Much has been going on lately in the country’s summer capital.
We’re talking about the transitioning of Camp John Hay properties in Baguio City, and with the MVP Group coming in as a strategic investor.
Landco Pacific Corp., the hospitality subsidiary of Metro Pacific Investments Corp., has committed to the interim management of The Manor and Forest Lodge at Camp John Hay, including the CAP-John Hay Trade and Cultural Center.
READ: BIZ BUZZ: MVP confirms John Hay plans
In a statement on Monday, MPIC chair Manuel V. Pangilinan said they would be “happy to assist” the Bases Conversion and Development Authority during the tense transition period.
“We have assembled a highly capable team to make sure that these legacy properties are protected and enhanced as cornerstones of Baguio history and tourism,” Pangilinan noted.
“Staff and guests need not worry,” the billionaire said on the same day that Camp John Hay was locked down, stranding guests and employees.
This comes as an interesting development, with Pangilinan keen on Baguio’s tourist hot spot for his new venture. Let’s see what happens next! —Meg J. Adonis
PH, Japan renew swap deal
Filipino and Japanese monetary authorities are out to help each other meet their foreign exchange needs in the event of liquidity problems.
This was after the Bangko Sentral ng Pilipinas (BSP) and the Bank of Japan (BoJ) renewed their bilateral swap arrangement this year.
Under the two-way arrangement, the BSP can borrow up to $12 billion, or its equivalent in Japanese yen, from BOJ in case the Philippines’ dollars or other foreign currencies fall short of short-term obligations, such as payment for imports or foreign debts.
The BOJ, meanwhile, can borrow up to $500 million from the Philippines in the event Japan encounters similar problems.
The BSP said the size of the swap facility remains unchanged.
The BSP and BOJ have had this kind of agreement in place since 2001, but neither has drawn liquidity assistance from this mechanism. — Ian Nicolas P. Cigaral