MANILA, Philippines - Investment holding firm Sinophil Corp. plans to embark on new businesses like water and power distribution, using about P1 billion in expected proceeds from a farm estate development venture with affiliate Belle Corp.

“We have formed a committee to study what new business to go into,” Sinophil chair Willy Ocier told reporters after the company’s stockholders’ meeting last week.

The main asset of Sinophil, which is 50-percent owned by Belle, is its share in a 32-hectare property in Tanauan, Batangas, called “Rancho Montana,” which is south of Belle’s own Plantation Hills.

Ocier said Sinophil expected to generate P1 billion from the venture over the next three to five years. The funds, in turn, would be plowed into new and “exciting” business ventures.

Sinophil started out as an oil and gas exploration company in 1993 but has since evolved into an investment holding company.

Joselito Consunji, chief operating officer of Belle, said water and power distribution within Tagaytay Highlands would be a potential new business for Sinophil.

He added that the company was open to exploring opportunities in harnessing alternative sources of energy such as wind and solar but noted that distribution would likely be the first phase of diversification into these infrastructure ventures.

He noted that the group was in fact considering to put up a test windmill in Tagaytay Highlands. Once Sinophil develops the expertise, the plan is to expand its potential infrastructure business outside Tagaytay Highlands.

Belle, for its part, plans to spend about P800 million this year and roughly the same amount next year for new developments within its flagship 1,500-hectare Tagaytay Highlands.

Belle chief finance officer Manuel Gana said the capital spending programmed for this year was much higher than the P400-P500 million in spending last year partly because of the expected completion of a major road infrastructure within Tagaytay Highlands before the year ends, on top of new projects lined up for this year.