News

SB Corp releases P40M in loans to Marawi residents

SMALL BUSINESS Corp. (SB Corp), the financing arm of the Department of Trade and Industry (DTI), has released almost P40 million in loans to Marawi City’s internally displaced persons and uniformed personnel to help the city rebuild after the five-month siege in 2017. “In line with President Rodrigo Duterte’s promise to continue the programs helping our kaba...

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Udenna secures $42.5M funding for Mactan project

PH RESORTS Group Holdings, the Udenna Group’s gaming arm, has obtained an advance funding of US$42.5 million from Emerald Development Holdings Ltd., an offshore entity wholly owned by its parent firm, Udenna Corp. In a stock exchange disclosure Friday, Oct. 18, 2019, the firm said the proceeds will be used to fund the ongoing construction of The Emerald Bay Resort and Casin...

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Vibo Land enters condo business

HOMEGROWN property developer Vibo Land Corp. is venturing into the residential space with its first vertical condominium project, the 15-story West Jones Residences. Vibo Land is earmarking P1 billion to erect the high-rise tower with 307 residential units. Gerardo Borromeo, president of Vibo Land, said they want to capture the student market in the city as the project...

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Robinsons Bank gets second-highest credit rating from PhilRatings

ROBINSONS BANK Corp. has been conferred the second-highest credit rating by local debt watcher Philippine Rating Services Corp. (PhilRatings) for its planned corporate bond offering of up to P5 billion. In a statement over the weekend, PhilRatings said Robinsons Bank was assigned the “PRS Aa minus (Corp.)” credit rating for its P2.5-billion fixed-rate bonds with an oversub...

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DMCI acquires more land in Cebu

DMCI PROJECT Developers, Inc. has bought more land in Cebu to support its plans to expand its presence outside Metro Manila. The operator of DMCI Homes said in a statement over the weekend it recently acquired a 9,695-square meter property in Lahug, Cebu City, which it is looking to develop into a vertical community. “Cebu is one of the fastest growing economies in the...

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RedDoorz looking at IPO

SINGAPORE-BASED hotel management and booking platform RedDoorz is eyeing an initial public offering (IPO) in the country by 2022. “I think, overall, the business goal of RedDoorz is to conduct an IPO… By 2022 or 2023, we should be on our way to creating our business which is publicly listed. That is the general vision,” RedDoorz founder and chief executive officer A...

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