Manuel V. Pangilinan is a man of many passions, hence the investments that he and his group have poured into various fields, from telecommunications to infrastructure and agriculture, even professional sports and music development.
But it looks like the new apple of his eye is tourism, which explains why he has set his sights on investing up north, in Camp John Hay to be exact, especially after the Bases Conversion and Development Authority finally got its hands on the former American rest and recreation base after a protracted legal battle with the Sobrepeña group.
Informed sources told Biz Buzz that the executive will make full use of Landco Pacific Corp,, a subsidiary of Metro Pacific Investments Corp. that has a built a reputation over the past 30 years for “creating world-class leisure communities and luxury homes in the Philippines.”
READ: It’s final: BCDA regains control of John Hay
Among Landco’s flagship developments are Peninsula de Punta Fuego, the first private seaside residential resort in the country, CaSoBē (Calatagan South Beach) and Club Laiya.
The group believes in the yet-to-be-fully-tapped potential of Camp John Hay thus the rush to invest in the popular tourist destination.
But this will just be the beginning of an even deeper push into the tourism sector that is poised for a major rebound in the next few years.
So expect more mega deals to be signed soon. Real soon. —Tina Arceo-Dumlao
Arasi leaves Bloomberry
After more than a decade, Bloomberry Resorts Corp. is saying goodbye to Thomas Arasi, its president, director and chief operating officer.
Investors were left in the dark as to the exact reason behind Arasi’s sudden retirement, but the operator of Solaire Resorts and Casino said in a stock exchange disclosure on Tuesday that it was due to “personal reasons.”
Arasi likewise left his post at subsidiary Bloomberry Resorts and Hotels Inc.
His retirement was effective immediately, and Enrique Razon Jr.-led Bloomberry has yet to name a successor.
This comes as a surprise, especially since Arasi has been at the helm of Bloomberry through thick and thin—the company’s feud with Global Gaming Philippines LLC and the opening of Solaire Resort North in Quezon City.
We’re all ears to check who might be his potential successor, and the reason behind his sudden departure. —Meg J. Adonis
Aboitiz Group to ink Bohol airport deal
Aboitiz InfraCapital Corp. (AIC) is set to finally ink the concession agreement to develop the Bohol-Panglao International Airport on Dec. 18, or a month after it was awarded the major infrastructure project.
Cynthia Hernandez, Public-Private Partnership Center of the Philippines executive director, disclosed the tentative date of signing recently.
Following this, she said the airport operation and maintenance would be transferred officially to AIC by March next year.
READ: Under Aboitiz concession, Panglao airport getting big capacity upgrade
The company said it would expand airport capacity to 2.5 million passengers per annum (mppa) within one to two years of its airport operations from the current 2 mppa.
The P4.53-billion airport project, which has a 30-year concession period, covers the construction of a new passenger terminal and installation of additional equipment and facilities.
This is the second airport contract that the Aboitiz Group won this year. In October, AIC also secured the Laguindingan International Airport project.
Prior to securing both projects, AIC also bought the Mactan-Cebu International Airport from a consortium led by Megawide Construction Corp. — Tyrone Jasper C. Piad