BIZ BUZZ: Indirect route to Balesin

Good news and inconvenient news for the well heeled who plan on flying to Balesin Island for some sun and sand this holiday season.

First, the good news: there will be more flights from Manila to the resort island owned and operated by Alphaland Corp. to accommodate more members and guests during the Christmas season.

That’s a welcome development for many people who find themselves increasingly competing for the limited number of seats on the resort’s midsized aircraft for the short ferry flight between the Ninoy Aquino International Airport (Naia) and the luxury resort of billionaire businessman Roberto Ongpin.

Now, the inconvenient news: Balesin’s management asked aviation regulators to approve more flights to the island from Naia, but were unsuccessful.

“With the onset of the holiday season, and with the tapering off of COVID-19, Naia has again become congested,” CEO and island director Mike Asperin told members in a recent email. “When we apply for slots, we are either flatly denied, or asked to fly from Clark.”

“Thus, I am pleased to inform you that [the Civil Aviation Authority of the Philippines, or CAAP] has approved flights to and from Balesin via Sangley Point,” he added. “We will begin to mount these flights from Sangley Point this coming weekend.”

This means that patrons who are unable to book for the limited number of flights from Naia will have to make the trip to Cavite to be able to make that hop to Balesin. It’s a fast drive to Cavite via Coastal Road, but things slow down quite a bit once one has to navigate the narrower streets of Cavite City to get to Sangley Point.

“I therefore ask all of our members and your guests to take note that your flights will either be Naia or Sangley Point due to the flight slot imposed by CAAP,” Asperin said, adding that confirmation of actual flight schedules will be announced only a day before departure.

Despite the added inconvenience, guests can take comfort knowing that flights from Sangley Point will be less subject to delays—unlike those using Naia—since Alphaland Aviation will be the only carrier using the airport. So it’s still exclusive … in a manner of speaking.

—Daxim L. Lucas

Green IPO

Because renewable energy is a sexy theme in the stock market these days, expect more companies to pitch for green capital in 2022.

One of these is PAVI Green Renewable Energy Inc., a unit of Prime Asset Ventures Inc. (PAVI) built by second-generation business tycoon Paolo Villar.

PAVI Green is a builder of solar rooftop systems for homes and businesses, with projects in areas such as Siquijor and Camotes group.

The Villars are considering either an outright initial public offering (IPO) for PAVI Green or sale of shares of a specific project using the real estate investment trust structure. The group has more than 50 megawatts of operating capacity to date, with plans to expand to 200MW.

It started as a small power utilities group catering to missionary electrification in remote locations, but has since expanded to other locations.

Earlier reports indicated that PAVI Green has been working on new projects in Metro Manila, Cavite, Laguna, Iloilo, Bacolod and Central Luzon.

But aside from PAVI Green, the Villars have three retail concepts lined up for potential public offering. The big boss Manuel Villar will just have to choose which one is ripe for the picking.

—Doris Dumlao-Abadilla

Logistics REIT

All of the five real estate investment trusts (REITs) that have so far listed on the stock market are office property-focused. But some capital market experts believe the next wave of REITs will be focused on infrastructure and industrial assets.

Is AyalaLand Logistics Holdings Corp. (ALLHC), developer of industrial parks, commercial centers, leasing of warehouses and logistics facilities, keen on joining the REIT wave?

“We are considering having a logistics REIT, but right now we are focused on the development stage. So that is the focus still: building up our assets, our portfolio across all business segments,” ALLHC president Rowena Tomeldan said at a recent investors briefing organized by BPI Securities.

By 2025, ALLHC’s goal is to establish its presence in 10 strategic areas across the country, double its current footprint.

New growth drivers are seen to come from new platforms in cold storage and data centers.

—Doris Dumlao-Abadilla

Limitless

Digital lifestyle app Limitless has partnered with insurtech provider Igloo to provide free COVID-19 insurance to the app’s newly registered members.

Those who created and verified their Limitless account between Nov. 8 and Dec. 10 will be entitled to a two-month COVID-10 in-patient treatment benefit of up to P10,000.

To avail themselves of the free insurance, new members must fill out and submit the Igloo form that will be sent to their Limitless-registered email address. Thereafter, Igloo will send the confirmation email along with the COVID-19 insurance policy after verification.

Limitless is Phoenix Petroleum Philippines’ own lifestyle rewards program that gives away discounts and vouchers on fuel and Family Mart products. It recently partnered with Coca-Cola Philippines, Shakey’s Philippines and Nissin Cup for cross-brand promos.

—Karl R. Ocampo INQ

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