Panlilio-led Boulevard Holdings Inc. has started pumping fresh funds into Fridays Boracay to renovate and expand the beachfront resort property following the resolution of a dispute with the heir of the former landowner.
In a letter to shareholders that was disclosed to the Philippine Stock Exchange, BHI chair Jose Marcel Panlilio said BHI had injected since October of last year a cumulative cash investment of over P120 million to “set the recovery on a solid path.”
BHI updated shareholders on the reconstruction and repairs on the property following the damage caused by armed men who had previously taken over the property.
Of the new investment made by BHI, Panlilio said about P87.8 million was largely for purchasing all the rest of the land parcels that the group did not own while about P32.2 million was being spent to fix the pool and buildings. New money was also being spent to maintain a security contingent, replace all furniture and TVs that went missing under the watch of interim managers, pay legal billings and construct a new lagoon pool at the top of the Fridays hill, he said.
“We project investing another P50 million more for additional parcels and about P150 million more in a year to upgrade our rooms to suites and increase the number from 50 up to 65 keys, hopefully by next summer 2016,” Panlilio said.
The wing and pool that were previously devastated by the “aggressors,” Panlilio said, had now been renovated.
The Office of the Makati Prosecutor earlier dismissed the forgery charges filed by the previous owner of this Boracay property, Mila Yap-Sumndad, against Panlilio. The operations of the resort were previously disrupted for several months because of this dispute.