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Diokno confident of Jan. exit from FATF’s ‘gray list’

THE LOGO of the Financial Action Task Force (FATF) is seen at the OECD headquarters in Paris, France, Oct. 18, 2019. — REUTERS

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno expressed confidence the Philippines would leave the Financial Action Task Force’s (FATF) “gray list” of jurisdictions subjected to increased monitoring for “dirty money” risks by January.

The global financial crime watchdog kept the Philippines on its gray list last week, citing the need to further strengthen its action plan to address “strategic deficiencies.”

Mr. Diokno told reporters on Monday the FATF had given the Philippines until January to comply with 18 action plan items identified by the International Co-operation Review Group (ICRG).

“We are taking steps until January 2023 because there will be a change in administration, so delivery may be affected. So, we’re still on that list, but it’s not damaging to our trade,” he said. “We still have six months to go.”

Anti-Money Laundering Council (AMLC) Secretariat Executive Director Mel Georgie B. Racela said in a Viber message the Philippines has complied with five action plan items, leaving 13 more to be addressed.

“The ICRG action plan does not require any legislative action from the Philippines. This means that the country’s laws are generally compliant with the requirements of the FATF. The ICRG action plan’s focus is on how the country is effectively implementing its AML/CFT (anti-money laundering/combating the financing of terrorism) laws and regulations,” he said.

The FATF said the Philippines should continue to show there is effective risk-based supervision of designated nonfinancial businesses and professions, and demonstrate that supervisors are using AML/CFT controls to lessen risks associated with casino junkets.

The country should boost and streamline law enforcement agencies’ access to beneficial owners’ information and demonstrate increased use of financial intelligence, the FATF said.

The Philippines should also investigate and prosecute of money laundering and terrorist financing cases, it added.

The watchdog also said the country should take proper measures for the nonprofit organization sector, as well as improve the effectiveness of targeted financial sanctions framework for terrorist and proliferation financing.

“The AMLC will continue pushing for a ‘One Nation Approach’ to exit the gray list. This includes apprising the incoming administration of the roles of the agencies concerned; and convening the new National AML/CFT Coordinating Committee (NACC) for the monitoring of the implementation of the action plan items,” Mr. Racela said.

The NACC, which will oversee the implementation of the National AML/CFT Strategy (NACS), is composed of the BSP, Insurance Commission, Securities and Exchange Commission, Department of Finance and Department of National Defense, among other agencies.

“It shall be under the ambit of the NACS that the relevant Philippine authorities will continue to work together in strengthening the country’s AML/CFT measures and to show progress towards effectiveness,” Mr. Racela said.

He also urged law enforcement and government agencies, and covered persons to demonstrate effectiveness to address the action plan items.

The country in June 2021 was once again included in the FATF gray list. While the FATF did not call for enhanced due diligence for transactions, the government earlier said some Philippine-related transactions have been subjected to more scrutiny. — K.B.Ta-asan

PLDT group blocks 23M smishing SMS from entities

BW FILE PHOTO

Text scams from individual numbers to follow

THE PLDT group was able to block millions of short message service (SMS)-based phishing attacks, or smishing, and is now working to address text scams sent through individual numbers, according to its chief information security officer.

“Dati ’yung text scams ay nanggagaling sa talagang sender IDs ng mga kumpanya at pinatay na natin ’yun two weeks ago (Before, text scams would come from the sender IDs of companies, and we’ve gotten rid of them two weeks ago),” PLDT, Inc. and Smart Communications, Inc. First Vice-President and Chief Information Security Officer Angel T. Redoble told BusinessWorld on June 17.

“Ang nakakalusot na lang ay nanggagaling sa peer-to-peer or individual numbers, kasi unang-una hindi naman natin binabasa ’yung SMS ng mga tao (Those that still get away with it are messages sent through peer-to-peer or individual numbers, because we don’t read people’s SMS),” he added.

He noted that the group is now in talks with vendors “to upgrade so that we can detect and prevent” text scams coming from individual numbers.

“We’ve already initiated coordination with the PNP (Philippine National Police) anti-cybercrime group para imbestigahan kung nakakabili sila ng SIM cards na bulto-bulto (to investigate if [some people] are able to buy SIM cards in bulk).”

PLDT and its wireless arm Smart said on Monday that they have increased efforts to prevent malicious messages from reaching their customers.

“From June 11 to 14 alone, PLDT and Smart have blocked more than 23 million SMS that contain three URLs identified as phishing sites,” the group said in an e-mailed statement.

The group defined smishing or SMS phishing as a form of “social engineering done through text messages that deceive customers into thinking that these messages were sent by legitimate organizations such as banks, recruitment agencies, tour operators and other companies.”

“These messages often contain links to websites that lure victims into revealing their personal information,” it noted.

More than 600,000 text messages linked to smishing, hoaxes, and spamming were blocked in the first five months of the year.

At the same time, the group said it had blocked nearly 78,000 SIMs, or removable smart cards for mobile phones, related to smishing from January to May.

“PLDT and Smart have blocked more than 500 domains specifically linked to smishing while the group has further blocked more than 10,000 domains tied to phishing.”

The group invested nearly P3 billion in cybersecurity infrastructure last year.

“We are constantly upgrading our tools to stay ahead of criminals. We continue to engage our partners both in the government and private sector to keep the group updated on the latest threats and how perpetrators run their modus,” Mr. Redoble said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Cosco, Thailand’s Siam Global partner for one-stop warehouse

COSCO Capital, Inc. has signed a joint venture agreement with Siam Global House Public Co. Ltd. to operate a one-stop home improvement warehouse.

“The consideration or contribution of Cosco Capital in the joint venture agreement is less than 10% of the company’s total book value,” the listed retail holding firm said in a disclosure on Monday.

The warehouse will hold building and construction-related materials, home and garden decorative goods, home improvement goods, construction equipment, and tools.

For its initial capital, the joint venture will have P500 million — 55% for Siam Global and 45% for Cosco Capital. The agreement was forged on June 17 at the foreign company’s head office in Roi Et, Thailand.

Cosco Capital said the joint venture is “looking to finalize, construct and open” three to five stores in the next 12 to 18 months in the National Capital Region, Calabarzon (Batangas, Cavite, Laguna, Quezon, and Rizal) and Region 3, or Central Luzon.

Siam Global is a Thailand-based firm with 76 stores selling building materials and home decorative products.

Cosco Capital is an investment holding company with diverse interests in retail, wine and alcohol distribution, real estate, and mining. The group’s subsidiaries include Puregold Price Club, Inc., Ellimac Prime Holdings, Inc., and Office Warehouse, Inc., among others.

In the first quarter, the company reported that its consolidated net income increased by 10.9% to P2.71 billion. Consolidated revenues were also up by 2.8% to P40.68 billion from P39.57 billion.

On Monday, Cosco Capital shares climbed by 2.36% or 10 centavos to close at P4.34 at the stock market. — Luisa Maria Jacinta C. Jocson

World no. 27 Ireland narrowly beats Filipinas in friendly, 1-0

IRELAND narrowly beats Filipinas in friendly. — PHILIPPINE FOOTBALL FEDERATION

THE Philippines narrowly lost to higher-ranked Ireland, 1-0, in an international friendly that kicked off the Filipinas’ pre-AFF Women’s Championship training camp in Turkey.

Seeing action for the first time in Europe, the world no. 53 Filipinas put up a tough fight against the 27th-ranked Irish women but failed to stop Lily Agg from scoring the winning goal in the 37th minute.

Ms. Agg, who plays for the London City Lionesses in the Barclays Women’s Championship, tapped in a deflected ball to spell the difference in the match held at the Bellis Field in Antalya, where Isabella Flanigan’s shot off a counter was saved and Carleigh Frilles shot it wide in the Filipino booters’ scoring chances.

“Considering this was the Philippines’ first match on European soil, we showed great defensive resolve and resilience against a top quality team,” said Philippine coach Alen Stajcic.

He added that playing Ireland, which recently held world no. 2 Sweden to a 1-1 draw, provided “a great opportunity for us to learn, grow, and experience playing in the toughest continent in the world.”

“Ultimately, we were probably unlucky not to snatch a draw but there are positive signs for the future and we are building a great foundation,” said Mr. Stajcic, who earlier steered the team to a historic 2023 FIFA Women’s World Cup qualification and the Southeast Asian Games bronze.

The Filipinas head to Slovenia next to face Bosnia and Herzegovina in a pair of friendlies on June 23 and 27 before returning to Manila for their campaign in the next month’s ASEAN meet. — Olmin Leyba

Solar Philippines seeks to contract its 10-GW projects

SOLAR Philippines Power Project Holdings, Inc. has offered its proposed 10 gigawatts (GW) of renewable energy development to off-takers or buyers, its listed unit said on Monday.

In a disclosure, Solar Philippines Nueva Ecija Corp. (SPNEC) said its parent firm’s submitted offers “to substantially contract” are awaiting the approval of would-be off-takers and regulators.

“If approved, Solar Philippines would potentially have 9 terawatt-hours per year of contracted energy, which would serve as a critical mass of demand enabling 10 GW of developments scheduled to commence operations mostly between 2025 to 2026,” SPNEC said.

The listed company said that aside from its planned 500-megawatt (MW) solar farm in Nueva Ecija, the renewable energy projects are held by companies with shares subject to the asset-for-share swap between SPNEC and Solar Philippines.

The largest of the developments is Terra Solar Philippines, Inc., a joint venture with Razon-led Prime Infrastructure Holdings, Inc. (Prime Infra) that plans to construct 3.5 GW of solar and 4.5 GW-hours of battery storage.

Prime Infra earlier this month described the project as the world’s largest solar project. The solar farm will supply 850 MW to Manila Electric Co. (Meralco) from 8 a.m. to 9 p.m. “on a firm basis like a conventional mid-merit power plant.”

The other entities include Solar Philippines Batangas Baseload Corp., which is developing an up to 2-GW solar project with battery storage; Solar Philippines Central Luzon Corp., a joint venture with AC Energy Corp.; Solar Philippines South Luzon Corp.; and Solar Philippines Visayas Corp.

SPNEC said these are among the Solar Philippines entities in the published list of qualified bidders for the 2,000 MW (2 GW) offered by the Department of Energy (DoE) under the government’s Green Energy Auction Program (GEAP).

The DoE is set to post the GEAP’s notice of award on or before June 24, 2022.

Solar Philippines’ earlier projects include the 63 MW operating under Solar Philippines Calatagan Corp., a joint venture with Korea Electric Power Corp.; and the 100 MW operating plus expansions under Solar Philippines Tarlac Corp. and Solar Philippines Tanauan Corp., which are also joint ventures with Prime Infra and with Meralco power supply agreements.

“Altogether, SPNEC aims to complete the development of 10 GW of solar projects by 2025, which would help address the country’s potential power shortage, and represent a significant increase from the country’s grid-connected solar capacity of 1,127.3 MW as of December 2021,” it said, citing DoE figures.

“While we have been constrained from commenting on our projects due to ongoing contracting processes, we look forward to share more details in the coming days, and so give a better picture of what SPNEC will look like after the asset-for-share swap,” said Leandro Antonio L. Leviste, Solar Philippines founder.

FIRST AUCTION ROUND OF GEAP
Separately, the DoE said on Monday that it had conducted the first auction round of the GEAP on June 17. A total of 24 qualified bidders participated in the auction.

“Of the 24 bidders, eight were from solar, another eight were from wind, seven were from run-of-river hydro, and one was from biomass,” it said.

The competitive process will set the benchmark for future auction rounds, as the resulting green energy tariff will reflect the value of electricity, the department said.

DoE Secretary Alfonso G. Cusi described the auction as “a significant step in encouraging more power generation investments in renewable energy, while protecting the interest of Filipino consumers — a testament to the country’s commitment to developing indigenous and clean sources of energy at competitive prices.” — Victor V. Saulon

VNL men’s volleyball kicks off today at the Big Dome

FOREFRONT trio of Team Japan — VOLLEYBALL WORLD

WORLD-CLASS men’s volleyball action comes to the Philippines as eight countries headed by Tokyo Olympics gold medalist France wage war in Volleyball Nations League’s (VNL) Week 2 starting on Tuesday at the Smart Araneta Coliseum.

Slovenia and the Netherlands open up hostilities as the two tackle each other at 3 p.m., while Argentina tangles with Japan in the main offering at 7 p.m.

The event comes a day after the best women players in the planet descended on Philippine soil with the overachieving Japanese and the almighty Americans sweeping all their four games in Week 2 at the Big Dome to stay at first and second, respectively in women’s play.

The Japanese zoomed to second with 10 points after winning three of their four outings in Week 1 in Brasília, Brazil early this month.

And a win here would catapult the group from the Land of the Rising Sun to the solo lead ahead of the United States, which leapfrogged to the top after sweeping all its four games with 11 points in Week 1 also in Brasília but will only resume play on Thursday versus Serbia in Sofia, Bulgaria.

Japan has been pretty impressive in Week 1 where it downed the Netherlands, 22-25, 26-24, 25-22, 25-17; China, 21-25, 25-19, 25-19, 25-18; and 2018 Asian Games gold medalist Iran, 25-20, 25-14, 25-19.

It’s only defeat came at the hands of the Americans in a heartbreaking 17-25, 25-15, 25-21, 26-28, 15-9 setback.

Other nations displaying their wares here are Italy, China and Germany.

PLDT is a presenting partner while The STAR, Quezon City headed by Mayor Joy Belmonte, Maynilad, Philippine Sports Commission and the Philippine Olympic Committee are among those backing this ultra-competitive 16-country event. — Joey Villar

Beyonce announces new music coming end-July

ANNOUNCING Beyonce as British Vogue’s July issue cover star, editor Edward Enninful said he had listened to her new music at a dinner at the star’s house earlier this year. — FACEBOOK.COM/BEYONCE

LONDON — Music superstar Beyonce revealed the title of what appears to be her first solo album in six years, Renaissance, following on the critically acclaimed Lemonade.

Taking to social media on Thursday, the chart-topper simply listed the words “act i Renaissance” and July 29 date in her bio. Streaming sites Spotify and Apple also posted artwork for the record.

Fans had anticipated news from the Grammy Award winner after the singer deleted her profile picture from social media platforms last week.

The “Crazy in Love” and “Single Ladies (Put a Ring on It)” hitmaker’s last studio album Lemonade was released in 2016.

She has collaborated with other artists in recent years, including rapper Megan Thee Stallion, as well as curated the soundtrack album for the 2019 remake of The Lion King.

Announcing Beyonce as British Vogue’s July issue cover star, editor Edward Enninful said he had listened to her new music at a dinner at the star’s house earlier this year.

Recounting the meeting in an article, he wrote: “The creation has been a long process, she explains, with the pandemic giving her far longer to spend thinking and rethinking every decision. Just the way she likes it.” — Reuters

Wilcon on track to achieving 100 store target by 2025

@WILCONDEPOT.PH

WILCON Depot, Inc. officials said that the home improvement firm is on track to reaching its target of having 100 stores by end-2025 as part of its network expansion initiative.

“As we enter our 45th year as a business this 2022, we continue to focus on our strategic growth plans to fulfill our mission. We are well on our way to reaching our 100-strong store network by the end of 2025 as we ended 2021 with 73 branches,” said William T. Belo, Wilcon’s founder and chairman emeritus, in a press release on Monday.

“This thrust is anchored on our confidence in our market’s resiliency and that their desire to build, improve and refine their homes for a sustainable and comfortable life remains unchanged,” he added.

In a media briefing on Monday, Wilcon President Lorraine Belo-Cincochan said the company is targeting to have 81 stores by the end of the year.

“It’s only 2022, so I think we are on track given the pace we have. Hopefully, there are no more surges or restrictions in mobility. It’s going to be quite timely for the 100-store target,” she said.

“We want to continue to expand our product mix. We are customer-driven and customer-focused in the categories we carry. We continue to have an edge given our experience, and track record,” she added.

Aside from Wilcon’s store network expansion target, Ms. Belo-Cincochan also said that the company will continue to focus on margin improvements through product mix strategies.

In the same briefing, Wilcon Chief Operating Officer Rosemarie B. Ong said that for the rest of the year, the outlook is positive as she sees construction activity increasing amid eased restrictions.

“The outlook is still very positive given that we had the election last May. The trend still continues as far as the construction sector is concerned. It’s alive and active now. Many constructions disrupted in 2021 are now continuing. People are going back to the city now and we’ve seen how the economy has recovered in retail, even more so with home improvement. We’re seeing a lot of activity, especially institutional and private construction,” she said.

In the first quarter, Wilcon reported that its net income increased 40.7% to P850.67 million from P604.41 million, driven by higher sales. Net sales likewise surged 14.5% to P7.65 billion from P6.68 billion in 2021.

Wilcon shares rose by 0.64% or 15 centavos to P23.45 on Monday. — Luisa Maria Jacinta C. Jocson

Filipino woodpushers top various international tournaments

GRANDMASTER DARWIN LAYLO — SINGAPORE CHESS FEDERATION

GRANDMASTER Darwin Laylo reigned supreme in the classical division of the Singapore Chess Festival to lead several other Filipinos who recently excelled in various tournaments abroad.

The 41-year-old Army man had the same score of 5.5 points in six rounds with Indonesian FIDE Master Masruri Rahman, whom he split the point in the final round, but ended up with the higher tie-breaker to claim the crown.

Two more Filipinos — FMs Arlan Cabe and David Elorta — ended up third and fourth, respectively, with five points apiece.

Marvin Marcos and Jony Habla likewise made the country proud with the former ruling the Nahel Rapid tournament in Al Ain, United Arab Emirates and the latter topping the Red Knight Chess Club Rapid event in Bangkok, Thailand.

Another Philippine bet, Louie Salvador, emerged winner of the blitz side of the Red Knight tilt also in Bangkok. — Joey Villar

Educational TV show focuses on biodiversity

WE often ask ourselves and our friends, “How are you?” It is a question one might as well ask Nature. The fourth season of the art and science series Mind S-Cool highlights how problems affecting nature also affect the way humans live.

Mind S-Cool TV is a project of the Bonifacio Arts Foundation, Inc. (BAFI), the nonprofit behind the Mind Museum and BGC Art Center.

After attracting 2.2 million viewers to the series’ third season, the show’s latest season will educate the viewers on “biodiversititis.”

Episode one is where they introduce the term “biodiversititis” or the “Big B” —  a term coined by the show to refer to the effects of biodiversity crisis on human health.

“For Season 4, we confront the very real conditions in our local biodiversity that are clearly affecting our health,” Mind S-Cool director and executive producer Mitzi Borromeo said at the show’s launch on June 8 at the Mind Museum in Bonifacio Global City, Taguig.

“The message is ‘I am OK only if biodiversity is OK,’” said the show’s lead writer and BAFI managing director and curator Maria Isabel Garcia in a video message.

The six-episode series will also welcome guest experts Dr. Aldrin Mallari and Rina Rosales, both biodiversity conservation practitioners, who will tell the viewers stories of Philippine biodiversity and explain how many lives in nature are tied to ours.

The fourth season’s final 2 episodes are meant to help empower viewers discover that the treatments for what ails Philippine biodiversity are within reach.

The show’s fourth season was created by an all-Filipino team of creatives in partnership with the Sustainable Interventions for Biodiversity, Oceans, and Landscapes (SIBOL) Activity of the United States Agency for International Development (USAID).

Dr. Aldrin Mallari said that in the 1990s, the lack of awareness about the problems in Philippine biodiversity resulted in there being no public and community involvement.

“But now, it is an age where we are living in an overly communicated world,” Mr. Mallari said, so people are better informed. “However, the level of engagement remains low.”

He noted that the concepts in biodiversity tend to be limited to those who understand the jargon. He said that explaining concepts in an educational TV show makes the conversation more reachable and understandable.

With this new season of Mind S-Cool, SIBOL aims to focus on the need for environmental conservation in oceans and landscapes, facilitating a deeper understanding with a wider audience.

Mind S-Cool TV Season 4 premieres on Cignal TV’s ONE PH Ch.1 on June 26 at 11 a.m. and 4:30 p.m. The show can also be streamed on the Mind S-Cool YouTube channel (www.youtube.com/c/MindSCoolPh). For more information, visit www.facebook.com/mindscoolph/. —  Michelle Anne P. Soliman

BTr partially awards T-bill offer as rates climb across all tenors

BW FILE PHOTO

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it auctioned off on Monday as investors asked for higher yields as they expect the Bangko Sentral ng Pilipinas (BSP) to hike rates anew at its policy meeting this week.

The Bureau of the Treasury (BTr) raised just P10.54 billion from its offer of T-bills on Monday as rates climbed across all tenors, even as total bids reached P22.605 billion, above the P15-billion program.

Broken down, the Treasury partially awarded its offer of the 91-day T-bills, raising just P3.07 billion against the P5-billion program, even as tenders reached P11.285 billion. The average rate of the tenor climbed by 18.7 basis points (bps) to 1.759% from the 1.572% seen at the last auction.

The BTr likewise awarded only P3.62 billion in 182-day securities versus the P5-billion offer even as bids hit P5.82 billion. The average rate of the six-month tenor went up by 19.8 bps to 2.132% from the 1.934% fetched at last week’s auction.

Lastly, the government made a partial award of its offer of one-year debt papers, raising just P3.85 billion against the P5-billion plan even as tenders hit P5.5 billion. The average rate of the one-year T-bill went up by 12.9 bps to 2.454% from the 2.325% seen at the previous auction.

At the secondary market prior to Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 1.5705%, 1.9366%, and 2.2014%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the investors wanted higher rates as they expect the BSP and the US Federal Reserve to continue raising borrowing costs.

“While Governor Medalla spoke of gradual tightening, some analysts still see a 50-bp move following [the] 75 bps delivered by [the] Fed to slash elevated inflation,” Ms. De Leon added.

A trader said in an e-mail that the increase in T-bill rates reflected market expectations of a more aggressive rate hike by the BSP on Thursday following the Fed’s move.

“Even if [the] rhetoric is we do not need to follow the moves of the Fed, it is very difficult not to look at the interest rate differential between the [US dollar] and the [peso],” the first trader added. “BTr’s partial award is a good move as it does not stoke panic in the markets.”

The BSP’s Monetary Board will meet to review policy settings on Thursday, June 23.

Outgoing BSP Governor Benjamin E. Diokno and his successor Monetary Board member Felipe M. Medalla last week said a 25-bp hike at the Thursday meeting is almost a “sure thing.” Both made their comments ahead of the Fed’s decision last week.

Mr. Medalla said the BSP could raise rates again in its Aug. 18 meeting and several more times this year, but tightening will be gradual as he ruled out hikes bigger than 25 bps. He said in a roundtable discussion with BusinessWorld editors last week that the BSP still has the “luxury of time and large reserves.”

On Monday, Mr. Diokno and Mr. Medalla affirmed their intent to raise rates gradually, both signaling a 25-bp hike this week despite market expectations of a 50-bp increase.

The BSP began its tightening cycle with a 25-bp hike on May 19 to help stem rising prices as headline inflation already reached 5.4% in May, higher than its 4.6% forecast and 2-4% target for the year. Year to date, inflation has averaged 4.1%.

Increases worth 25 bps at the Monetary Board’s June and August meetings would bring the benchmark rate to 2.75% from the current 2.25%.

Meanwhile, Federal Reserve Governor Christopher Waller on Saturday said he would support another 75-bp hike at their July review amid rising inflation.

The BTr wants to raise P250 billion from the domestic market in June, or P75 billion through T-bills and P175 billion via Treasury 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. — T.J. Tomas

Horizon Land plans to launch Siena Towers 2

ACTUAL photograph of Siena Towers along Sumulong Highway, Marikina City
ACTUAL photograph of Siena Towers along Sumulong Highway, Marikina City

HORIZON LAnd Property Development Corp. is planning to add new inventory to its master planned community in Marikina City this year.

In a statement, the subsidiary of Federal Land, Inc. said Siena Towers Two is set to be launched by  middle of 2022.

The 22-storey tower will offer 297 units in one- and two-bedroom variations. The one-bedroom units range from 23 square meters (sq.m.) to 39.50 sq.m., while the two-bedroom units range from 48 sq.m. to 72.50 sq.m. with balcony or lanai options.

Siena Towers is the newest two-building development in Horizon Land’s mixed-use, mid-to-high rise community in Marikina.

“We strive to deliver an uncompromised modern living experience unique to the city of Marikina and its people, especially as Filipinos across the country adjust to the ‘new normal.’  This is why, over the years, we have consistently evolved and grown the dynamic city center by constantly launching more residential and commercial projects that respectfully blend the advantages of contemporary urban landscapes with the appeal and livability of the laid-back suburban backdrop inherent to Marikina,” Horizon Land General Manager John Cabato said in a statement.

The community also features Marquinton Residences and Tropicana Garden City, which offer ready-for-occupancy units.

Marquinton Residences is a medium-rise legacy residential community, while Tropicana Garden City is a multi-tower residential property that boasts of green architecture.

Horizon Land’s Marikina community also includes Blue Wave Mall and the newly opened S&R Marikina. American fast-food chain Panda Express is also set to open its first drive-thru outlet in the country beside Siena Towers.

“We aim to uplift living standards within this vibrant mixed-use neighborhood by continuously introducing and infusing our projects with thoughtfully designed amenities, relevant features, and seamless connectivity to a diverse set of commercial establishments and recreational spots that complement the community’s daily activities, lifestyles, and workstyles moving forward,” Mr. Cabato said.

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