BIZ BUZZ: IMF called out, again
First, it was Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. who called them out. Now, it’s Finance Secretary Ralph Recto.
We’re talking about the International Monetary Fund (IMF), which recently urged the government to immediately restore the capital of the state-run Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) following their hefty contributions to the Maharlika Investment Fund.
That was one of the many policy recommendations that the Washington-based institution had written in its latest country report, which was a product of last year’s IMF staff visit here.
But the thing is, the visiting IMF team “never” raised such concerns about the two banks’ capitalization during their consultations with government officials, Recto said in an interview with reporters.
READ: Restore Landbank, DBP capital, IMF urges gov’t
So, the news about the IMF’s recommendation definitely took the finance chief by surprise.
Word about the Fund’s advice went out so fast that both Landbank and DBP had to assure the public that they remain financially strong and stable.
“You know, they never went to us to talk to us about any of that,” Recto said. “That was never in any of our meetings.”
It may be recalled that the IMF had agreed to revamp the group of economists assigned to the Philippines—now a net creditor to the Fund—after BSP chief Remolona complained in 2023 about the quality of the assessment team that had come to town to look at the public sector.
Will there be more improvements in the conduct of the next IMF staff visit? We hope so. —Ian Nicolas P. Cigaral
Discovery World makes Siargao debut
Siargao remains a popular destination, and it’s not just for tourists.
Developers are also eyeing Mindanao island known for attracting Gen Zs and millennials, including celebrity Nadine Lustre, with its scenic beaches and surfing spots.
This time, luxury resort and hotel operator Discovery World Corp. (DWC) wants to make waves with a hotel and hostel combo, taking advantage of the current travel boom.
DWC, through subsidiary Lucky Cloud 9 Resort Inc. and property management arm Discovery Hospitality Corp., broke ground for the 7,000-square-meter Kip&Kin on Jan. 10.
Slated to open in 2027, the facility located near the Cloud 9 surfing spot is expected to house 34 hotel rooms, 48 hostel beds, and retail spaces.
With the island seemingly never out of tourists, DWC made sure to save some of its 2.6-hectare lot area in General Luna for “future expansion phases of additional rooms and retail spaces.”
“Kip&Kin is more than just a place to stay; it’s a lifestyle brand where guests can immerse themselves in the energy of Siargao’s vibrant culture and natural splendor,” DWC chair and CEO John Tiu Jr. said in a statement on Thursday.
DWC, of course, is not stopping there. The company is also eyeing another Kip&Kin branch in Vanilla Beach, El Nido, and San Vicente, Palawan province.
Beach, anyone? —Meg J. Adonis
Coca-Cola PH gets a new name
New year, new name?
This is exactly the case for a beloved soda that is probably sitting in your refrigerator.
As a result of the Aboitiz Group’s major investment, Coca-Cola Beverages Philippines Inc. was christened Coca-Cola Europacific Aboitiz Philippines Inc. (CCEAP).
“Our new name signifies an exciting new phase in our journey as we reaffirm our commitment to serving our customers, supporting our people and communities, and driving long-term growth for the country,” Gareth McGeown, president and CEO of CCEAP, said in a statement.
READ: Coca-Cola lifts full-year forecast after profits top estimates
For his part, Aboitiz Group president and CEO Sabin Aboitiz sees Coca-Cola Philippines’ new era as a symbol of “the strength of our partnership with Coca-Cola Europacific Partners (CCEP).”
This is perhaps one of the first major changes since Aboitiz Equity Ventures Inc. and CCEP acquired the beverage giant in February 2024.
The name change was in effect last Wednesday, following the approval of the Securities and Exchange Commission.
Exciting times are indeed ahead for all the parties involved in this takeover. After all, Coca-Cola’s entry into Aboitiz gave a significant boost to the latter’s food unit.
The question is: What’s next? —Meg J. Adonis
