BIZ BUZZ: Fort Ilocandia up for grabs

Will Ilocos Norte pass up the chance to attract more investors, particularly in the tourism space, especially now that its most prominent family is back in the saddle of Malacañang?

Definitely not! Ilocos Norte is trying to woo more investors to set up shop.

The iconic 290-room Fort Ilocandia Resort Hotel is on the auction block for a price tag of $75 million. The entry of a white knight is proposed to be structured as either outright company purchase or asset sale, based on a teaser sent to prospective investors seen by Biz Buzz.

We hear that foreign investors are also targeted, but the final structure will have to work around the Constitutional ban against foreign ownership of land.

The package includes rights to 20 hectares of land, existing hotel buildings, main building with casino as well as the administration and powerhouse buildings. Fort Ilocandia also has a driving range, recreational center, private beach and a swimming pool. Another sweetener is it has a tourism ecozone registration.

We hear that no less than Ilocos Norte Gov. Matthew Marcos Manotoc is helping to invite investors to “revive the casino, golf course and international flights [to Laoag].”

Despite having been proclaimed as a patrimonial property of the state, Macau gaming magnate Jack Lam had gained control of Fort Ilocandia years ago. However, he fled eight years ago after being accused of $1-million bribery (intervening to release from detention more than a thousand Chinese nationals allegedly working illegally at his resort in Clark). He was likewise accused of using dummies to acquire Fort Ilocandia. The Philippine Amusement and Gaming Corp. has since then stripped Lam of his gaming license.

The prospective white knight might not only have to spruce up the casino-hotel but, as many guests will agree, also hire an exorcist to get rid of the spooky vibe in certain areas.

Meanwhile, Megaworld Corp. has announced a P15-billion deal to develop a sprawling property right beside Fort Ilocandia. Megaworld, which pioneered cyberpark development in the country and helped transform Eastwood City, Bacolod and Iloilo into vibrant business process outsourcing hubs, could be the spark that is needed to catalyze the “solid north.” —Doris Dumlao-Abadilla

Pinoy startups on international stage

Out of 100 international startups, two Filipino enterprises stood out and made the final cut of the Asia Technology Entrepreneurship Conference’s Startup Competition, the biggest university alumni club-led technology event for startups in Asia.

But the battle is far from over as these two hopefuls will compete in the finals to be held on Dec. 6 in Hong Kong. A total of 16 enterprises are campaigning to win.

The first competitor is Packworks, a technology company that has been supporting “sari-sari” stores in digitizing their operations. The second one, InvestEd, is a financing platform that lends to students who need help to pay for their tuition.

Both enterprises were nominated by the Harvard Club of the Philippines Global—and this organization is hoping the country will once again bring home the bacon.

Just last year, Mayani won the Emerging Market Solutions Impact Award. A social enterprise linking over 139,000 smallholder farmers to retail and commercial consumers, this startup has helped a lot of indigenous farmers in Zambales.

Will these homegrown enterprises bring another win for the country? We are certainly rooting for them. —Tyrone Jasper C. Piad