Filinvest group plans 1Q debt sale to finance part of P20-B capex

MANILA - Filinvest Development Corp (FDC) plans to tap the debt market anew in the first quarter of next year to finance part of its capital expenditures.

On the sidelines of the bid opening for the Mactan Cebu International Airport project, Filinvest Land Inc board member Joseph Yap told reporters that the holding company plans to raise P10 billion in the first quarter of 2014 to finance capex and working capital requirements for the group’s various projects.

The holding firm of the Gotianun family set a capex of P20 billion for next year, of which P15 billion would go to its residential and retail businesses, and P2-3 billion to the power sector.

The company recently raised P7 billion through the sale of debt for this year’s capex.

In the first nine months of the year, FDC posted a net income of P4.3 billion, up 26 percent from last year's P3.4 billion.

The company's revenues amounted to P25.6 billion, an increase from last year's P20.54 billion.

source: interaksyon.com

Boracay, Puerto Galera resort projects bag tax perks from BOI

MANILA - Two projects in two of the country's most popular tourist destinations bagged tax and other perks from the Board of Investments (BOI).

In a statement, the BOI on Monday said it approved fiscal incentives for a P2-billion five-star resort hotel that Boracay Seascapes Resort Inc will put up in the world-class island resort. Called the Crimson Resort and Spa Boracay, the project qualified for incentives under the 2012 Investment Priorities Plan (IPP).



Boracay Seascapes Resport is a unit of FDC Hotel Corp, which in turn is a subsidiary of Filinvest Development Corp.

Crimson Resort and Spa Boracay will rise on a 2.9-hectare tract of land in Barangay Yapak. The resort hotel will have up to 200 guest rooms as well as banquet facilities, a chapel, food and beverage outlets, a game room, a gym, a kid’s club, a salon, a spa, a swimming pool and water sports facilities.

Groundbreaking for the resort hotel is scheduled within the first quarter of this year while commercial operations would start in December 2017. The project will generate 285 jobs.

The second project costing P419.3-million is called the Talipanan Infinity Paradise Resort, which the company of the same name will build in Talipanan, Poblacion, Puerto Galera, Oriental Mindoro.

The resort will have 70 rooms. Operations will begin in December, and 88 workers will be hired.

The BOI said these projects would help hit the government’s targets of over seven million tourism jobs and 10 million tourist arrivals by 2016 under the National Tourism Development Plan (NTDP).

Launched last year, NTDP calls for tourism investments worth P265 billion and the construction of more than 50,000 hotel and resort rooms between 2012 and 2016.

source: interaksyon.com