Special Report: The potential of remittance

MONDAY, 30 MAY 2011 21:16 LITO U. GAGNI / SPECIAL TO THE BUSINESSMIRROR

In a speech early this month, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. unveiled the tremendous power of the remittances of overseas Filipino workers (OFWs) to the economy once they are unlocked. These remittances, if tapped, can transform the Philippine economy, he said.

Tetangco said that in the last six years, growth in remittances averaged 14.2 percent owing to the “diversity of skills and destinations.” This huge growth level is what pushed the country’s reserves beyond $60 billion.

The BSP has taken cognizance of the big role that remittances play in the economy. Last year alone, with a record high of $18.8 billion in remittances that were coursed through the banking channel, they accounted for a tenth of the country’s gross domestic product (GDP).

It is in this light that a suggestion to let BSP contribute to a start-up sovereign wealth fund has come about. By changing the perspective on remittances from a passive player to an active one in the economy’s growth track, the Philippines stands to benefit immensely.

A senior banker said the BSP can even issue bonds to the migrants’ families to pad the contemplated sovereign wealth fund. After all, the BSP has already gone all-out to educate the OFWs on their need to save and invest their earnings.

In the last five years, according to Tetangco, the BSP has reached out to 6,000 dependents who attended 48 financial lectures all over the country and 2,000 OFWs employed in 14 countries that included South Korea, Singapore, Japan, Saudi Arabia, Bahrain, Qatar, Italy and the United Kingdom.

These financial lectures sought to empower the migrant workers “in partnership with their families to save, invest and grow their money for the long term.”

But to “maximize the development potential of remittances,” as is the objective of the BSP, what is needed is a country fund.

The economic impact of such funds has been cited earlier with Indonesia’s Pusat Investasi Pemerintah, which built a 1,800-kilometer Trans-Java toll-road project, Malaysia’s Khazana Nasional, which contributed equity to domestic firms and Vietnam’s Capital Investment Corp., which pursued the improvement of the efficiency of their local industries.

For the Philippine fund, outside of the Public-Private Partnership (PPP) projects, there are big-ticket items wherein local government units plan to spur growth through the development of tourist destinations or the building of financial hubs.

One such capital-intensive project is Manila’s plan to develop a financial hub in Port Area. Manila Mayor Alfredo Lim has sounded out the national government for the development of a 20-hectare property situated between the Manila Hotel and the Intramuros golf course.

Lim, who wants the project to be bid out as a PPP, intends to put up buildings for the business-process outsourcing industry and the financial industry. The project is seen to enhance the tourism lure of Intramuros.

The excess pool of reserves of the central bank can be best harnessed as a sovereign wealth fund. For the BSP, the shift from a traditional reserve management involves just a switchover from a passive activity to an active one. Thus, it will not be a difficult task.

President Aquino, an economics graduate from Ateneo de Manila, is aware of the impact of savings and investment vis-à-vis consumption.

Tetangco, himself an economics graduate from Ateneo, provided an interesting backdrop. “While consumption generates economic growth, it is the allocation of remittances to savings and investments that will improve the financial condition of households and that of the entire economy in the long term,” he said before the Philippine Initiative Forum on Migrants’ Remittances.

That alone supports the establishment of a sovereign wealth fund.

Defining global living

TUESDAY, 31 MAY 2011 20:43 TET ANDOLONG / PROPERTIES EDITOR

The Somerset Olympia Makati, one of Ascott International’s properties, was launched in March 2003, increasing the Ascott Group’s portfolio in the Philippines to three strategic locations. It is situated on Makati Avenue, near the busy Ayala Avenue artery and is a low-rise facility of four towers with now 137 serviced residence units, ranging from studios to two-bedroom apartments. The property provides comfortable living areas, fully equipped kitchens and recreational facilities, including an outdoor swimming pool, Jacuzzi and fitness center.

Considerately located in Makati, these serviced apartments offer unparalleled comfort, security and convenience in the heart of Manila’s Central Business District. Each serviced residence has been carefully designed for the discerning executive and international family on business travel, leisure vacation, extended stay or relocation.

The Somerset Olympia is one of the very first serviced residences in Makati to offer the fastest Internet broadband access and wireless connection. For comfort and convenience, broadband Internet access is available in each of these serviced accommodation units. Everyone can enjoy the modern convenience, extensive services and facilities while relaxing in the spacious comfort of a private residential serviced apartment.

Although there is a choice of residence from the spacious studio to two-bedroom apartments, each of these 137 Manila apartments has tastefully furnished living and dining areas, coupled with comprehensive kitchen facilities in most residences, a home entertainment system and spacious bedrooms with parquet flooring and marble-tiled bathrooms. The modern convenience of high-speed broadband Internet service is available in each room.

Located in the heart of Makati, these serviced apartments are steps away from business, shopping, entertainment and dining districts along Makati Avenue, Sen. Gil Puyat and Ayala avenues. It is just a few minutes from the Philippines Stock Exchange, Citibank Tower, The Enterprise Center, PBCom Tower, Philamlife Tower and, of course, everyone’s favorite shopping areas, which are the Glorietta 1, 2, 3, 4 and 5; and Greenbelt 1, 2, 3, 4 and 5, which is just a five-minute walk from Somerset.

These apartments in Makati let you experience the services and facilities one can expect from a hotel and the benefits of private residential living. One’s privacy and security is never compromised with Somerset’s security card system, well-trained security guards and 24-hour closed-circuit TV surveillance. Facilities and amenities are catered to a lifestyle of contemporary living for business and leisure travelers such as 24-hour reception and concierge; 24-hour security and closed-circuit TV surveillance; airport transfer (upon request); babysitting service; business center with broadband Internet access and Wi-Fi facility and business center services which include mailing, courier service, secretarial services, photocopying, facsimile, conference room rental, carpark, daily maid service, fitness center, laundry and dry-cleaning services, limousine service, outdoor swimming pool, reflexology and massage center, restaurants and bar, scheduled residents’ program and security key card system.

Somerset Olympia Makati serviced apartments lets everyone enjoy Manila at its hospitable best.

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IN PHOTO -- NEAR TO EVERYTHING Somerset Olympia

Village leader’s approval moves Ciudad forward

By Jujemay G. Awit and Oscar C. Pineda

Tuesday, May 24, 2011

IN the heat of defending his order to clear the Mahiga Creek, Cebu City Mayor Michael Rama pushed the issue on the Ciudad project and even the sale of the South Road Properties (SRP).

His proposed moves on these issues have already provoked the ire of his predecessor, Rep. Tomas Osmeña.

But, Rama said, “I hope the City Council would recognize the novelty and wisdom that owners exercise the attributes of ownership.”

“Attributes of ownership” is a term that refers to an owner’s right to dispose of, use and enjoy a property and its fruits.

The Cebu City Council, during Osmeña’s term, passed an ordinance to stop developments along the Banilad-Talamban corridor, which has prevented a joint venture of the Provincial Government and a private developer, the Ciudad project.

But recently, the Ciudad project acquired a barangay clearance from Barangay Apas.

Apas Barangay Captain Ramil Ayuman signed the clearance, contrary to Barangay Resolution 015-09, which supported the City Council ordinance on the moratorium of developments in the Banilad-Talamban area.

“Barangay Apas will not compromise on the benefits received from the development if traffic congestion and problem will occur in the area,” the resolution had read.

Gov. Gwendolyn Garcia said that Osmeña’s suggestion to build a cemetery, instead of
letting Ciudad proceed, is foolish,

“like building a canal in the middle of the street.”

No moratorium?

Capitol consultant Atty. Rory Jon Sepulveda said no moratorium is being implemented on developments in the Banilad-Talamban area, pointing out that City Hall allowed several new buildings there.

“Unfortunately, ang iyang laway dili balaod sa Sugbu (Osmeña’s word is not the law in Cebu),” Sepulveda said.

Ciudad has been stalled since 2007.

If City Hall is worried about the traffic, the private developer has proposed alternative routes from JY Square to Talamban without passing by Ciudad, to decongest traffic.

Councilor Edgardo Labella, the city council’s chairperson of the committee on laws, said there is no sanction for the signing of the barangay clearance.

Still, he continued: “The barangay captain should have taken into consideration the fact that sometime in April 2009, they made a resolution supporting the ordinance on mass motion.”

“He should have made consultations or, by way of a resolution, moved for the repeal or changed their collective, official stand,” said Labella.

Labella and Vice Mayor Joy Augustus Young agreed with Rama on the rights of the owners of properties to develop their lands. But this is not automatic.

“Yes, I agree with him (Rama) but in this case, the property is owned by the government,” said Young, referring to the Capitol.

Since the Province is not paying taxes to the City Government, he said, it is not a priority.

Deprived

In the case of the Banilad-Talamban corridor, Young said the main issue is preventing traffic congestion.

Young said that while the Cebu City Traffic Operations Management (Citom) can find a solution to the traffic problem in the area, it will only be good for two to three years, because once commercial developments are allowed, traffic will increase.

Rama sees the matter differently.

“That’s unconstitutional (keeping the Province from pursuing its joint venture) because they are deprived of their property without due process or just compensation.

Imagine, you cannot build structures because of the traffic situation. Traffic is a responsibility of the government. Let the government find a solution,” said Rama.

But Capitol is already convinced it can pursue the Ciudad project, with the barangay clearance it has acquired. A locational clearance is not necessary because Ciudad is a commercial development in a commercial-use area.

The Cebu City Planning and Development Council, though, said a locational clearance is still needed.

Clearance

A barangay clearance is just one of the requirements for a locational clearance, which is also a requirement for a building permit.

Rama has been widely criticized for his stance on the demolition of Mahiga Creek, particularly by Osmeña.

But this did not stop him from issuing statements on the Ciudad project and SRP that are contrary to Osmeña’s views on these matters.

Rama also said yesterday that if the City Government needs money, then he will sell the SRP.

Osmeña wants to wait until the Filinvest Land Inc. and SM Prime Holdings Inc. have made visible developments in the area, because he expects prices will shoot up.

Young, though, saw no conflict there, because while Rama wants to sell the SRP now, the deal won’t be made until after two to three years, just in time for the people to see buildings from the first takers of the property.

Published in the Sun.Star Cebu newspaper on May 24, 2011.

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SM unveils Seaside City Cebu

By Mia A. Aznar

Monday, April 11, 2011

AS part of their 30-hectare development at the South Road Properties, SM Prime Holdings unveiled its next mall project in Cebu called the SM Seaside City Cebu.

SM Prime president Hans T. Sy told reporters that the new mall will have an “ultra-modern” design to bring in the young market and that they hope to make the mall the “shopping capital” of the south.

A glass cube lit wit LED lights will be built in front to “add visual drama.”Sy said that they aim to include something different in the mall such as a sky garden similar to the SM North Edsa and an “iconic” viewing tower that is 100 meters tall.

He hopes the tower will be a structure that people will talk about, similar to the
metallic globe that they built in front of the SM Mall of Asia (MOA).

Though it is about half the size of the SM Mall of Asia, Sy said it will be larger than the current SM City Cebu at the North Reclamation Area. He explained that the 30 hectares is also just half the size of the MOA property.

The mall will have a circular shape and four floors for over 800 rertail and food shops. They plan to include a two-storey department store, an SM Hypermart branch, five 300-seat movie theaters, an IMAX theater with over 500 seating capacity, an 18-lane bowling center, food court and an ice skating rink.

They will have a separate theater for stage plays and concerts and a covered event area at the fourth level. The covered parking lot will hold over 2,000 slots.

To showcase Cebuano works, a furniture zone and fashion boulevard will also be included in the area.

The mall is slated to open by the second quarter of 2013.

Approval

Sy said they officially began last Friday, starting with a road project.

They will also be building a church in the property, which is described as a “sleek, modern, all-white structure.”

Sy told reporters Friday that they already secured approval from the Cebu Archbishop’s office for the constuction of the church within the complex.

After the mall is completed, Sy said they will start working on a hotel and residences. He also hopes to build a hospital in the area, and possibly, a school.

He noted that if the complex becomes a prime residential area, a hospital and a school would fit well in the community.

The mall project is estimated at P4.5 billion.

Seek local investors, firms told

By Mia A. Aznar

Wednesday, April 20, 2011

TO get investors to fund a business, a chief executive officer of an electronics company believes it is best to look among local candidates rather than foreign investors.

Sinohub CEO Harry Cochran, who spoke before Cebuano businessmen during a money and investment forum, said locals are more familiar and more accepting.

Sinohub is an electronics company whose major growth driver is custom-designed mobile phones for customers in developing countries. It is listed in the New York Stock Exchange, has about 900 employees and had revenues of $128 million in 2009.Cochran said it is easy to find investors online, as information is out in the open on the web and networks like LinkedIn allow the public to find the kind of people they are looking for.

But he advised them to look for local investors first because they could be looking for similar companies to invest in.

Another tip Cochran gave entrepreneurs in need of investors is for them to develop their “elevator pitch.”

He said that this means they should be able to convince the potential investor to pour money in their business during a short elevator ride.

“It just takes 30 seconds to interest them. You can do a lot in 30 seconds with practice,” Cochran said.

In presenting the company’s story and what led to the creation of it, Cochran said it was best to keep things simple. However, he said that the investor should see that the company’s people are passionate about what they have.

He also said that those who pitch should come with a “slick presentation” complete with a business plan and projections for three to five years.

He said the presentation should include the intended market, the uniqueness of the product to generate excitement, the competitors, the defensible position in the industry, how the money will be used and the potential of the company.

“At the end of the day, people want to see numbers,” he explained.

Cochran, though, cautioned those who pitch to bring up the amount of money at the beginning of the presentation.

While he said that they should first figure out the highest amount they can ask for without turning the investor away, he said that it is best to make sure this is enough.

He said that if a price is set, it will not get higher.

He also warned against claiming there is no competition.

“Maybe it means there’s no market,” he said.

Big players ‘good for local real estate’

By Katlene O. Cacho

Tuesday, April 26, 2011

A HOMEGROWN boutique real estate developer still sees room in the real estate industry here despite the presence of big players expanding their projects in Cebu.

Marvel Communities Management Inc. president Martin Qua said that although the coming of the “big names” in the real estate industry may pose a threat to local players, the expansion of their projects has made consumers more aware of design and architecture when acquiring real estate properties, particularly residential units.

“One good thing that these major players have brought to Cebu is the awareness and education of consumers in terms of design and architecture, which is good for the market,” Qua said.

He said these big developers have made Cebu a much more cosmopolitan area.

The presence of these big players has also changed the landscape of Cebu’s real estate industry and made it more competitive. Qua said small players like them should find their niche in the market.

Marvel Communities Management Inc. formally launched its latest project, Panorama, an urban residential resort development in Banawa, Cebu.

The one-hectare high-end pocket development has about 27 house units with an average lot area of 200 square meters priced at P8 million to P20 million. The developer said their project is ideal for starting families, retirees and well-traveled individuals.

“Developing exclusive themed communities is our niche market. Our projects are more of developing residential units for buyers who value architecture, design and personalized services,” Qua said.

Panorama’s amenities include a pavilion, an infinity pool with a view, back-up generator for common areas, underground electrical system, private garden with play area, and a tree-lined driveway.

Qua said that the company’s design consultant and master planner, Palafox Associates, integrated a contemporary tropical architecture in the project.

Marvel is also the developer of pocket-themed projects such as Banilad Place, Banilad Villas and Treehouse. The company is looking at developing another area in Banilad.

Filipinos prefer to invest in properties

By Mia A. Aznar

Monday, May 2, 2011

ALTHOUGH there are many other products to invest in, an official of a real estate company admitted that most Filipinos prefer to put their money on property.

Thomas Mirasol, head of sales and marketing of Ayala Land Premier, said investing in real estate is simple and it is generally seen as a good investment.

He also noted that in Cebu, local options for rental are seen as limited, which drives up rental rates.In a recent forum on money and investment, Mirasol said real estate should not be the only investment.

Advantages

Still, he said there are advantages to putting one’s money in real estate.

Mirasol said that real estate is considered more stable and non-volatile, compared with other investments.

He said that there is no need for too much study on real estate, compared with investing in the stock market.

And unlike time deposits and other investments, Mirasol said the investor can use his
investment by either living in it or leasing the property.

Another advantage he cited was that real estate is mortgageable and the investor will be less nervous about it compared with other investments.

He admitted that the downside to investing in real estate are the liquidity and high tax and holding costs.

Asked if there could be a saturation of the market for real estate in Cebu, especially in vertical developments, Mirasol assured that developers will stop building as soon as they realize people will stop buying.

But should developers stop building condominium and office buildings, Mirasol said this would not mean that the value of property will go down.

Mirasol pointed out that the development in Cebu has not been “intense” until recently and that currently, there is not a single lot for sale at the Asiatown IT Park. He added that the buildings at the IT Park enjoy 99 percent occupancy while the remaining one percent are small spaces that have not been considered because these did not meet requirements of companies in need of office space.

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Cebu Holdings readies for REIT

By Katlene O. Cacho

Tuesday, May 3, 2011

TO TAKE advantage of the region’s economic upturn, Ayala led- Cebu Holdings Inc. (CHI) will align their plans and strategies for the eventual implementation of the Real Estate Investment Trust (REIT).

CHI president Francis Monera said in a recent press briefing that the implementation of the REIT will bring additional capital from external investors to be used in the business expansion of the company.

He said REIT allows an increase of the financial capacity of the company while it continues to earn recurring income from the REIT company.Expansion

CHI earlier announced the possible expansion of the Asiatown IT Park, which is part of the P5- billion capital expenditure set by the Ayala Group of Companies for this year.

The company also plans to develop more office spaces for the BPO and information technology (IT) companies.

An REIT is a stock corporation created to own and manage income-generating real estate such as office buildings, residential condominiums, shopping centers, hotels, warehouses, hospitals, airports and toll ways.

The Philippine Stock Exchange (PSE) said property companies with predictable cash flows could form REITs to facilitate the realization of their projected gains ahead of time. This translates to immediate access to fresh capital, which may be plowed back into new projects and investments, redounding to new jobs and bringing economic development.

The PSE noted that Cebu is one of the favorable markets for REIT outside Metro Manila because of its upbeat real estate industry and booming business process outsourcing company.

With Cebu becoming a “catchment of opportunities,” CHI is also looking at getting more involved in Cebu’s development.

Monera said they are looking at areas where they could collaborate with the other sectors in the city for the establishment of support infrastructure necessary for the economic growth of Cebu.

Developer to build ‘tallest condo’ in Cebu

By Katlene O. Cacho

Wednesday, May 4, 2011

TAFT Property Venture Development Corp. (Taft Property) will be building this year what it billed as the tallest condominium development so far in Cebu. Horizons 101 will have a total of 1,468 units, the company said.

Horizons 101, which will be built on General Maxilom Ave., will have two towers and is the company’s first venture in high-rise development.

During last Tuesday’s launching, Taft Property chief operating officer Manuel Colayco Jr. said the development will slightly reduce Cebu’s unserved housing requirement, particularly in the middle-income category.

Tower 1 will have 868 units while the 46-storey Tower 2 will have 600 units.

Colayco said Cebu Province has an unserved requirement of 167,000 units for the middle income category, house units with prices ranging from P1.25 million to P3 million.

Colayco said the company saw an opportunity in Cebu’s housing backlog despite the number of real estate players here.

Taft Property has earmarked P1.7 billion for the development of Tower 1. The company is expected to spend close to P3 billion for the combined development of the two towers.

Jack Gaisano, president and chief executive officer of Taft Property, described the project as the company’s symbol of success, being the “trophy for Cebu’s skyline.” He said that Cebu’s progressive economy prompted the company to jumpstart high-rise projects here.

Real estate players have indentified tourism and business process outsourcing as the industries that helped drive growth in the real estate industry in Cebu, along with the surge of overseas remittances.

Amenities

Horizonz 101’s Tower 1 will feature amenities like a lap swimming pool, jacuzzi, kiddie pool, jogging paths, fitness gym, children’s play area, mini-theater, multi-purpose hall, gazebo, Japanese garden and Wi-Fi connectivity.

Among the unit types are 22.16 square meters (sqm) studio units priced between P1.7 million and P2.1 million; 30.20 sqm one-bedroom units priced from P2.26 million to P2.40 million; and 60.30 sqm two-bedroom units priced between P5.10 million and P5.79 million.

To showcase to the buyers what the units will look like, the company also opened their sales pavilion beside the project area. The company also said it has started pre-selling of its units and already received more than a hundred reservations.

The delivery of Tower 1’s units is set in the first quarter of 2015. The construction of Tower 2 will depend on the take-up of Tower 1.

Taft Property is the developer of residential projects like Palmas Verdes, Nichols Park, Hacienda Salinas and Palm Heights.

The company belongs to a diverse group of companies such as Vicsal Investment, Inc., WealthBank, Vicsal Securities and Stock Brokerage, Inc., Filipino Fund, Inc., Prime Asia, Grand Holidays, Vicsal Foundation and the Metro Gaisano Chain of Stores, all backed by Vicsal Development Corp.

For more info of said project, call (032) 3181589 / 09189236123

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(Pre-Selling) HORIZON 101 RESIDENTIAL CONDOMINIUM

Horizons 101 is the tallest residential condo in Cebu City to stand along Mango Avenue., Cebu City. The tallest consisting of 55-stories with nice amenities...Watch for the opening SOON...This is a choice of studio unit, 1-bedroom and 2-bedroom units.

Price ranges from 1.7M to P5.0M
Studio units - 22.16sq meters
1-bedroom units-44.32sq meters
2-bedrooms units -60sq meters.

If you want to Invest with Luxury and Style at an affordable price, Let your Money Work For You....

The Horizon 101 is the best Real Estate Investment for you. With very easy payment schemes to choose from and cash payment discounts makes it the most enticing Residential Condominium Investment in Cebu. Project of VICSAL Corporation Development Corp. The company behind the Metro Gaisano and other Malls Nationwide.

Its location is appealingly located near/walking distance to schools, hospitals, commercial centers and is right in business district in Cebu City. Walking distance to Fuente Osmena Area.

Horizon 101 Tower 1

The project is a 59-storey residential condominium building, with 12 levels of parking space.
All units have an unobstructed view of Cebu. It has 1,200 sqm of open area. It has amenities and services that support a modern and fast‐paced lifestyle.

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(Soon to Rise) One Baseline Place Condominium

One Baseline Place, a 16- story residential condo, will soon to rise in the Baseline complex. The project is situated in a superb location within the Baseline complex, right along Juana Osmeña Street. Aside from the existing conveniences already offered in the area, the condo will be featuring an impressive host of amenities as well.

Studio and 1 – Bedroom Units
3 levels of Podium and 1 level of Basement Parking
Retail Area
Swimming Pool
Mail Room
Function Room
Fitness Gym
Drying Area
Roof Deck/Open Deck

The project is set to break ground in May 2011. After bringing you the 1st residential condominium to rise in I.T. Park (Asia Premier Residences), Cebu Landmasters, Inc is very much excited for this new project. The location is too good to be true and the team behind the project is exceptional. The company looks forward to bringing you this next residential landmark to rise in the heart of Cebu. click here

For more info, pls call (032) 3181589 / 09189236123 / 09228236123