippines,” he said.

When asked what factors the company considered in choosing to enter the Philippines, he said the country stood out because of its ability to bring in innovation quickly.

“For us, we evaluated very simply on impact. What impact can we make with the software on the country’s appetite for innovation? And when we made an internal score, it was very clear that the Philippines actually stands high up in our radar,” Mr. Chatterjee said.

He also lauded the Bangko Sentral ng Pilipinas’ (BSP) evolving regulations for the financial ecosystem amid the growth in digital transactions.

“This was augmented by the BSP’s broad thesis about launching the various licenses … which essentially meant that the country overall will actually bring in more regulations, more structure in the overall ecosystem, because the country wants to bring digitalization in the process,” he said. — Keisha B. Ta-asan

SC denies KAPA-owned truck firm’s appeal to lift freeze order on assets

PHOTO BY MIKE GONZALEZ

THE Supreme Court (SC) has affirmed a ruling by the  Court of Appeals (CA), which denied Hawkson’s Truck and Parts Center Corp.’s motion to lift the freeze order on its bank accounts.

The firm is owned by Joel A. Apolinario, the founder of Kabus Padatoon-Community Ministry International (KAPA), which the Securities and Exchange Commission (SEC) tagged as possibly “the largest investment scam in the Philippines in recent years.”

In an eight-page resolution on June 15 and made public on Aug. 5, the SC First Division said the firm’s appeal was moot and academic, and it availed of the wrong legal remedy.

“Petitioner (Hawkson’s Truck and Parts Center) did not even file a motion for reconsideration of the assailed CA resolution,” the tribunal said.

The truck firm had filed a petition for certiorari, which accuses a court of failing to provide a plain, speedy, and adequate remedy in a case.

The High Court noted that a motion for reconsideration is a prerequisite remedy before filing a petition for certiorari.

It added that the motion was moot since the six-month effectivity period of the freeze order was already over as the CA issued it on June 4, 2019.

“Clearly, the six-month period had long lapsed, thereby rendering this case moot,” the court ruled.

“While the court may resolve a moot case for compelling reasons, we find none of such exceptional circumstances present in this case, as, in fact, petitioner, failed to show any,” it added.

The appellate court earlier denied the firm’s appeal as it said “serious doubts exist” on whether the construction truck dealer was a legitimate company or not.

The Anti-Money Laundering Council earlier asked the CA to issue a freeze order against several bank accounts held by Mr. Apolinario, Corporate Secretary Reyna L. Apolinario, and their businesses over allegations of illicit activity.

KAPA is estimated to have collected about P50 billion from supposed five million members when the SEC ordered its closure in 2019.

The organization operated by masking as a religious group that solicits P10,000 “donations” from each member in exchange for monthly returns of 30% in “blessings” or “love gifts” for life. — John Victor D. Ordoñez

Gateway Mall 2 to open by yearend

THE Araneta Group is planning to launch the Gateway Mall expansion in December, and the ibis Styles Hotel by early 2023.

In a statement, the Araneta Group said the P5-billion Gateway Mall 2 will have 190,000 square meters (sq.m.) over eleven levels offering new choices for shopping, dining, entertainment, and leisure.

“Gateway Mall 2 promises to be like no other mall in the world. This is the latest in our ongoing efforts to keep providing more memorable firsts in the City of Firsts,” Lorna Fabian, vice-president for leasing of the Araneta Group, said.

Gateway Mall 2 will have over 500 retail outlets, 100 dining options, a 500-seat church on the roof deck, a 3,700 sq.m. supermarket, and a 700 sq.m. Atrium.

The public will also be able to access the Smart Araneta Coliseum through doorways located inside Gateway Mall 2.

Adjacent to Gateway Mall 2, the ibis Styles Hotel is scheduled to open by early 2023.

The P2-billion hotel is the first under the ibis Styles brand in the Philippines. It will be operated by the international hospitality brand AccorHotels, the same company that manages Novotel Manila Araneta City.

The hotel will have 300 guest rooms and six function rooms for meetings and conferences, as well as roof deck with an overhanging swimming pool and a bar.

Gateway Mall 2 and ibis Styles Hotel will complete the 400,000 sq.m. mixed-use Gateway Square superblock, which includes the Gateway Mall, Gateway Office, Gateway Tower, Novotel Manila, the Smart Araneta Coliseum, and the Parking Garage South Building.

The superblock will have a total of 18 cinemas with VIP lounges, and over 3,000 parking spaces.

“These new properties revitalize the integrated Gateway Square — a development that offers opportunities for an experience where you can personalize yourself in a thoroughly modern and contemporary environment,” Ms. Fabian said.

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