BIZ BUZZ: DoubleDragon turns 14
The partnership between first generation entrepreneurs Edgar “Injap” Sia II and Tony Tan Caktiong is celebrating its 14th year with changes in its growing portfolio.
DoubleDragon Corp., for instance, is transforming its over 50 CityMalls nationwide to be more responsive to the needs and wants of the Generation Z market.
A new look and tenant mix will be rolled out, starting with CityMall in Boracay that will also be fitted with a Starlink connection.
MerryMart is also targeting the Gen Z crowd and will soon unveil its full-sized supermarket version, encouraged no doubt by its market leadership in Capiz, Sia’s home province.
DoubleDragon is also riding high on the enviable occupancy of its Hotel101 in Madrid, which is enjoying the patronage of guests—predominantly non-Filipino—who want to tour or conduct business in the Spanish capital that is celebrating Spain’s World Cup win.
Biz Buzz sources said that the 680-room Hotel101 in Madrid will be fully occupied again this weekend, prompting DoubleDragon to double down on its plans to rapidly expand overseas.
The two entrepreneurs born in the Year of the Dragon are likewise seeing a buildup in their warehouse operations that now include the 11-hectare Laguna commissary of Jollibee Foods Corp.
This lays the foundation for the possible listing of what could be the country’s first industrial REIT down the road, Biz Buzz sources added.
Their office portfolio looks stronger as the Central Business District in the Bay Area is getting more tenants to join the Department of Foreign Affairs.
At 14, DoubleDragon’s asset base has grown to P225 billion and investors are waiting to see how much further it can grow as Sia and Tan Caktiong undertake their ambitious plan to further expand their various business units here and abroad. —Tina Arceo-Dumlao
Timing matters
Despite bouts of volatility tied to the Middle East conflict, the door remains open for the Philippine government and local companies looking to raise funds through international bond markets, according to Paul Favila, CEO of Citi in the Philippines.
“The answer is a simple yes,” Favila said when asked whether issuers could still tap the global bond market this year despite uncertain market conditions.
Favila, however, said access to capital does not mean issuers should rush to borrow. The decision, he said, should depend on whether tapping overseas markets fits a borrower’s broader funding strategy.
“Is capital available? Absolutely,” Favila said. “Of course, it comes at a particular price, which is determined pretty much by what’s happening to the rest of the world.”
He added that timing remains crucial as global developments continue to influence borrowing costs.
“It’s a question of aligning our clients’ priorities with the opportunity out there,” Favila said.
For the Philippines and local corporates, Citi’s message is clear: Global investors remain within reach, but borrowers will need to be strategic as they navigate changing market conditions. —Ian Nicolas P. Cigaral INQ
