Travel+Leisure magazine releases survey results of its Worlds Best Awards 2009
Boboi Costas, Contributor
Cebu may be second to Camarines Sur in the Philippines’ most visited destination, but it is one of the best islands in Asia.
Travel + Leisure magazine recently released the results of its World’s Best Awards 2009, a listing of the best hotels, airlines, cruises in islands and cities all over the world.
Cebu ranked no. 4 among Asian island destinations.
No other Philippine city, island, resort, hotel or airline made it to the listing in other categories.
The awards are based onthe American magazine’s 14th Readers’ Poll survey conducted from midJanuary to the end of March this year.
“An unprecedented number of new names and places made their debuts on this year’s list, sometimes unseating longtime favorites,” says Travel + Leisure editor in chief Nancy Novogrod.
Cebu got a rating of 79.68 points.
It ranked behind Bali (87.41), Maldives (84.43) and Phuket (80.93). It is ahead of Ko Samui (79.29).
Respondents were asked to rate the islands based on natural attractions, activities and sights, restaurant and food, people and value.
They had to rate a candidate on a scale of 1 to 5 where “1” means poor and “5” means excellent.
In the magazine survey, Cebu Island was shut out, however, from the coveted list of Top Islands Overall.
Bali with a rating of 87.41 was still no. 1.
Phuket in Thailand ranked second last year but failed to land in this year’s top ten.
Top Islands Overall
1. Bali (87.41)
2. Galapagos (86.80)
3. Cape Breton Island in Nova Scotia (86.09)
4. Kauai (85.90)
5. Mount Desert Island in Maine (85.87)
6. Maui in Hawaii (85.48)
7. Aeolian Islands in Italy (85.13)
8. Maldives (84.43)
9. Big Island (83.92) and
10. Vancouver Island (83.74).
For the past three years, the announcement of the World’s Best Awards winners has been preceded by the release of findings from “The Survey of Affluence and Wealth in America, created by Travel + Leisure’s parent company American Express Publishing, and Harrison Group, a strategic-marketing research firm.
Novogrod says she was struck by the consistency of the insights of American consumers. “They have a high regard for value and service, brand loyalty and small rewards,” she said.
The Best Islands awards were divided into geographical categories: Continental US and Canada; Hawaii; the Caribbean, Bermuda, and the Bahamas; Mexico and Central and South America; Europe; Asia; and Australia, New Zealand and the South Pacific.
The questionnaires were developed by editors of the magazine in association with Harris Interactive, an independent research firm. They were posted in the magazine’s website.
Readers were invited to participate and a select group also received invitations by e-mail.
Respondents were screened and responses from any identified travel-industry professionals were eliminated from the final tally.
In the Condé Nast Traveler annual Readers’ Choice Survey, Cebu has occupied the seventh spot in the best island destination in Asia/Indian Ocean three times: in 2008 at 70.9 which is two points short of 2007’s 72.3 points and 2004’s 72.8 points.
Twice, it has been ranked 8th best island destination: in 2006 with 71.0 points and in 2005 with 69.5 in the same magazine survey.
Both Travel + Leisure Magazine and Condé Nast Traveler are American publications based in New York.
With reports from Reporters Marian Z. Codilla and Dale G. Israel
‘Much to be proud of: beaches, hospitality, diving’
Tourism Undersecretary Phineas Alburo said the award proves that Cebu Island has a lot to be proud of.
“That's good news. It really speaks well of the destination and has erased doubts among travellers. It is a very good development,” Alburo told Cebu Daily News.
He said Travel + Leisure, based in New York, was a “prestigious” American publication.
Alburo said Cebu gets a share of 500,000 international tourists in a year while local tourists exceeds more than 500,000 a year.
“Cebu has all the ingredients for an ideal destination,” he said.
He cited the island's accessibility with an international airport, natural attractions such as diving and beaches, heritage sites and the hospitality of the people, making it one of the best destinations in Asia.
Lapu-Lapu City Vice Mayor Mario Amores said “tremendous” efforts were poured by officials into tourism development.
He said the presence of an international airport and world-class resorts were a big plus, aside from the business appeal.
“Without a business-friendly environment, these resorts would not be investing here. They look for assurance of returns on their investment and that the environment factors are stable.”
Lapu-Lapu first lady Paz Radaza, co-chairperson of the City Tourism Committee, said the recognition would encourage more cooperation between the public and private sector.
“With this recognition, it will encourage both the private and the public sector to work hard to give tourists the best amenities at par with the world standards. The recognition will make every Cebuano proud,” Radaza added.
Sunday, August 30, 2009
Setting up JVs for real estate
(The Philippine Star) Updated August 28, 2009 12:00 AM
MANILA, Philippines - To hasten our economic recovery, three major resources must be encouraged to join together for real estate development. One is the real estate developer who has the experience and knowledge but may or may not have the capital needed. Another is the one with the financial resources and capacity, interested in real estate business but lacks the knowledge or experience. The third is the one with the land who may lack either financial resources or knowledge to develop his land.
It would be a big economic contribution if the three resources can join together and made productive. However, before a joint venture could be concluded, many questions and other important aspects should be learned and answered for the protection of all the parties. In this regard, Urban Institute of Real Estate will conduct a seminar on Joint Venture and Syndication For Real Estate Projects on Wednesday, September 9, 1:30 to 6 p.m. at the Maximo Function Room, 2nd floor Max’s Restaurant, near the exit of Glorietta 2, Makati City.
The lecturer is Engr. Enrico Cruz, who has more than 40 years in real estate, engineering, construction, management and education. Cruz is also a licensed real estate consultant and 1st and 8th placer in the real estate appraiser’s and broker’s board examinations respectively, and was invested as a “Real Estate Fellow” by the Philippine Council of Real Estate Educators.
Urban will also be conducting lectures on other topics every Wednesday until Oct. 14, at the same time and venue as follows: Sept. 2 – Legal Aspects of Sale, Mortgage and Lease; Sept. 16 – Property Valuation: How To Do It Yourself; Sept. 23 – How to Start and Manage A Successful Real Estate Brokerage Company; Sept. 30 – Taxation of Real Estate Transactions; Oct. 7 – Real Estate Finance and Investment Analysis; Oct. 14 – Making Big Money in Distressed Properties.
For other details or advance registration, Urban Institute may be reached at 948-8191 or 796-8019, or CP# 0916-426-9174/0921-683-9431 or by email at urbanet@pacific.net.ph or urbanet.ph@gmail.com. Details may also be viewed at www.urban-institute.blogspot.com.
MANILA, Philippines - To hasten our economic recovery, three major resources must be encouraged to join together for real estate development. One is the real estate developer who has the experience and knowledge but may or may not have the capital needed. Another is the one with the financial resources and capacity, interested in real estate business but lacks the knowledge or experience. The third is the one with the land who may lack either financial resources or knowledge to develop his land.
It would be a big economic contribution if the three resources can join together and made productive. However, before a joint venture could be concluded, many questions and other important aspects should be learned and answered for the protection of all the parties. In this regard, Urban Institute of Real Estate will conduct a seminar on Joint Venture and Syndication For Real Estate Projects on Wednesday, September 9, 1:30 to 6 p.m. at the Maximo Function Room, 2nd floor Max’s Restaurant, near the exit of Glorietta 2, Makati City.
The lecturer is Engr. Enrico Cruz, who has more than 40 years in real estate, engineering, construction, management and education. Cruz is also a licensed real estate consultant and 1st and 8th placer in the real estate appraiser’s and broker’s board examinations respectively, and was invested as a “Real Estate Fellow” by the Philippine Council of Real Estate Educators.
Urban will also be conducting lectures on other topics every Wednesday until Oct. 14, at the same time and venue as follows: Sept. 2 – Legal Aspects of Sale, Mortgage and Lease; Sept. 16 – Property Valuation: How To Do It Yourself; Sept. 23 – How to Start and Manage A Successful Real Estate Brokerage Company; Sept. 30 – Taxation of Real Estate Transactions; Oct. 7 – Real Estate Finance and Investment Analysis; Oct. 14 – Making Big Money in Distressed Properties.
For other details or advance registration, Urban Institute may be reached at 948-8191 or 796-8019, or CP# 0916-426-9174/0921-683-9431 or by email at urbanet@pacific.net.ph or urbanet.ph@gmail.com. Details may also be viewed at www.urban-institute.blogspot.com.
The story of the seed
BUSINESS MATTERS (BEYOND THE BOTTOM LINE) By Francis J. Kong (The Philippine Star) Updated August 09, 2009 12:00 AM
A successful business man was growing old and knew it was time to choose a successor to take over the business. Instead of choosing one of his Directors or his children, he decided to do something different. He called all the young executives in his company together.
He said, ‘It is time for me to step down and choose the next CEO. I have decided to choose one of you. ‘The young executives were shocked, but the boss continued. ‘I am going to give each one of you a SEED today – one very special SEED. I want you to plant the seed, water it, and come back here one year from today with what you have grown from the seed I have given you. I will then judge the plants that you bring, and the one I choose will be the next CEO.’
One man, named Jim, was there that day and he, like the others, received a seed. He went home and excitedly, told his wife the story. She helped him get a pot, soil and compost and he planted the seed. Everyday, he would water it and watch to see if it had grown. After about three weeks, some of the other executives began to talk about their seeds and the plants that were beginning to grow.
Jim kept checking his seed, but nothing ever grew.
Three weeks, four weeks, five weeks went by, still nothing.
By now, others were talking about their plants, but Jim didn’t have a plant and he felt like a failure.
Six months went by – still nothing in Jim’s pot. He just knew he had killed his seed. Everyone else had trees and tall plants, but he had nothing. Jim didn’t say anything to his colleagues, however. He just kept watering and fertilizing the soil – He so wanted the seed to grow.
A year finally went by and all the young executives of the company brought their plants to the CEO for inspection. Jim told his wife that he wasn’t going to take an empty pot...
But she asked him to be honest about what happened. Jim felt sick to his stomach, it was going to be the most embarrassing moment of his life, but he knew his wife was right. He took his empty pot to the boardroom. When Jim arrived, he was amazed at the variety of plants grown by the other executives. They were beautiful – in all shapes and sizes. Jim put his empty pot on the floor and many of his colleagues laughed, a few felt sorry for him!
When the CEO arrived, he surveyed the room and greeted his young executives.
Jim just tried to hide in the back. ‘My, what great plants, trees, and flowers you have grown,’ said the CEO. ‘Today one of you will be appointed the next CEO!’
All of a sudden, the CEO spotted Jim at the back of the room with his empty pot. He ordered the Financial Director to bring him to the front. Jim was terrified. He thought, ‘The CEO knows I’m a failure! Maybe he will have me fired!’
When Jim got to the front, the CEO asked him what had happened to his seed – Jim told him the story.
The CEO asked everyone to sit down except Jim. He looked at Jim, and then announced to the young executives, ‘Behold your next Chief Executive Officer!
His name is Jim!’ Jim couldn’t believe it. Jim couldn’t even grow his seed.
‘How could he be the new CEO?’ the others said.
Then the CEO said, ‘One year ago today, I gave everyone in this room a seed. I told you to take the seed, plant it, water it, and bring it back to me today. But I gave you all boiled seeds; they were dead – it was not possible for them to grow.
All of you, except Jim, have brought me trees and plants and flowers. When you found that the seed would not grow, you substituted another seed for the one I gave you. Jim was the only one with the courage and honesty to bring me a pot with my seed in it. Therefore, he is the one who will be the new Chief Executive Officer!’
End of story.
I have read variations of this story credited to anonymity but in terms of lesson is worth repeating specially in a country like hours that need to be reinforced with lessons on virtuous leadership.
Scriptures say whatsoever you sow you shall reap.
Plant honesty and reap trust.
Plant goodness and you reap friends.
Plant humility and reap greatness.
Plant perseverance and reap contentment.
Plant consideration and reap perspective.
Plant hard work and reap success.
Plant forgiveness and reap reconciliation.
Plant faith in GOD and reap a harvest.
I guess the question is what are you planting now?
A successful business man was growing old and knew it was time to choose a successor to take over the business. Instead of choosing one of his Directors or his children, he decided to do something different. He called all the young executives in his company together.
He said, ‘It is time for me to step down and choose the next CEO. I have decided to choose one of you. ‘The young executives were shocked, but the boss continued. ‘I am going to give each one of you a SEED today – one very special SEED. I want you to plant the seed, water it, and come back here one year from today with what you have grown from the seed I have given you. I will then judge the plants that you bring, and the one I choose will be the next CEO.’
One man, named Jim, was there that day and he, like the others, received a seed. He went home and excitedly, told his wife the story. She helped him get a pot, soil and compost and he planted the seed. Everyday, he would water it and watch to see if it had grown. After about three weeks, some of the other executives began to talk about their seeds and the plants that were beginning to grow.
Jim kept checking his seed, but nothing ever grew.
Three weeks, four weeks, five weeks went by, still nothing.
By now, others were talking about their plants, but Jim didn’t have a plant and he felt like a failure.
Six months went by – still nothing in Jim’s pot. He just knew he had killed his seed. Everyone else had trees and tall plants, but he had nothing. Jim didn’t say anything to his colleagues, however. He just kept watering and fertilizing the soil – He so wanted the seed to grow.
A year finally went by and all the young executives of the company brought their plants to the CEO for inspection. Jim told his wife that he wasn’t going to take an empty pot...
But she asked him to be honest about what happened. Jim felt sick to his stomach, it was going to be the most embarrassing moment of his life, but he knew his wife was right. He took his empty pot to the boardroom. When Jim arrived, he was amazed at the variety of plants grown by the other executives. They were beautiful – in all shapes and sizes. Jim put his empty pot on the floor and many of his colleagues laughed, a few felt sorry for him!
When the CEO arrived, he surveyed the room and greeted his young executives.
Jim just tried to hide in the back. ‘My, what great plants, trees, and flowers you have grown,’ said the CEO. ‘Today one of you will be appointed the next CEO!’
All of a sudden, the CEO spotted Jim at the back of the room with his empty pot. He ordered the Financial Director to bring him to the front. Jim was terrified. He thought, ‘The CEO knows I’m a failure! Maybe he will have me fired!’
When Jim got to the front, the CEO asked him what had happened to his seed – Jim told him the story.
The CEO asked everyone to sit down except Jim. He looked at Jim, and then announced to the young executives, ‘Behold your next Chief Executive Officer!
His name is Jim!’ Jim couldn’t believe it. Jim couldn’t even grow his seed.
‘How could he be the new CEO?’ the others said.
Then the CEO said, ‘One year ago today, I gave everyone in this room a seed. I told you to take the seed, plant it, water it, and bring it back to me today. But I gave you all boiled seeds; they were dead – it was not possible for them to grow.
All of you, except Jim, have brought me trees and plants and flowers. When you found that the seed would not grow, you substituted another seed for the one I gave you. Jim was the only one with the courage and honesty to bring me a pot with my seed in it. Therefore, he is the one who will be the new Chief Executive Officer!’
End of story.
I have read variations of this story credited to anonymity but in terms of lesson is worth repeating specially in a country like hours that need to be reinforced with lessons on virtuous leadership.
Scriptures say whatsoever you sow you shall reap.
Plant honesty and reap trust.
Plant goodness and you reap friends.
Plant humility and reap greatness.
Plant perseverance and reap contentment.
Plant consideration and reap perspective.
Plant hard work and reap success.
Plant forgiveness and reap reconciliation.
Plant faith in GOD and reap a harvest.
I guess the question is what are you planting now?
Makati CBD to be revitalized
(The Philippine Star) Updated August 28, 2009 12:00 AM
Makati denizens are expected to take their breaks, walk their dogs and just reconnect with nature in this 20,000 sqm. promenade. Zoom
MANILA, Philippines - Makati denizens will soon experience the first of a series of ambitious projects designed to keep the 124-hectare premier business district at the forefront of successful masterplanned communities in the Philippines.
Despite the profusion of modern business districts in Metro Manila — eight major ones at the last count — Makati remains the most prestigious with land values and rentals pegged at a much higher price than that of its closest competitor. Prime Makati office space, for instance, rents out at P900/sqm. on the average and is almost double that in Ortigas.
Emphasizes Anna Margarita Dy, group head of the Strategic Landbank Management Group of Ayala Land, the developer mainly priming the district’s sustained growth: “We intend to maintain Makati’s competitive edge through a constant stream of projects that will keep the place vibrant. We want it to continue being friendly, engaging and interesting to all who live, work and visit here.”
A key component to making Makati a vibrant city is to make it even more friendly to pedestrians than it already is. The executives, workers, and visitors who enjoy Makati’s pedestrian walkways will certainly welcome the completion of a new urban oasis at the heart of the business district to be unveiled this November.
The two-hectare garden lies behind the Tower One and Exchange Plaza on Ayala Avenue and is bordered by Paseo de Roxas and Makati Avenue. Salcedo Village residents and employees who cut across the Ayala Triangle from Paseo de Roxas as they head for Ayala Avenue and Ayala Center will see the board-ups come down in a few weeks time to reveal a landscaped promenade.
Makati denizens are expected to take their breaks, walk their dogs and just reconnect with nature in this 20,000 sqm. promenade. Zoom
MANILA, Philippines - Makati denizens will soon experience the first of a series of ambitious projects designed to keep the 124-hectare premier business district at the forefront of successful masterplanned communities in the Philippines.
Despite the profusion of modern business districts in Metro Manila — eight major ones at the last count — Makati remains the most prestigious with land values and rentals pegged at a much higher price than that of its closest competitor. Prime Makati office space, for instance, rents out at P900/sqm. on the average and is almost double that in Ortigas.
Emphasizes Anna Margarita Dy, group head of the Strategic Landbank Management Group of Ayala Land, the developer mainly priming the district’s sustained growth: “We intend to maintain Makati’s competitive edge through a constant stream of projects that will keep the place vibrant. We want it to continue being friendly, engaging and interesting to all who live, work and visit here.”
A key component to making Makati a vibrant city is to make it even more friendly to pedestrians than it already is. The executives, workers, and visitors who enjoy Makati’s pedestrian walkways will certainly welcome the completion of a new urban oasis at the heart of the business district to be unveiled this November.
The two-hectare garden lies behind the Tower One and Exchange Plaza on Ayala Avenue and is bordered by Paseo de Roxas and Makati Avenue. Salcedo Village residents and employees who cut across the Ayala Triangle from Paseo de Roxas as they head for Ayala Avenue and Ayala Center will see the board-ups come down in a few weeks time to reveal a landscaped promenade.
Ideal place for city dwellers
(The Philippine Star) Updated August 28, 2009 12:00 AM
Cypress Towers boasts of a development that is self-contained, wherein there are lots of open spaces and leisure options within the entire complex. Zoom
MANILA, Philippines - The cosmopolitan business district of Makati and more recently, the trendy urbanization of Bonifacio Global City (BGC), continue to manifest as attractive locations for homeowners, especially professionals working within the mentioned areas. While these central locations offer convenience and accessibility, the escalating price of real estate makes it prohibitive for the middle class market.
Working professionals and starter families with modest incomes, can now find the perfect alternative address, just five minutes away from the BGC and a short drive from Makati Central Business District.
Cypress Towers by DMCI Homes is located along C-5 Road, beside Diego Silang Road. This valuable location pits the property right on top of the list for options that even the middle income earners can afford. Accessible from the area are various important destinations such as Market Market, Ortigas Center, and the NAIA Airport Terminals.
This development also offers more value-for-money features. For one, the price of a studio unit in the prime locations of Makati and BGC will already buy a working professional a two-bedroom unit at Cypress Towers.
Adam U. Trinidad, project director, said that the target market profile is composed of decision makers, majority of which are single or who are about to get married. Currently, they are residing in various parts of Metro Manila, either with their families or renting apartments and condos near their places of work.
“At Cypress Towers, the prices of units are within reach of middle income families, while presenting high-end advantages that can be found in the premier communities of the major developers,” Trinidad said.
Comparatively, similar high-rise developments in the BGC and Makati areas are priced at P80,000 to P93,000 per sqm, with an average of 20 sqm for their studio unit, while a 100 sqm floor area home can be too expensive. Amenities are also basic, and mostly installed on the podium level, which add to the constrictive conditions. At Cypress Towers, condo units are offered for only P55,000 to P60,000 per sqm.
For inquiries on Cypress Towers and other DMCI Homes projects, please call 888-3333, 324-8888 or visit http://www.dmcihomes.com.
Cypress Towers boasts of a development that is self-contained, wherein there are lots of open spaces and leisure options within the entire complex. Zoom
MANILA, Philippines - The cosmopolitan business district of Makati and more recently, the trendy urbanization of Bonifacio Global City (BGC), continue to manifest as attractive locations for homeowners, especially professionals working within the mentioned areas. While these central locations offer convenience and accessibility, the escalating price of real estate makes it prohibitive for the middle class market.
Working professionals and starter families with modest incomes, can now find the perfect alternative address, just five minutes away from the BGC and a short drive from Makati Central Business District.
Cypress Towers by DMCI Homes is located along C-5 Road, beside Diego Silang Road. This valuable location pits the property right on top of the list for options that even the middle income earners can afford. Accessible from the area are various important destinations such as Market Market, Ortigas Center, and the NAIA Airport Terminals.
This development also offers more value-for-money features. For one, the price of a studio unit in the prime locations of Makati and BGC will already buy a working professional a two-bedroom unit at Cypress Towers.
Adam U. Trinidad, project director, said that the target market profile is composed of decision makers, majority of which are single or who are about to get married. Currently, they are residing in various parts of Metro Manila, either with their families or renting apartments and condos near their places of work.
“At Cypress Towers, the prices of units are within reach of middle income families, while presenting high-end advantages that can be found in the premier communities of the major developers,” Trinidad said.
Comparatively, similar high-rise developments in the BGC and Makati areas are priced at P80,000 to P93,000 per sqm, with an average of 20 sqm for their studio unit, while a 100 sqm floor area home can be too expensive. Amenities are also basic, and mostly installed on the podium level, which add to the constrictive conditions. At Cypress Towers, condo units are offered for only P55,000 to P60,000 per sqm.
For inquiries on Cypress Towers and other DMCI Homes projects, please call 888-3333, 324-8888 or visit http://www.dmcihomes.com.
Importance of location
(The Philippine Star) Updated August 28, 2009 12:00 AM
Family business: Chinese-Filipinos will find the perfect venue to locate their home and business right here: Cityplace at the heart of Chinatown.
Zoom
MANILA, Philippines - Before getting your business going, you need to prioritize on investing in a good location. It’s no wonder why in the crowded streets of perhaps the world’s oldest Chinatown, in the bustling city of Manila, the most diverse market of wholesale merchandise has kept the city awake even in the most lull hours of the day. Perhaps the popular belief rings true that if it sells in Chinatown, it will sell everywhere else.
As businesses abound progressively in this Chi Lai or inner city, property giant Megaworld Corporation comes to provide a Hong Kong-style community that keeps one’s home closer to where business happens. Cityplace, a twin-tower landmark of progress, is more than an impressive modern nestling enclave but a one-stop shopping and ultimate dining haven.
This impressive landmark is a multi-faceted gem amidst Chinatown’s rich cultural backdrop with its 37- and 39-storey residential towers beaming both of glass and concrete and three-level commercial center bursting with extensive rows of shops and chains of dining outlets resembling Causeway Bay, Hong Kong’s prime shopping haven.
Prime location
A genius in residential development, Megaworld has teamed with meticulous engineers and architects in providing a luxurious residential and commercial property on a prime residential location.
“Cityplace, which will be ready in two years, is our upscale development that brings everything close to you – your family, your business and the best of Chinatown. It is the ideal place to grow your family business,” noted Megaworld Newport Property Holdings FVP for marketing and project head John Natividad.
You can be abreast with every aspect of your business without getting mangled in traffic as Cityplace is situated at the main artery of Chinatown where a bewildering array of shops selling attractive Chinese arts and crafts, furniture, jewelry, Chinese medicines, food preserves, fresh produce, as well as hardware and office supplies can be found.
To locate your home and business at Cityplace, please call Megaworld at 241-8000 or visit the Cityplace showroom at Burke Plaza, San Fernando cor. Sto. Cristo St., Binondo. Or check out http://www.cityplace.com.ph./
Family business: Chinese-Filipinos will find the perfect venue to locate their home and business right here: Cityplace at the heart of Chinatown.
Zoom
MANILA, Philippines - Before getting your business going, you need to prioritize on investing in a good location. It’s no wonder why in the crowded streets of perhaps the world’s oldest Chinatown, in the bustling city of Manila, the most diverse market of wholesale merchandise has kept the city awake even in the most lull hours of the day. Perhaps the popular belief rings true that if it sells in Chinatown, it will sell everywhere else.
As businesses abound progressively in this Chi Lai or inner city, property giant Megaworld Corporation comes to provide a Hong Kong-style community that keeps one’s home closer to where business happens. Cityplace, a twin-tower landmark of progress, is more than an impressive modern nestling enclave but a one-stop shopping and ultimate dining haven.
This impressive landmark is a multi-faceted gem amidst Chinatown’s rich cultural backdrop with its 37- and 39-storey residential towers beaming both of glass and concrete and three-level commercial center bursting with extensive rows of shops and chains of dining outlets resembling Causeway Bay, Hong Kong’s prime shopping haven.
Prime location
A genius in residential development, Megaworld has teamed with meticulous engineers and architects in providing a luxurious residential and commercial property on a prime residential location.
“Cityplace, which will be ready in two years, is our upscale development that brings everything close to you – your family, your business and the best of Chinatown. It is the ideal place to grow your family business,” noted Megaworld Newport Property Holdings FVP for marketing and project head John Natividad.
You can be abreast with every aspect of your business without getting mangled in traffic as Cityplace is situated at the main artery of Chinatown where a bewildering array of shops selling attractive Chinese arts and crafts, furniture, jewelry, Chinese medicines, food preserves, fresh produce, as well as hardware and office supplies can be found.
To locate your home and business at Cityplace, please call Megaworld at 241-8000 or visit the Cityplace showroom at Burke Plaza, San Fernando cor. Sto. Cristo St., Binondo. Or check out http://www.cityplace.com.ph./
The Amway story: An enduring partnership
By Roman Floresca (The Philippine Star) Updated August 31, 2009 12:00 AM
Amway chairman Steve Van Andel (left) with Amway Phils. corporate services and ADC operations manager Suzanne O. Comagon (right).
MANILA, Philippines - It all started some 50 years ago when two friends – Steve Van Andel and Richard DeVos – decided to put up a business of their own. Like many success stories, the company grew from its modest beginnings to become one of the world’s biggest direct selling companies with presence in over 80 countries and territories in Asia, Africa, Australia, Europe and the Americas. With more than 450 unique, high quality products sold by over three million independent business owners (IBO) worldwide, Amway generated sales of $8.2 billion last year and was ranked number 44 on the Forbes’ list of America’s largest private companies.
The Amway – short for American Way – story is unique not so much for its success but for the fact that its founders and their children have stayed together as partners for such a long time. And there doesn’t seem to be any indication that this partnership will end soon. Even when the reins of the company have been passed on to the second generation, the bond between the two families appears to be as strong as ever.
Current chairman is Steve Van Andel, who succeeded his father Jay as chairman in 1995 while the current president is Richard DeVos’ youngest son, Doug. The two are co-chief executive officers (CEOs). It was the same arrangement that their fathers had, with the older Van Andel as chairman and the older DeVos as president.
In an interview with a small group of Filipino newsmen, Steve Van Andel summed up the secret of the two families’ having maintained their harmonious relations throughout all the years that they have been running the show at Amway.
Steve recalled that when his father passed on the chairmanship to him, the older Van Andel advised him to focus on the solution, never on pointing fingers, whenever a problem arises.
Never say I told you so, Steve recalled his father saying. And he added: “Never be critical of a wrong decision.”
In a coffee table book published to mark the 50 years of Amway history, Steve Van Andel and Doug DeVos wrote: “Amway is a business built on strong values…We will continue to build on the original values and principles our fathers established to ensure the passion for the business stays alive.”
At the end of the book, Steve Van Andel wrote: “When we look back the last couple of decades, our growth has come largely through international expansion. Now, as we look to the future, we want to expand our market share in each of our affiliate markets. We want to be strong for generations to come. And we’re putting strategies in place to ensure we will be. Our legacy, and the legacy of everyone involved in Amway, depends on it.”
For his part, Doug DeVos observed: “Amway was established as a business that was intended to last for generations. It is our duty and responsibility to make sure that we keep building this business. Growth must be sustained or it’s not success. Fifty years is great, but what’s more important is how well we’ll do in the next fifty years.”
Amway chairman Steve Van Andel (left) with Amway Phils. corporate services and ADC operations manager Suzanne O. Comagon (right).
MANILA, Philippines - It all started some 50 years ago when two friends – Steve Van Andel and Richard DeVos – decided to put up a business of their own. Like many success stories, the company grew from its modest beginnings to become one of the world’s biggest direct selling companies with presence in over 80 countries and territories in Asia, Africa, Australia, Europe and the Americas. With more than 450 unique, high quality products sold by over three million independent business owners (IBO) worldwide, Amway generated sales of $8.2 billion last year and was ranked number 44 on the Forbes’ list of America’s largest private companies.
The Amway – short for American Way – story is unique not so much for its success but for the fact that its founders and their children have stayed together as partners for such a long time. And there doesn’t seem to be any indication that this partnership will end soon. Even when the reins of the company have been passed on to the second generation, the bond between the two families appears to be as strong as ever.
Current chairman is Steve Van Andel, who succeeded his father Jay as chairman in 1995 while the current president is Richard DeVos’ youngest son, Doug. The two are co-chief executive officers (CEOs). It was the same arrangement that their fathers had, with the older Van Andel as chairman and the older DeVos as president.
In an interview with a small group of Filipino newsmen, Steve Van Andel summed up the secret of the two families’ having maintained their harmonious relations throughout all the years that they have been running the show at Amway.
Steve recalled that when his father passed on the chairmanship to him, the older Van Andel advised him to focus on the solution, never on pointing fingers, whenever a problem arises.
Never say I told you so, Steve recalled his father saying. And he added: “Never be critical of a wrong decision.”
In a coffee table book published to mark the 50 years of Amway history, Steve Van Andel and Doug DeVos wrote: “Amway is a business built on strong values…We will continue to build on the original values and principles our fathers established to ensure the passion for the business stays alive.”
At the end of the book, Steve Van Andel wrote: “When we look back the last couple of decades, our growth has come largely through international expansion. Now, as we look to the future, we want to expand our market share in each of our affiliate markets. We want to be strong for generations to come. And we’re putting strategies in place to ensure we will be. Our legacy, and the legacy of everyone involved in Amway, depends on it.”
For his part, Doug DeVos observed: “Amway was established as a business that was intended to last for generations. It is our duty and responsibility to make sure that we keep building this business. Growth must be sustained or it’s not success. Fifty years is great, but what’s more important is how well we’ll do in the next fifty years.”
Petron lays groundwork for mini station program
By Donnabelle L. Gatdula (The Philippine Star) Updated August 31, 2009 12:00 AM
MANILA, Philippines - Petron Corp., the country’s largest oil refiner, has started laying the groundwork for its mini-station program, dubbed as “Bulilit Station.”
The program, designed to aggressively expand the company’s network, capitalizes on the opportunity of providing fuel in areas with untapped or underserved volumes.
Petron said it is encouraging investors to take part in the program by setting up their own stations, with minimal capital needed.
For potential dealers, the selection process would involve three phases: screening, training and project implementation. The company will also require interested dealers to undergo a three-day course on the basics of service station operation by the assigned sales executive in the area.
Dealers may also be required to enroll in a four-week Dealer Management Course (DMC) offered by the company at the Petron Training School.
Applicants who pass the screening stage and receive confirmation of site approval will be required to sign a Lease to Company (LTC) for at least 10 years and deposit a cash bond of P100,000.
Petron will provide dealer-applicants with the construction blueprint embodying the designs and specifications of the Bulilit Station, while the dealers themselves shall secure all necessary permits required by both national and local government units (i.e., locational, building, ECC, occupancy, business, and other necessary permits).
The dealers’ investments will consist of capital expenditure for the construction cost of the Bulilit Station, including site preparation, pre-construction phase of the project, as well as working and operating capital requirements in business operation.
Petron president Eric Recto earlier said they would spend about P450 million to put up small retail stations over the next 12 months.
This investment would allow Petron to establish around 200 more “pre-fabricated models that can start with two-three product pumps but easily expandable demand grows.”
Recto said they have started building these smaller gas stations early this year.
“We have built around 14 to 15 stations already in the provinces, mostly in the Visayas and Mindanao ,” he said.
Petron’s market share stood at 39 percent as of end-2008, from 38.6 percent in 2007. It has nearly 1,300 service stations nationwide.
Recto said the oil firm’s strategy is to put up relatively small retail stations in the provinces since Metro Manila is already saturated. The 200 outlets, which will be mostly dealer-owned, will be part of the 1,000 stations it plans to put up in the next three years.
Data show that small oil players have been slowly increasing their share of the market as they offer lower-priced products than the oil majors, accounting for more than 14 percent of total industry sales.
MANILA, Philippines - Petron Corp., the country’s largest oil refiner, has started laying the groundwork for its mini-station program, dubbed as “Bulilit Station.”
The program, designed to aggressively expand the company’s network, capitalizes on the opportunity of providing fuel in areas with untapped or underserved volumes.
Petron said it is encouraging investors to take part in the program by setting up their own stations, with minimal capital needed.
For potential dealers, the selection process would involve three phases: screening, training and project implementation. The company will also require interested dealers to undergo a three-day course on the basics of service station operation by the assigned sales executive in the area.
Dealers may also be required to enroll in a four-week Dealer Management Course (DMC) offered by the company at the Petron Training School.
Applicants who pass the screening stage and receive confirmation of site approval will be required to sign a Lease to Company (LTC) for at least 10 years and deposit a cash bond of P100,000.
Petron will provide dealer-applicants with the construction blueprint embodying the designs and specifications of the Bulilit Station, while the dealers themselves shall secure all necessary permits required by both national and local government units (i.e., locational, building, ECC, occupancy, business, and other necessary permits).
The dealers’ investments will consist of capital expenditure for the construction cost of the Bulilit Station, including site preparation, pre-construction phase of the project, as well as working and operating capital requirements in business operation.
Petron president Eric Recto earlier said they would spend about P450 million to put up small retail stations over the next 12 months.
This investment would allow Petron to establish around 200 more “pre-fabricated models that can start with two-three product pumps but easily expandable demand grows.”
Recto said they have started building these smaller gas stations early this year.
“We have built around 14 to 15 stations already in the provinces, mostly in the Visayas and Mindanao ,” he said.
Petron’s market share stood at 39 percent as of end-2008, from 38.6 percent in 2007. It has nearly 1,300 service stations nationwide.
Recto said the oil firm’s strategy is to put up relatively small retail stations in the provinces since Metro Manila is already saturated. The 200 outlets, which will be mostly dealer-owned, will be part of the 1,000 stations it plans to put up in the next three years.
Data show that small oil players have been slowly increasing their share of the market as they offer lower-priced products than the oil majors, accounting for more than 14 percent of total industry sales.
Saturday, August 29, 2009
Cebu’s Crown Regency starts 3 key projects next year
| Written by Willy Rodolfo III / Reporter |
| CEBU-BASED hotel chain Crown Regency is set to commence key projects in Makati, Tagaytay and Bohol next year to add to already ongoing projects in Cebu and Boracay. Crown Regency Hotel and Tower general manager Hitesh Sampat said the projects are aimed to push the company’s objective to become the largest hotel chain in the country. “When you look at the concept it is not just a hotel, it is a lifestyle,” Hitesh said. Fuente Triangle Development the property arm of J. King and Sons Co., is already rolling out P1.2 billion for a 480-room resort hotel and convention center in Boracay. The group is also in the middle of construction works in two more towers in the middle of Cebu’s midtown district to complement the two existing Club Ultima and Crown Regency tower buildings. Fuente Triangle vice president for sales and marketing Jose Maria Gianzon said the company is set to break ground on its three-hectare project in Panglao island in Bohol. There is also an ongoing P1.2-billion project in Tagaytay over a 1-hectare property that will host a Crown Regency Hotel and the group’s lifestyle brand Club Ultima. Gianzon said the company is also looking at properties for a high-rise project at the heart of Makati City. Crown Regency already operates a total of 800 rooms in its hotels in Davao, Makati and in Metro Cebu. It has also taken over operations of Milennia Towers in Ortigas and Regalla Park Condominiums in Cubao. Gianzon said the company is the only one in the country to offer a “rotating lifestyle” model as the lifestyle, residence and hotel operations are integrated, offering a complete package to investors. He said purchasing a membership at Club Ultima, for example, entitles a member to buy a condotel unit which also entitles the member to at last 45-days free accommodations passes to any of the Crown Regency hotels natiownide and partner hotels worldwide |
Filinvest Land plans to raise P5 billion
| Written by Miguel Camus / Reporter |
| THE listed real-estate development unit of the Gotianun family bared its plan on Wednesday to tap the debt market and raise up to P5 billion to cover part of the company’s remaining spending requirements this year until 2010. In a disclosure to the local stock exchange, Filinvest Land Inc. (FLI) said it will issue and float through a public offering three and five years fixed-rate debt securities. “Proceeds of the issue will be used by FLI to finance its capital requirements in 2009 and 2010,” said the developer in a statement. The issue date, which is still subject to the approval of the Securities and Exchange Commission, is slated for the last quarter of this year. Company officials could not be reached for additional details. This year, FLI has allotted P5.3 billion to fund new and ongoing projects. the company is targeting to launch 29 new projects and phases estimated to be worth P7.4 billion in terms of sales value. Among the developments to be launched is FLI’s first high-rise project, The Linear, in Makati City. The 23-story structure is expected to break ground before the end-2009. FLI said it succeeded in launching 11 of these projects in the January-to-June period, hitting 43 percent of the full-year sales target. Earlier, the company said profits in the first semester rose 6 percent to P759 million on sustained interest for affordable and mass housing projects. Revenues likewise increased by 11 percent 2.47 billion, buoyed by an 11-percent increase in real-estate sales, which account for the bulk of total revenues. In addition, FLI attributed growth to the increase in rental rates for its office and retail leasing business. Rental income from Festival Supermall, PBCom Tower and Northgate and Cyberzone in Alabang contributed 24 percent to total revenues, the firm said. Meanwhile, FLI’s total office building portfolio stood at over 132,000 square meters as of June, with an average takeup rate of 90 percent. The real-estate company also said its medium-rise building developments, continue to generate interest for the firm. Projects under this line are mostly inner-city cluster condominiums, targeting those who work in Metro Manila but live outside the capital such as in Laguna and Cavite. FLI currently has four medium-rise buildings—One Oasis Ortigas, located on Ortigas Avenue Extension in Pasig; Bali Oasis Marcos Highway, also in Pasig City; One Oasis Davao; and One Oasis Cebu. To be added soon is One Oasis Santa Mesa in Manila City. |
Sale of mortgages part of housing cleanup–VP
 THE sale of mortgages by the National Home Mortgage Finance Corp. (NHMFC) to Deutsche Bank Real Estate Global Opportunities (DBGO) was part of the cleaning up that had to be done to the housing sector, according to Vice President and Housing and Urban Development Coordinating Council Chairman Noli de Castro. The Vice President said the sale was the first step in turning around NHMFC so it can perform its mandate of developing the secondary mortgage market and promoting the growth of a sustainable source of funding for the housing sector. The revitalized NHMFC recently issued P2.1 billion worth of “Bahay bonds,” which was accepted enthusiastically by local investors. De Castro also noted the need to remind borrowers to repay their loans. “A substantial number of borrowers have not been paying regularly the loans they obtained from the NHMFC under the Unified Home Lending Program [UHLP]. The issues with the sale came out when the servicing corporation, Balikatan Housing Finance Corp. [BHFC), started to undertake serious efforts to collect from the borrowers. Now the borrowers realized that they have to pay their loans, which some of them were not accustomed to. We should change that mentality among our borrowers that just because it is a government loan, they can ignore payment or take it for granted. A loan must be repaid. Borrowers signed a loan-and-mortgage agreement, stating the terms and conditions of payment, and saying what will happen if payment is not made,” the Vice President said. “Remember that the P42 billion borrowed by NHMFC from SSS, GSIS and Pag-Ibig has to be paid as well with corresponding interest and penalties. Imagine, the P42-billion NHMFC loan has ballooned to more than P80 billion inclusive of principal, interest and penalties. What happened was that because borrowers did not pay through the years, NHMFC defaulted also on its payment to these funders. At least the individual borrowers can seek a condonation of penalties and interests. But NHMFC does not have this recourse, even in the ensuing restructuring agreements with the funders. NHMFC has to settle soonest, otherwise, the government will be forced to bail out its loans because the funds lent by the funders are private funds coming from the contributions of the members of these pension and provident fund agencies,” de Castro added. The UHLP was a financing program implemented by the government from 1988 to 1996 catering to individual borrowers. Because the UHLP’s repayment record was a low 40 percent, NHMFC piled up nonperforming loans in its portfolio. These nonperforming loans were classified by NHMFC according to degree of delinquency, and the most delinquent accounts were sold to DBGO. Most of these delinquent accounts have not been paid for 10 to 15 years and have a collection efficiency of less than 10 percent. Deadbeats criticized Meanwhile, NHMFC president Joseph Peter Sison has challenged borrowers complaining about the aggressive collection efforts of Bahay Financial Services (BFS) to pay their obligations to avoid further problems. “We should pay what we borrowed. It is not a good practice to borrow from government financial institutions and then complain to politicians when they encounter problems in repaying,” Sison commented. NHMFC was recently questioned by the Senate blue-ribbon committee on the sale of delinquent mortgages to DBGO. In May 2004, the NHMFC board approved the award of the sale of NHMFC’s high delinquent accounts with a joint-venture structure to DBGO. The sale covered 52,000 accounts with an outstanding principal balance of P12.8 billion. A bidding process was conducted by NHMFC following Commission on Audit Circular 89-296 for the sale of assets. The ensuing joint-venture structure was called Balikatan Housing Finance Corp., where NHMFC has a 49-percent share and DBGO has a 51-percent share. BHFC created another corporation, known as Bahay Financial Services, to serve as its servicing arm. BFS manages the collection and restructuring of the accounts sold to DBGO. The complaints regarding the sale emerged when Bahay Financial started implementing aggressive collection strategies. “Some of the accounts sold to DBGO have not been paid for 10 to 15 years, while others were not paid at all. But in the inspection that was conducted, some of these units are occupied, being rented out or whose rights were sold. So, some borrowers are even earning from it, and yet they are not paying. The concerned borrowers have already benefited from their loans and it is about time that they come forward to pay what they borrowed. Of course, those who are found to have legitimate concerns are being given due consideration. Bahay Financial is willing to sit down with them and discuss the options available to them,” Sison explained. |
Automatic foreclosure of unpaid housing units MULLED
| Written by Butch Fernandez / Reporter |
| VICE President Noli de Castro wants Congress to pass a law that would allow automatic foreclosure proceedings against delinquent beneficiaries of the government’s low-cost housing program. Appearing before a Senate inquiry into the National Home Mortgage Finance Corp.’s (NHMFC) auction of some 53,000 unpaid housing loans to Deutsche Bank Global Opportunities under a joint-venture agreement, de Castro laid the blame on lawmakers for passing an earlier law condoning delinquent loans the government granted under its Unified Housing Program. “Sa Meralco [Manila Electric Co.] pag hindi ka nakabayad, puputulin kaagad ng kuryente mo; ganun din sa tubig [With Meralco, if you don’t pay your bills, your electricity will be cut off immediately; the same with water],” de Castro, the Arroyo administration’s housing czar, told senators, adding that because they are not allowed to apply the same policy on delinquent housing-loan beneficiaries, the debts have grown to billions of pesos. The Senate inquiry, presided by Sens. Richard Gordon and Rodolfo Biazon, was triggered by a resolution filed by Sen. Francis Escudero, citing complaints from housing-loan beneficiaries that the NHMFC auction to Deutsche Bank Global “resulted in higher interest rates and exorbitant down payment housing-loan restructuring scheme tantamount to a questionable public-service accountability.” Biazon voiced suspicion that the NHMFC-Deutsche Bank scheme was “structured to foreclose” the housing units so these could later be sold at higher prices. “If the government housing-loan beneficiaries cannot pay the 9-percent interest, how can you expect them to pay the 14-percent interest under the restructuring scheme?” Before adjourning the hearing, Gordon moved to create a technical working group that would meet with the housing agencies and lending institutions, including the Social Security System, the Government Service Insurance System, and the LandBank “to get to the bottom of the problem.” Interviewed after the hearing, de Castro admitted that the Unified Housing Loan program, implemented in the 1980s up to early 1990s, eventually “failed” because of nonpayment of these housing loans. “Under the Unified Housing Program, it was really a failure; that is why the unpaid housing loans were sold to the Balikatan,” the Vice President said. Balikatan is the joint-venture special- purpose vehicle formed by the NHMFC and Deutsche Bank Global. He explained that his automatic foreclosure proposal was made in response to questions from lawmakers on what they plan to do with the problem of delinquent housing loans. “Well, they’re asking what’s the best way to resolve that problem. In my view, that’s the best: automatic foreclosure. If you can’t pay, your property will be foreclosed; you also won’t have the right to sue the housing agency that lent the loan. I wish that’s the setup, i.e., that we’d have a law like that,” he said partly in Pilipino. At the same time, de Castro conceded that foreclosure is a long process because there are people living in houses, and it’s not that easy to just boot them out. |
Drop in rents to bottom out this year
| Written by Miguel R. Camus / Reporter |
| |
| THE continued drop in rental rates for office spaces may bottom out by the end of this year, as companies led by the business process outsourcing (BPO) sector snap up long-term lease contracts on what industry watchers say are bargain deals. As a result, real-estate service firm Jones Lang LaSalle Leechiu expects the current oversupply in office spaces to correct itself before 2011, as companies that earlier postponed expansion plans try to take advantage of the lower rates. “We went through a very rough second quarter in 2009, as many companies decided to postpone transactions [for office spaces] because of the uncertainty in the financial markets, particularly in the US,” said David Leechiu, country manager of the Jones Lang LaSalle Leechiu, during a lunch briefing. “But our [research] tells us that the end of this year will be the peak of supply, and every quarter thererafter, the supply will contract significantly.” He added that rental rates will start to increase by the third quarter of next year, indicating a faster recovery process compared with the 1997. Asian Financial Crisis, which took more than five years for prices to stabilize. In the months of April to June in 2009, rates for prime office spaces in Makati City have dropped 42 percent to P700 per square meter (sqm) per month from the comparable period last year. This is the steepest drop Jones Lang LaSalle Leechiu chief operating officer Lindsay Orr said rental rates are expected to decline further in the second half of 2009, though at a slower pace, and will hit its bottom by the end of the year. “We see this as an opportunity for tenants to go long-term, because rents will not be this cheap forever,” said Leechiu. Much of the firm’s optimism is hinged on the uptake by large multinationals in the BPO, information technology and banking industries which previously committed in taking a total 195,000 sqm of office space in the first semester of the year. Leechiu explained these transactions were postponed until a more stable global economy was on the horizon, something he indicated is slowly emerging. “It’s a chicken and egg situation… these [transactions] have to happen first before the floor-rental prices are set,” said Leechiu, “But from the positive news reports we hear, like a recovery in the stock markets, we think in the next four to six months, these deals will all be completed.” Other factors helping the industry are the availability of credit and a ready pool of talent for the BPO sector, which corners a significant share of the office market. Another advantageous development: global “captives” undertaking their own BPO operations like JP Morgan Chase, Deutsche Bank and The Hongkong and Shanghai Banking Corp. and Citibank. Leechiu said that many companies are also “revisiting” the importance of being in Makati City as opposed to other locations nearer their labor sources such as the Manila Bay area, or Quezon City to the north. At present, third-party BPOs are looking to provinces like Cavite, Laguna, Rizal and Laoag for expansion but Leechiu admitted the lack of suitable infrastructure is hampering potential developments in these areas. In addition, data compiled by Jones Lang LaSalle Leechiu since the start of the decade indicates that political turmoil has no effect on the BPO industry. Jones Lang LaSalle Leechiu was created by the merger between Jones Lang LaSalle Inc. and Leechiu & Associates early last year. The new firm serviced more than half of the 1.4 million sqm of office space occupied by the BPO industry in 2008. |
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