BIZ BUZZ: MVP confirms John Hay plans
Manuel V. Pangilinan took time off his ultra busy schedule to go up to the City of Pines on Thursday, not just to take in the cool December air but to also meet with officials of Camp John Hay and Bases Conversion and Development Authority (BCDA).
He met with BCDA chair Larry Paredes, CEO Jake Bingcang, vice president Mark Torres and Camp John Hay CEO Marlo Quadra, checked out the camp and liked what he saw.
The short visit ended with the MVP Group signifying its intention “to make substantial investments” in the former American rest and recreation base.
READ: BIZ BUZZ: MVP enters John Hay
“Camp John Hay embodies the unique charm and character of Baguio. I have very fond memories here,” Pangilinan said.
“In helping BCDA, we commit to the preservation and enhancement of Camp John Hay’s legacy properties, and the care of their dedicated workforce,” he added, confirming an earlier item here that said that he was looking to invest in this popular tourist spot.
Article continues after this advertisementSurely, there will be some skeptics, but as Pangilinan told the BCDA and John Hay officials, he was committed to enhancing Camp John Hay’s value.
Article continues after this advertisementWith the MVP Group, “you are in good hands,” Pangilinan said. —Tina Arceo-Dumlao
Say hi to Frank Lloyd Chua
Asiabest Group International (ABG) saw its stock price surge to dizzying heights this year, before the Philippine Stock Exchange ordered a trading suspension to make way for a backdoor-listing process.
Even with all the attention, ABG has remained shrouded in mystery.
No surprise there as ABG, which was initially in mining, has been a shell company since 2017 and has been incurring financial losses due to its lack of continuing operations.
However, a new chapter could be in place for ABG under its new owners PremiumLands Corp. and Industry Holdings and Development Corp. These companies are led by Francis Lloyd Chua, a low-profile person in Philippine business circles whom the public would likely get to know better in the coming days.
Chua is involved in the real estate and construction industries. Within its portfolio, PremiumLands has developments such as Market Mall in Ormoc, Leyte, and office buildings called The Mondrian and PMI Tower in Makati. The company is also set to launch low-cost residential buildings under the brand “Kabalayan.”
Meanwhile, Industry Holdings and Development Corp. is involved in manufacturing, logistics, and construction.
Its subsidiary Concrete Stone Corp. recently partnered with Singapore-based SMEC, which designed the iconic Marina Bay Sands, to address challenges related to construction, such as high logistics costs and slow project completion times.
Chua is also involved in building shipyards. Megaship Builders Inc., one of his companies, received a P4-billion loan from the Development Bank of the Philippines to expand its shipyard in Albuera, Leyte—which could be among the biggest in the Philippines.
With Chua’s businesses bustling with various projects in the pipeline, one may wonder whether the time has finally come for ABG to stop being dormant.
Only time will tell how ABG would come back to life under Chua’s ownership. —Tina Arceo-Dumlao
