business – Page 19 – Author Carlo Carrasco

Commercenter announces March 15, 2025 closure of its cinemas, promises something new coming

March 7, 2025March 7, 2025carlocarrasco

Commercenter, the nice sprawling shopping mall located in Filinvest City in Alabang, Muntinlupa, recently announced via social media that its 4-screen cinemas will be closing on March 15, 2025 and still they promised something new is coming.

To put things in perspective, posted below is the entire social media post announcement by Commercenter. Some parts in boldface…

To our amazing moviegoers, thank you for every laugh, tear, and unforgettable moment we’ve shared at Commercenter Cinema over the years. ❤️🎬 Your presence and memories will always be part of our story, and we’re beyond grateful for the journey.

While our curtains will officially close on March 15, this isn’t the end. Something exciting is on the way to Commercenter and we can’t wait to share it with you. Stay tuned! 😉✨

For transparency, posted below is the screenshot of one of the images that came with the social media post of Commercenter.

For the newcomers reading this, the cinemas of Commercenter opened in the late part of 2014 and its cinemas each had nice and comfortable seats with a good sound system and screen. Each cinema has over a hundred seats to accommodate moviegoers.

I myself saw lots of movies at Commercenter from 2014 to 2023 (note: I have not seen movies inside any cinema for 2024). While I cannot recall all the films I saw inside the cinemas of the sprawling mall, I saw the following there: Sound of Freedom (read my movie review by clicking here), Wonder Woman (my review here), The Hobbit: The Battle of the Five Armies, Write About Love (my review here), Rogue One: A Star Wars Story, Deadpool, Deadpool 2, Star Wars: Episode VII – The Force Awakens, X-Men: Apocalypse, Avengers: Age of Ultron, Avengers: Infinity War, Avengers: Endgame, Batman v. Superman: Dawn of Justice, Aquaman, Terminator: Dark Fate, The Batman, Jurassic World, and Godzilla: King of the Monsters (my review here) to name some.

*The last movie I saw at Commercenter was Sound of Freedom.*

In my experience, watching movies inside Commercenter was fun and comfortable. The mall is a short drive away from home and there are nice restaurants and stores inside. After watching a movie, I could enjoy a meal at Sigekiya Ramen or at The Black Pig or at Akrotiri, have coffee at The Coffee Syndicate or at The Bingsu. Or buy a snack at ASSI Fresh Plaza.

As such, it is really saddening to learn that Commercenter’s cinemas will be closing down soon. I can only speculate that not enough moviegoers in this post-pandemic age could support the cinemas of the mall and not enough private groups booked the cinemas for their events or gatherings. It seems to me that streaming – which became the new standard of watching movies since the COVID-19 pandemic – is a factor as well. Lastly, Commercenter charged P400 per ticket for foreign movies which is quite expensive for local moviegoers.

By adding Commercenter’s closing cinemas to the already closed old original cinemas of nearby Festival Mall, that would combine to a total of fourteen closed screens/cinemas. Festival Mall still has its 4-screen modern cinemas while Alabang Town Center’s cinemas are still operating. Without Commercenter as a movie venue, people living within Filinvest City and in the nearby communities will have to visit ATC and Festival Mall for the movie theater experience within Alabang.

*The cinemas area at the 2nd floor of Commercenter.*

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City who frequently saw movies at Commercenter, how do you feel about the March 15 closure of the cinemas? If you could still remember, how many movies were able to watch at Commercenter in all? What was the most memorable cinematic moment you had inside Commercenter’s cinemas? What could be the new thing Commercenter promised?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

UBS Investment Bank Global Research economist sees Philippine economy growing by 5.9% this year

March 5, 2025February 26, 2025carlocarrasco

A senior economist of the UBS Investment Bank Global Research stated that the economy of the Philippines will grow better this year by 5.9%, according to a Philippine News Agency (PNA) news article. In 2024, the economy grew by 5.6%.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

Philippine economic growth is expected to accelerate this year on the back of higher investments and consumption, an economist of UBS Investment Bank Global Research said.

In a virtual briefing on Wednesday, UBS Investment Bank Global Research Senior ASEAN and Asia Economist Grace Lim said the Philippine economy is projected to grow by 5.9 percent this year from 5.6 percent in 2024.

“We see an improving growth outlook for the Philippines,” Lim said. “The underlying positive growth delta is driven by domestic demand as both investment and consumption accelerate in 2025.“

She said private investments would recover gradually as financial conditions become less restrictive and consumer sentiment gradually picks up. Solid labor income growth and the easing of food inflation will also help boost consumption growth.

“Consumption, as well, is likely to be positive amidst the improving fundamentals and the resilient labor market, which, I should add, is one of the most significant support for Philippines demand,” she said.

Lim said government spending and the continued growth in services exports would also support economic growth.

“What is also often underappreciated is the bright spot of services exports, especially in the BPO sector,” she said.

Lim said she expects the country’s BPO sector to remain resilient this year.

Higher tariffs – Asked about the impact of tariff trade escalation on the Philippine economy, Lim said the Philippines is in a “rather defensive market in the event of potential trade tariff escalation.”

“That’s because the Philippines is primarily domestic-oriented with investment as a percentage of GDP 23 percent, consumption over 70 percent. So not very trade-exposed,” she said.

She pointed out that in the case of trade tariff escalation, the Philippine peso could also be a relative outperformer in the region.

“That said, we do think that if tariffs are universal, then obviously there could be weaker prospects for currencies in general, but even in that scenario, it would not be a very big depreciation,” she said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippine economy has what it takes to grow by at least 5.9% this year? Do you think that the national economy can withstand the effects of new tariffs?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Muntinlupa City declared as smart, sustainable and strong

March 4, 2025March 2, 2025carlocarrasco

This past weekend, the 30^th anniversary of the cityhood of Muntinlupa was celebrated with special activities. On the afternoon of March 1, Mayor Ruffy Biazon delivered his State of the City Address declaring Muntinlupa as a smart, sustainable and strong city, according to the Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

Mayor Ruffy Biazon said Muntinlupa has become a smart, sustainable and strong city with the use of technology and innovation, and solutions that maximize resources.

“Today we celebrate the 30th year since our home town became a city. Today we can say that Muntinlupa has transformed into a city that is Smart, Sustainable, and Strong,” said Biazon in his State of the City Address during the 30th Muntinlupa cityhood anniversary celebration on March 1.

He said, “Smart because we are utilizing technology and innovation to make the government more efficient in the use of resources, faster in the delivery of services, more streamlined in its processes and make decisions based on data gathered through its systems.”

The mayor said Muntinlupa is “sustainable because we adopt solutions that help us maximize our use of resources but still remain mindful of the needs of future generations. Strong because we remain resilient in the face of calamities, crisis, and challenges that put to the test our determination to survive and succeed.”

Muntinlupa became a highly-urbanized city with the signing of Republic Act 7926 on March 1, 1995.

In his speech, he mentioned what the city government has done since he assumed office in 2022 and the plans that will be implemented under his 7K Agenda.

“While we have come a long way from what was described as a sleepy town to a bustling, modern, highly urbanized city that it is now, the character of its people remains rooted in the traditional values of caring for the community, goodwill towards each other, and earning your keep through hard work,” he said.

He added, “Coming at the heels of the successes of those who laid the city’s foundation, we ask ourselves: what else can we do to achieve greater accomplishments? We ask this not to just simply outdo those we followed, but more to push ourselves to break new ground, find new paths and create through innovation.”

Kaunlaran (Development) – Under his “Kaunlaran” agenda, the mayor envisions Muntinlupa to be a “Model Smart Urban Village” of the region.

“We crafted our vision to visualize a future that we want for our people. But as I quote during my previous addresses – ‘The best way to predict the future is to create it,’” he said.

This year, he said, the city government is updating the Comprehensive Land and Water Use Plan and Zoning Ordinance, which “will provide a framework for the City’s physical development, and the smart and efficient allocation of land and water resources for various uses.”

The city government will implement key e-governance projects, including the Citizens’ Database and Muntizen ID, “a city-wide database and unified ID Card System to record and monitor the city’s population and migration information, as well as the provision and availment of City Government’s social, educational and medical benefits to our citizens.”

The city will also have the Centralized Geographic Information System (CGIS), “a software to map and digitalize geographic data of the City.”

Improving the MUNCONNECT, Muntinlupa’s public wi-fi system located in schools, business establishments and government facilities, is also being planned.

Biazon said the city government’s efforts were recognized through various awards including the Seal of Good Local Governance for the third consecutive year and ranking fourth among all highly-urbanized cities in the country in the Cities and Municipalities Competitiveness Index.

He thanked the business sector as the city government surpassed its business tax collection target in 2024, reaching P2.4 billion.

“Through our programs on business permit registrations complimented by ‘Ease of Doing Business’ strategies, we made sure that Muntinlupa is a City that remains Business-Friendly and attractive for new and thriving investment opportunities,” he said.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you delighted with what the City Government achieved and how it rendered public service? Do you feel confident that Muntinlupa will keep on progressing and become even more competitive with other cities of the nation over the next ten to fifteen years?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

More investors expected in relation to newly signed CREATE MORE IRR

February 28, 2025February 26, 2025carlocarrasco

In connection with the recent signing of the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, a director of the Philippine Economic Zone Authority (PEZA) expects more investors to come in, according to a news article by the Philippine News Agency (PNA).

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

Philippine Economic Zone Authority (PEZA) Director General Tereso Panga is expecting more investors to put up their businesses in economic zones across the country following the signing of the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

Panga said the IRR provides clarity for the smooth implementation of the law.

“It is a product of conjoined efforts that will surely attract more interest in the Philippines and paves the way for future investment growth,” Panga said in a statement Wednesday.

On Feb. 17, Finance Secretary Ralph Recto and Trade Secretary Ma. Cristina Roque led the signing of the CREATE MORE’s IRR.

The IRR supports PEZA’s mandate of driving investment growth into the country, promote sustainable development in the countryside, and create more jobs.

“The CREATE MORE Act refines the investment landscape of the Philippines to be at parity with other countries,” he said.

“With these new policies in place, coupled with the positive attributes already presented by our country and the various advantages like a communications-ready skilled workforce, a conducive business environment and a whole-of-government approach, it is without doubt that new investors will come in and old investors will choose to stay for the long haul,” he added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the newly signed IRR of CREATE MORE will result in more investors to come into the Philippines and put up businesses in economic zones?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Muntinlupa City Government to implement zero-contact policy in issuance of business permits and licenses

February 15, 2025February 8, 2025carlocarrasco

Recently in the City of Muntinlupa, a new ordinance was approved resulting in the City Government to implement a zero-contact policy in the issuance of business permits and licenses, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

The Muntinlupa City government will implement a zero-contact policy in the issuance of business permits and licenses.

Mayor Ruffy Biazon signed Ordinance No. 2025-303, passed by the Muntinlupa City Council, “Institutionalizing Business E-Payment System (BeST) for Effective Implementation of the ‘Zero-Contact Policy’ in the Issuance of Business Licenses and Permits in Muntinlupa City.”

The ordinance stated that “in compliance to the mandate of all existing laws and national directives, the City Government of Muntinlupa through the Business Permits and Licensing Office (BPLO) established Business E-Payment System (BeST) as an online platform to facilitate applications for new and renewal of business permits.”

BeST “allows electronic payments through various partner banks, e-wallets, and payment gateways and also provides an option of door-to-door delivery service.”

The ordinance added that “there is an urgent need to institutionalize the said system to support and enhance city services in pursuit of being a ‘smart city’ and be compliant with the said laws and national directives.”

It mandates the Muntinlupa BPLO to “adopt and establish Business E-Payment System (BeST) as an online platform of the City Government of Muntinlupa to facilitate application for, processing of, and issuance Of business licenses and permits for business entities, including, but not limited to, those owned and operated by individuals, partnerships, cooperatives, associations or corporations in the City of Muntinlupa.

“The BeST will guarantee the effective implementation of the ‘zero-contact policy,’ transparency and good governance that eliminates the possibility of graft and corruption with lesser personnel the taxpayer deals with,” the local law stated.

Under BeST, “electronic versions of licenses, clearances, permits, certifications or authorizations with the same level of authority and containing the electronic signature of the authorized officer/s and seal of the City, which may be printed by the businesses in the convenience of their offices” shall be provided.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, does the new zero-contact policy in the issuance of business permits and licenses make a lot of sense?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

DOTr’s “road safety park” to rise in Muntinlupa City

February 14, 2025February 13, 2025carlocarrasco

Yesterday in Muntinlupa City, the “road safety park” project of the Department of Transportation (DOTr) was formally started with a groundbreaking ceremony at the Muntinlupa Sports Center, according to a news article by the Philippine News Agency (PNA).

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Department of Transportation (DOTr) on Thursday broke ground for a new ‘road safety park’ in Muntinlupa City that seeks to promote active transportation through the construction of road safety features and cycling facilities.

Transportation Undersecretary for Road Transport and Infrastructure Jesus Ortega (2nd from left) and Muntinlupa City Mayor Ruffy Biazon (2nd from right) lead the groundbreaking for Muntinlupa City’s first-ever ‘road safety park’ at the Muntinlupa Sports Center. (photo source – DOTr)

The park is being built on a 3,140-square meter lot at the Muntinlupa Sports Center and will be connected to public road transport.

It will feature bike lane classes, public transport stops, a road signage park, and a footbridge, and will be connected to public road transport.

“Through these initiatives, we are not only building infrastructure — we are fostering a culture of safety, sustainability, and inclusivity,” DOTr Undersecretary for Road Transport and Infrastructure Jesus Ortega said during the groundbreaking rites.

*The ribbon-cutting ceremony. (photo source – DOTr)*

He said cyclists will be able to enjoy end-of-trip cycling facilities featuring a bicycle parking shed with u-shaped racks and a bicycle repair station.

“These efforts will benefit thousands of people, including students, employees, and visitors, as we work together to transform Muntinlupa into a model city for active transport and road safety.”

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you think the DOTr’s “road safety park” will turn out useful? Are you delighted that the project is being built in the city?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Over P1.2 billion in coins deposited through BSP’s machines

February 13, 2025February 4, 2025carlocarrasco

The Bangko Sentral ng Pilipinas (BSP) revealed online recently that the overall collection of its coin deposit machines (CoDMs) has exceeded P1.2 billion. The latest statistics are accurate of as January 15, 2025.

Based on the latest statistics, a total of P1,235,393,307.96 (14.07%% higher than the previous count of P1,082,972,600.36) in coins got deposited into BSP machines on 284,974 transactions from customers. In terms of physical quantity, 310,679,523 coins were deposited.

Doing the math on the latest statistics, customers averaged P4,335.1088 per transaction at the machines (compared to the November 15, 2024 average of P4,231.9156 per transaction). As for the grand total Peso amount divided by the number of coins deposited, the average is P3.9764 per coin deposited (previous average was P3.8654 per coin deposited)

When it comes to the number of coins involved with each transaction, 310,679,523 coins divided by 284,974 transactions resulted in an average of 1,090.2030 coins per transaction (a slight drop compared to the previous average was 1,094.8293 coins per transaction).

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the BSP coin deposit project deposits could hit P2 billion by the end of this year? When was the last time you deposited at least 50 coins into the nearest CoDM of the BSP? Do you think it is time for the BSP to add its coin machines in the Visayas and Mindanao regions?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Mitsubishi will invest P7 billion in the Philippines

February 13, 2025February 7, 2025carlocarrasco

Japanese motor giant Mitsubishi Motors Corp. (MMC) formally announced recently that it will be investing P7 billion in the Philippines which President Ferdinand “Bongbong” Marcos, Jr., welcomed, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the news report of the Manila Bulletin. Some parts in boldface…

President Marcos welcomed Mitsubishi Motors Corp.’s (MMC) P7-billion investment plan in the Philippines in the next five years, saying this will create more jobs for Filipinos.

Marcos expressed his appreciation to MMC during Mitsubishi President and CEO Kato Takao’s courtesy call to the President in Malacañan on Thursday, Feb. 6, to discuss the company’s investment plan in the Philippines.

During their meeting, Kato said MMC’s expansion plan includes adding a new production model at its Mitsubishi Motors Philippines Corp. (MMPC) plant in Laguna. Marcos welcomed this move as it would generate more jobs for Filipinos.

“The jobs that it will provide, that your investment will provide, are very important to us and certainly, vehicle manufacture is one of those,” President Marcos said.

In a Facebook post, the President described Mitsubishi as a valuable partner in his administration’s quest to boost the automotive industry.

“As a strong partner in our journey to strengthen the automotive industry and empower Filipino workers, we welcome Mitsbushi Motors Corporation’s plans to expand operations in the country,” he wrote.

“Mr. Takao Kato and I share the same goals of driving innovation, creating more jobs, and making sustainable transportation a reality for Filipinos,” he added.

During the meeting, Marcos said that MMC will be included in the government’s Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program, a new proposed version of the Comprehensive Automotive Resurgence Strategy (CARS) Program. He hoped MMC’s inclusion would help in its expansion plans.

For his part, Kato said the Philippines is MMC’s most important investment in Southeast Asia, citing its good and stable economy.

“In the ASEAN, (the) Philippines is our number one market,” Kato told the President.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think Mitsubishi’s ambitious investment plan will add a lot to the ongoing economic growth of the country?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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I Love Israel: Israel-DAR strategic partnership on agricultural development discussed

February 6, 2025January 28, 2025carlocarrasco

As some of you are already aware, I fully stand with Israel which is very connected with my uncompromising faith in the Lord. I keep on praying to Him for Israel to overwhelm its enemies, rescue the hostages and recover from the effects of the October 7, 2023 terrorist attacks committed by the Palestinian terrorist group Hamas which is sponsored by terrorist state Iran. I can assure all of you that nobody from the evil Islamo-Leftist mob, nobody from the pro-Palestine radicals, nobody from the political correctness extremists, and nobody from evil societies would stop me from supporting and loving Israel.

Now, on with the news…

A few weeks ago, Israel and the Department of Agrarian Reform (DAR) started a strategic partnership that will benefit the Philippines by means of agricultural development, according to a news article by the Philippine News Agency (PNA).

For the newcomers reading this, the Jewish state is one of the world’s leaders in agriculture and the Philippines can really use Israeli expertise to make tremendous improvements.

To put things in perspective, posted below is the excerpt from the PNA news article.. Some parts in boldface…

The Department of Agrarian Reform (DAR) has entered into a strategic partnership with Israel to advance agricultural development and innovation in the Philippines.

In a news release on Thursday, DAR said Secretary Conrado Estrella III and Israel Ambassador Ilan Fluss have discussed the possibility of a strong collaboration on cutting-edge farming technologies, rural development, and sustainable agricultural practices.

During their meeting, Estrella recognized the longstanding relationship between the Philippines and Israel and highlighted the successful implementation of the Philippines’ agrarian reform program under the leadership of President Ferdinand R. Marcos Jr.

He also noted the positive impact of DAR programs on the lives of agrarian reform beneficiaries while emphasizing the need for further growth in rural areas.

Fluss, meanwhile, acknowledged the ongoing challenges faced by Israel due to the ongoing war in the Middle East and shared the resilience of their agricultural sector. He also noted the importance of international partnerships from allies such as the United States in securing food and medical aid for its citizens.

Meanwhile, a key focus of the meeting between Estella and Fluss was the adoption of Israeli agricultural technologies, particularly in irrigation methods and Precision Agriculture (PA).

Israel’s expertise in water-efficient irrigation systems, particularly suited for arid regions, was identified as a critical solution for Filipino farmers facing water crisis concerns.

Both officials expressed enthusiasm about the potential of PA, which uses data and technology to optimize crop yields, water use, and resource management, while Fluss affirmed Israel’s willingness to share expertise in this area.

As part of knowledge exchange initiatives, Fluss also invited DAR officials to visit Israel for training by experts on farming, rural development, and climate change adaptation.

This newest development shows the continuing growth of Israel-Philippines ties through agriculture as well as the opportunities for Filipinos to innovate on agriculture, improve farming methods and ensuring food security for the entire nation. Watch and learn from the videos below…

To my fellow Filipinos reading this, I encourage you to accept the truth that Israel is the land God designated specifically for the Jewish people (read Genesis 35:10-12) and His command must be followed without hesitation. If you want to be blessed further by the Lord, do so by loving and blessing the Jewish people (Genesis 12:1-3). I did my part when I was in Israel. Also, let me remind you all that the ties between the Jews and Christians are truly biblical!

I encourage you all to pray to the Lord God in support of Israel, to love and bless the Jewish people, and pray for the peace of Jerusalem. Pray to Him so that Israel-Philippines ties and cooperation will keep growing stronger in the many years ahead.

If you truly believe in Lord Jesus, the Holy Spirit and God the Heavenly Father wholeheartedly and you continue to be faithful, you should be aware that Christians are meant to stand united with Israel and love the Jewish people no matter what. You can do your part supporting Israel by donating to Christians United for Israel (CUFI). Do not forget to read the Holy Bible, then pray in tongues to the Lord in the privacy of your room with the door shut.

Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel and its ties with the Philippines!

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Ownership of Festival Mall transferring to Filinvest REIT Corporation (FILRT) for over P6 billion

February 4, 2025January 27, 2025carlocarrasco

Have you been to Festival Mall in Alabang lately? Some things might change in the near future as the ownership of the shopping and lifestyle mall (first opened in May 1998 as Festival Supermall) is being transferred by the Gotianun Group to Filinvest REIT Corporation (FILRT) in a deal worth more than P6 billion, according to a Manila Bulletin business news report.

To put things in perspective, posted below is the excerpt from the Manila Bulletin business report. Some parts in boldface…

The Gotianun Group is transferring ownership of its flagship Festival Mall-Main Mall in Filinvest City, Alabang, Muntinlupa City to Filinvest REIT Corporation (FILRT) in a P6.26 billion deal that marks the real estate investment trust’s entry into the retail leasing business.

In a disclosure to the Philippine Stock Exchange, Filinvest Land Inc. (FLI) said it is selling the 26-year-old Festival Mall to FILRT in exchange for 1.63 billion FILRT shares at an issue price of P3.85 per share under a tax-free property-for-share swap transaction.

“The transaction fulfills FLI’s commitment as the sponsor of FILRT to continually support the growth and expansion of its REIT portfolio through the infusion of high-quality income-generating real estate assets,” FLI said.

It added that, upon the Securities and Exchange Commission’s (SEC) approval of the transaction, FLI and FILRT shall execute a lease agreement for the building.

In a separate disclosure, FILRT said the issue price represents a 30 percent premium over the 30-day volume weighted average price of P2.94 per FILRT share, and falls within the fair value price range provided by FTI Consulting’s Fairness Opinion and LeeChiu Property Consultants, Inc.’s Valuation Report.

The property was appraised by Leechiu Property Consultants, and a fairness opinion was provided by FTI Consulting. A discounted cash flow (DCF) approach was used as the primary method to determine the value of the property.

Under the DCF approach, the future cash flows of the property were discounted using a weighted average cost of capital (WACC) based on a capital asset pricing model. A direct capitalization approach was also used as a secondary reference for the valuation of the property.

For the valuation of the shares, FTI Consulting used various methodologies such as the DCF approach, a dividend discount model, and a comparable public companies’ method, to arrive at a range of values for the fair value of FILRT shares.

The primary common shares to be issued by FILRT to FLI will come from the unissued common shares of FILRT. This will be subject to the approval by FILRT’s shareholders and regulatory approvals.

Upon the SEC’s approval of the transaction, FLI and FILRT shall execute a lease agreement for the property.

“Pursuant to the approval of the transaction, the Board approved the conduct of a special stockholders’ meeting (SSM) to be held on March 4, at 10:00 AM. The record date for the determination of stockholders entitled to notice and right to vote at the SSM is February 10, 2025,” the firm said.

FILRT’s diversification into mall leasing comes after its expansion into the hospitality space with the acquisition of 2.9 hectares of land owned by Filinvest Development Corporation (FDC) in Boracay Island for P1.05 billion in cash.

The land is being leased by Boracay Seascapes, Inc. (BSI), the building owner of Crimson Resort & Spa Boracay and a subsidiary of FDC.

FILRT President and CEO Maricel Brion-Lirio said this is the company’s first asset infusion since its initial public offering and “not only increases the distributable income to our shareholders in the immediate term but also supports our goal of delivering stable dividends and increasing the potential for capital appreciation in the longer term.”

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City who happens to be a frequent visitor or shopper of Festival Mall, do you think the incoming, new owners will be able to make improvements on the mall somehow? Do you hope that the original cinemas of Festival Mall will get renovated and reopened with the latest cinema technologies in the future?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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