MANILA, Philippines--LISTED holding firm Prime Orion Philippines Inc. is set on paying its debts in 2009 with proceeds from a possible sale of its remaining minority stake in its soft drinks subsidiary and some real estate.

Prime Orion's chief executive said wiping out the company's debts remained a top priority in 2009.

"We are in the process of negotiating with our creditor-banks," Prime Orion president Yuen Po Seng said.

He added that the company was considering paying its debts with possible proceeds from the sale of its 4.5-percent stake in Pepsi Cola Products Philippines Inc. The company also has 4.8 hectares of raw land in Mandaue, Cebu.

Prime Orion has reduced its loans by 11 percent from P1.75 billion as of June 2007 to P1.55 billion as of June this year. With the settlement of the group's debt with Philippine Investment One (SPV-AMC), a special purpose vehicle which acquired soured loans from United Coconut Planters Bank, the group has remaining obligations which it plans to settle amicably with creditors through negotiations.

Prime Orion has interests in real estate and property development, manufacturing and retailing/distribution, financial services, and other allied services organized under several intermediate holding companies. These consist of Cyber Bay Corp., Orion Land Inc., Orion I Holdings Philippines Inc., DHG Capital Holdings Inc. and OE Holdings Inc.