Mount Batulao: Providing a cool climbing experience

Saturday, 08 May 2010 19:02

In his post at the web site of Philippine Expats and Travel Blog, a blogger said climbing Mount Batulao is a cool thing to do because the “mountain is relatively small and has trails that are easy to climb, so it’s good for those who want to have their first climbing experience.” Elucidating, he said completing the climb to Mount Batulao gives a “feeling of achievement and satisfaction.” For the blogger, the more important reason people trek to Mount Batulao is to have a taste of the breathtaking views of Tagaytay and the surrounding low-lying areas. He added that the cool breeze on top of the mountain gives a refreshing experience to the climbers after a laborious trek. Through the years, Mount Batulao has grown popular not only as a mountaineering challenge but also as a camping site for student military trainees. During summertime, Manila-based mountaineers converged at the foot of this 1,050-meter mountain to climb it and savor the exhilarating views of the land, mountains and sea from atop. “Looking down from the top of the mountain, one gets a sweeping view of the famous Taal Lake with the mouth of the volcano in it, the entire breadth and length of Batangas province, the two mountains of Pico de Loro and Mount Talamitam, and the South China Sea. It’s simply breathtaking!” a mountaineer said of his experience. “Jump-off for Batulao starts at Evercrest, the golf course in the area, just a few kilometers away from Tagaytay. The climb usually lasts two hours or less, but if you wish to feel the cold breeze and warm your skin under the sun longer, then you can occasionally stop on benches installed along the trail, although the newer trail we took a few months ago offers none,” said http://blog.totalphilippines.com. Along the way, you’ll pass by several inhabited areas before the trail leads you to rolling hills with a sparse incidence of nipa huts and the occasional drink stand ready to sell you ice-cold soft drinks or a refreshing dose of coconut juice, according to Ivan about Town. Along the path, the mountaineer will encounter some camps located at strategic points of the shoulder of the mountain. Here, climbers are welcome to take a rest and take pictures with the campers. At the end of the day, climbing Mount Batulao is a worthy undertaking because this allows you to appreciate the gifts given by Mother Nature. With the development of Sandari Batulao, an 800-hectare mountainside township community, more and more people will learn to appreciate the beauty of Mount Batulao and its environment as this community gives an opportunity to commune with nature. The strategic location of Sandari Batulao provides an opportunity for nonclimbers to enjoy the serenity of the environment. Having religious institutions around the area, visitors will also learn to develop a closer bonding with the Almighty. Located at Km. 77, just a 10-minute drive from Metro Tagaytay along the Tagaytay-Nasugbu Tourism National Highway, Sandari Batulao is an hour-and-a-half drive from Makati via the South Luzon Expressway through Santa Rosa. Explore and experience true mountainside living. Call 817-5876 locals 162/128 and 894-3019, or fax through 893-0046 or visit www.sandaribatulao.com.

Revival in demand for office space on the uptick

Written by Dennis D. Estopace / Reporter

Saturday, 08 May 2010 19:05

The revival in demand for office space in the region in the first quarter of the year is being reflected in the local uptick, defying even worries of political instability. “Yes, it’s an internal momentum of the market,” Colliers International (Phils.) Inc. research manager Ramon Jose Aguirre said. The BusinessMirror spoke to Aguirre after the company released a statement, citing that “a general stronger-than-expected pace of economic recovery in Asia-Pacific has led to a noticeable revival in demand for office space” in the first three months of the year. “The markets were marked by increasingly positive sentiments resulting from the relaxed monetary measures adopted by various central governments, the ease of credit, and the sustained low interest rates,” the FirstService Corp. subsidiary said in a statement. It quoted Colliers International Asia-Pacific region executive George McKay as saying this environment encourage many investors. “A number of multinational corporations have been encouraged by the stronger-than-expected economic conditions to reactivate their real-estate plans, which had been largely put on hold right after the financial crisis hit,” said McKay, managing director of corporate services. Aguirre concurred, saying that based on their experience, they already had 60 open inquiries on office space from locators. “Before it was just 10. The new inquiries came from very few newcomers. Transactions, definitely, picked up in the first quarter,” Aguirre said. He noted that the pickup in interest on office space is being driven by the business-process outsourcing industry. “Apparently, the interest is high despite the external challenges, like the impact of the kinks as the US climbs out of recession and the upcoming national elections,” he added. Aguirre said a decade ago, political instability was a factor in decisions of locators to establish operations in the Philippines. “It appears they have become used to doing business in such situation.” Nonetheless, Aguirre said he “wouldn’t discount the effect of the crisis last year, since a lot held off on their investments and there was a lot of supply as developers overbuilt.” Still, there’s a chunk of supply in the Makati Commercial and Business District (CBD), he said, that may have tempered its rental-rate levels. However, Aguirre said outside of the Makati CBD, there’s a noticeable increase in office rentals at an average of 5 percent. “Last year, too, some of the developers offered concessions. But, right now, they’re withdrawing the incentives. They can charge x amount of rent compared with last year. Tables have turned,” he said. The increase in office rent is seen, as Aguirre cited the Fort Bonifacio Global City’s Mckinley area as example. Meanwhile, he said developers continue with their expansion, citing the SM Group’s construction of a second building at the Mall of Asia, which is mainly for BPO operations. Colliers International said, “Overall, the leasing market in the region revived somewhat, with rentals edging up by 0.9-percent quarter-on-quarter in [Q1 2010]—the first-quarterly increase registered in the past one-and-a-half years.” It added that “on the salesfront, investment demand for office properties remained strong, notwithstanding the continued compression of investment yields” in the first quarter. “Local private investors continued to be one of the key groups of players,” Colliers said. The real-estate broker cited Hong Kong and China as examples of the market improvement at the regional level. “Looking ahead, the demand for office real estate in the region continues to gather strength on the back of further economic growth expected over the next few years,” the company quoted McKay as saying.

Pag-IBIG Fund aims to lower national housing backlog

Banking & Finance

Written by Dennis D. Estopace / Reporter

Sunday, 09 May 2010 20:09

THE government has an ambitious target of bringing down by 87,000 units the 3.5-million housing backlog this year, the Home Development Mutual Fund (Pag-IBIG) said. Pag-IBIG chief executive Jaime A. Fabiaña said backlog could have been reduced more if the Land Registration Authority (LRA) had been computerized in the past, like it is now. The $82-million computerized land-titling system links the LRA Central Registry of Deeds to registries of deeds nationally. “These could have delivered our increase in Q1[first quarter] this year.”   He said the number of Pag-IBIG housing loans in the first quarter grew only 6 percent compared with 10 percent last year. The full-year lending was up to 45.6 billion from 34 billion, more or less 32 percent, he said, but it still made Pag-IBIG the biggest lender in the housing sector. Fabiaña said the increased uptake was a result of interest rates dropping from 12 percent in 2001 to 6 percent today, and this has also made it attractive for families of overseas Filipino workers (OFWs) to tap Pag-IBIG for their investments. Coupled with an increase in their purchasing power, OFWs, according to Fabiaña, were also able to afford an average mortgage of P780,000, higher than the corporate average of P610,000.  He also credited the fund’s new policy of buy-back guarantees of developers where the developers would buy back housing loans that sour, cleaning up Pag-IBIG’s bad loan stable.

10 firms ‘serious’ about holding REIT offers

Written by Miguel R. Camus / Reporter

Monday, 10 May 2010 21:49

IT seems that 2010 is shaping up to be a very good year in terms of initial public offerings (IPOs) with the implementation of the Real Estate Investment Trust (REIT) act providing the momentum. PSE chief operating officer Val Suarez told the BusinessMirror last week that at least 10 firms have already expressed a “serious” interest to hold REIT offers after the final rules are out this month. In line with this, Suarez said the bourse could release its own REIT listing guidelines this Wednesday. “But the PSE board has to sign on this first, [as] we need to see the final rules. Basically, it will have all the requirements needed for an IPO. We will try to make it as issuer-friendly as possible,” said the stock-exchange executive. After receiving comments for the draft implementing rules of the REIT law on April 26, the Securities and Exchange Commission (SEC) may come out with the much-awaited final rules this week. In a text message, SEC Commissioner Juanita Cueto said the final REIT rules will be part of its en banc session to be continued today. The rules will also need to be approved by the Bureau of Internal Revenue. The REIT law will allow property firms to publicly list their income-generating assets such as apartments, shopping malls and office buildings, providing these companies with an additional funding source. Individual investors may then buy into these REIT firms, which will be listed on PSE and registered with the SEC. REITs, which are required to pay out 90 percent of their distributable income annually as dividends, may also qualify for tax incentives and lower fees. Suarez said the REIT listing guidelines will be in line with those approved by the SEC. According to the original draft, a REIT company needs to have a minimum capitalization of P300 million. It should also have at least 1,000 shareholders owning at least 50 shares equivalent to at least a third of the REIT’s capital stock. Independent directors should also occupy at least one-third or two seats on the board of the REIT firm, whichever is higher. The REIT shall engage a fund and property manager. A number of large-property developers have already been preparing for the final rules of the REIT law. The largest REIT offer announced so far was $600 million that SM Prime Holdings Inc expects to raise. Ayala Land Inc. is eying to raise about $300 million, while Gokongwei-led Robinsons Land Corp. last week said it plans to be an early player in the REIT industry. Andrew Tan-led Megaworld Corp. is reportedly awaiting the final REIT rules, as well. The PSE operates the only stock exchange in the Philippines with 250 listed companies and 132 operating trading participants.

First Pacific still keen on other mining firms

Written by Miguel R. Camus / Reporter

Monday, 10 May 2010 18:32

HONG KONG-BASED conglomerate First Pacific Co. Ltd. continues to discuss with the group of Felipe Yap for its various mining assets after gaining effective control of the country’s top gold and copper producer Philex Mining Corp. early this year. In an interview last week, First Pacific chief executive officer Manuel V. Pangilian said talks are continuing with Yap who controls listed firms Manila Mining Corp.  and Lepanto Consolidated Mining Co. Pangilinan said the group also remains  interested in Lepanto subsidiary Far Southeast Gold Resources, Inc. which has mining assets in Benguet province. This, even as Lepanto presently courts  two “serious” foreign operators for Far Southeast Gold. “We know [Lepanto] is talking to other groups. We are still interested with Far Southeast and Manila Mining,” noted Pangilinan. First Pacific has already completed due diligence on Lepanto although a deal has yet to materialize.   “We are value investors and we would like to invest at the right price. Maybe that’s what is taking some time,” Pangilinan added. Last month, Lepanto president and chief operating officer Bryan Yap said two foreign operators, which are major listed firms abroad, are mulling an investment in Far Southeast Gold. Yap said Lepanto could make an announcement by the first half of the year, while adding the firm would like to “retain at least 40 percent in Far Southeast.” The said project is still in the pre-operating stage and is considered a top-priority mining project by the government. Pangilinan said earlier First Pacific group also wants to create economies of scale with Manila Mining and Lepanto mines with its own assets in Philex. These include Philex’s gold mine prospects in Bayugo and Boyongan in Northern Mindanao, which are expected to replace the company’s premier Padcal mine in Benguet, which is seen to exhaust gold, copper and silver reserves in seven years. First Pacific and its local subsidiaries have been snapping up Philex shares over the past two years bringing its present ownership to about 46.6 percent.