Festival Mall – Page 2 – Author Carlo Carrasco

SEC approves P6.26 billion deal between Filinvest Land and FILRT, Festival Mall ownership included in deal

June 5, 2025May 30, 2025carlocarrasco

Following the huge deal between Filinvest Land. Inc. (FLI) and Filinvest REIT Corporation (FILRT) and the deed of exchange signed by the two corporations over the ownership of Festival Mall, the Securities and Exchange Commission (SEC) officially approved the P6.26 billion deal putting it closer to completion, according to a Manila Bulletin business news report.

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

The Securities and Exchange Commission has approved the valuation of the ₱6.26 billion property of Filinvest Land Inc. to be acquired by Filinvest REIT Corporation (FILRT) via an asset-for-share swap, putting it a step closer to completion.

In a disclosure to the Philippine Stock Exchange, FILRT said it has received from the SEC the Certificate of Approval of Valuation for its property-for-share swap with FLI under which LI will transfer its ownership over the Festival Mall – Main Mall, consisting of a building and certain machinery and equipment in favor of FILRT.

Festival Mall-Main Mall which is located in Filinvest City, Alabang, Muntinlupa City, consists of a building with gross leasable area of 121,862 square meters.

In return, FILRT will issue to FLI 1.63 billion primary common FILRT shares at an issue price of ₱3.85 per share under the Memorandum of Agreement and the Deed of Exchange both dated March 5, 2025.

The Transaction Price was set at a 30 percent premium over FILRT’s 30-day volume-weighted average price of ₱2.94 per share, which is within the range of fair values provided for in FTI Consulting Philippines, Inc.’s Fairness Opinion.

FILRT’s Related-Party Transaction Committee and Board of Directors unanimously approved the Transaction at their special meeting on January 24, 2025, and it was subsequently approved by FILRT’s stockholders during their special meeting on March 4, 2025.

The acquisition of the Property will increase FILRT’s total gross leasable area by 37 percent to 452,310 sq.m. This likewise will improve occupancy from 83 percent to 88 percent and extend the weighted average lease expiry (WALE) from 7.3 to 14.6 years. This will also increase FLI’s equity in FILRT from 51.06 percent to 63.27 percent.

The Transaction allows FILRT to diversify its income sources by integrating retail mall properties into its portfolio. Prior to the infusion, 91 percent of the GLA of FILRT are office buildings.

Post infusion, the portfolio mix of FILRT will be 67 percent offices, six percent hospitality (Crimson Boracay lot) and 27 percent retail (Festival Main Mall).

The infusion of income-generating retail mall assets is expected to result in an increase in FILRT’s distributable income.

Let me end this post by asking you readers: What is your reaction to this recent development? With the approval of the SEC, do you think the big deal between FLI and FILRT will be beneficial not only for the parties and shareholders involved, but also for those who spend time and money at Festival Mall? Did you notice any trends or serious changes at Festival Mall since FILRT became the new owner?

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

What to watch on YouTube right now – Part 80

June 4, 2025May 29, 2025carlocarrasco

Welcome back my readers, YouTube viewers and all others who followed this series of articles focused on YouTube videos worth watching. Have you been searching for something fun or interesting to watch on YouTube? Do you feel bored right now and you crave for something to see on the world’s most popular online video destination?

I recommend you check out the following videos I found.

#1 VKunia and Popcorn in Bed react to Minority Report – In 2002, I saw Steven Spielberg’s Minority Report inside one of the cinemas of Festival Mall here in the Philippines. The suspenseful science fiction movie was the first-ever creative collaboration between Spielberg and Tom Cruise, and it ultimately entertained and intrigued many local moviegoers. To find out if Minority Report remains an engaging film by today’s standards, watch the reaction videos of VKunia and Popcorn in Bed below.

#2 PatmanQC examines Zaxxon – I never played Zaxxon in the arcade but managed to play a version of it on MS-DOS PC in the 1980s. Back then, I was often intrigued with Zaxxon’s visual design which involved an isometric view and a clever presentation of the 2D sprites. Due to its depth of gameplay related to the overall design, it was indeed challenging to play. To find who were responsible in making the game and what inspired its visual design, watch the in-depth Zaxxon video of PatmanQC below.

#3 You, Me and the Movies react to Creature from the Black Lagoon – Released in 1954, Creature from the Black Lagoon is a black-and-white 3D monster horror movie kept moviegoers on the edge of their seats. The feature film’s creature went on to become a part of Universal Picture’s classic monsters and also left an impact on American pop culture. Several months ago, You, Me and the Movies posted their reaction video and it is entertaining to see.

#4 Teenage Mutant Ninja Turtles: Tournament Fighters retrospective videos – I never got to play Teenage Mutant Ninja Turtles: Tournament Fighters when it was released in 1993. We had a Super Nintendo Entertainment System (SNES) but we never bought the game. I heard from a few of my friends – who were fortunate enough to play it – that the game was indeed a lot of fun to play and was a nice addition to the sudden rise of fighting games at the time. Developed and published by Konami, Teenage Mutant Ninja Turtles: Tournament Fighters was a commercial and critical hit clearly with the SNES version. To find out what made the game competent with other fighting games and why many considered it to be a great licensed video game, watch the selected retrospective videos below.

#5 Ashleigh Burton reacts to Alien vs. Predator – Back in 2004, I saw Alien vs. Predator in the local cinema in Cebu City, and after watching it I went back home feeling numb and disappointed. For one thing, it was directed by Paul W.S. Anderson who really is not a very good director. Next, the script was pretty bad in quality. Ultimately, the filmmakers did not raise serious efforts to delight fans of both Aliens and Predator. For YouTuber Ashleigh Burton, however, the film has a different impact on her and you can watch her reaction video below.

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What to watch on YouTube right now – Part 78

May 26, 2025May 22, 2025carlocarrasco

I recommend you check out the following videos I found.

#1 Star Wars: The Phantom Menace revisited – Remember way back in 1999 when Star Wars: Episode I – The Phantom Menace was released with a massive amount of hype and anticipation? I first saw that George Lucas-directed movie at the cinema in Festival Mall which was full of people. As the years passed by, The Phantom Menace did not age well as it had serious pacing issues, lots of childish elements (mainly because of a certain very annoying character) and it ended up inferior compared with its sequels Attack of the Clones and Revenge of the Sith. But let’s be honest here…while The Phantom Menace is indeed the weakest film of the Star Wars Prequel Trilogy, is it truly terrible and unwatchable? Now is a good time to revisit the 1999 movie through retrospective videos posted below.

#2 You, Me and the Movies react to Cape Fear (1991) – In recent times, YouTuber You, Me and the Movies posted their reaction video of the 1991 version of Cape Fear starring Robert De Niro and Nick Nolte. For the newcomers reading this, Cape Fear of 1991 is pretty hard core with its violence and, more notably, it carries elements that would terrify both viewers and their respective families. It is the kind of movie that will make you think about your family and how to protect them from cunning and violent criminals. Watch and learn how the movie impacts You, Me and the Movies.

#3 PatmanQC examines the history of Operation Wolf – Now for some retro gaming fun! I remember back in the late 1980s, Operation Wolf was popular in arcades here in the Philippines. As that game was released during the late stages of the Cold War, it was not surprising that it was both socially relevant and enjoyable for gamers. If you are wondering who created the game and what inspired them to produce Operation Wolf, watch the in-depth video by PatmanQC below.

#4 King’s Quest revisited – Still with retro gaming, I want to share with you all that in the late 1980s, I was fortunate to have played King’s Quest on PC (DOS specifically) which was an intriguing and challenging gaming experience for me. I never finished the adventure game from Sierra On-Line but I enjoyed its game design, its groundbreaking visuals and its fantasy world. I recently saw Space Quest Historian’s retrospective on King’s Quest and it had a nice mix of comedy and attention to details. Watch it now.

#5 Pedro Pascal’s wokeness exposed and explained – I really hate it when entertainment gets poisoned by the woke mob from the movie studios down to the performers and creators. I also despise the trend in which woke forces in Communist-filled Hollywood (Commiewood) make movies and shows that promote their Satanic Leftist agenda, and then the woke stars propagate their toxic beliefs in multiple ways. Recently Ranting for Vengeance posted new videos exposing the woke toxicity of actor Pedro Pascal and explaining in detail what happened. I can say this early you should stay away from Pascal’s projects such as the new woke Fantastic Four movie. As for Warner Bros., I don’t like James Gunn’s Superman. Watch and learn from the video below.

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Do you miss Fukuya Japanese Restaurant?

May 21, 2025May 15, 2025carlocarrasco

On April 30, 2025, Fukuya Japanese Restaurant inside Festival Mall closed down after having its final day of operations which saddened a lot of loyal customers. At 8:41 in morning of that same day, the restaurant announced via social media that they were going to close down which went as follows:

It is with a heavy heart that we are announcing our last day of operations today. We would like to thank our valued customers whom we consider a part of the Fukuya family for your patronage and support since we opened our doors in 1995. We truly cherish the memories we have of you and it is our pleasure to have served you. To our generations of patrons, thank you for your kind words and loyalty to Fukuya. You have made our journey all the more fulfilling. May God bless you all!

*I took this picture on May 1, 2025. This very spot Fukuya previously occupied has since been covered up.*

For the newcomers reading this, Fukuya Japanese Restaurant first opened at SM Southmall in Las Piñas City in the mid-1990s and my first time ever to eat at their place was in 1997. They eventually opened in Festival Mall in Alabang, Muntinlupa some years later and lasted there until April 30 this year. Be aware that a change of ownership of Festival Mall took place months ago which might be related to Fukuya’s closure.

Being fond of Japanese food, I can say that the demise of Fukuya Japanese Restaurant is very unfortunate. To be clear, the number of Japanese restaurants and other businesses selling certain types of Japanese food at Festival Mall has increased over the past several years. In fact, there are certain Japanese restaurants there that sold meals at notably higher prices when compared to similar offerings from Fukuya Japanese Restaurant. Clearly Fukuya had a lot of competitors at Festival Mall alone.

More on Fukuya, there are best known for the Hiroshima-style Okonomiyaki (read my old article by clicking here) which was always served freshly cooked, very flavorful and filling. I had their Okonomiyaki many times and always had a great taste backed with satisfaction. I also tried Okonomiyaki at other Japanese restaurants at Festival Mall but none of them ever came close to what Fukuya had.

Fukuya also served Futo Maki/Futomaki, Yakisoba, ramen, Bento meals, Tempura, sushi, sashimi, Teppanyaki, Udon, Soba and a lot more. They also had value meals to accommodate customers with limited funds.

*Fukuya Japanese Restaurant’s most famous meal is the Hiroshima-style Okonomiyaki.*

While the pandemic is over and the Philippine economy is growing, there are still a lot of internal and external economic forces that make operating businesses challenging. As for the rental fees of Festival Mall under the new owner, I heard allegations that the rates went up. Apart from Fukuya, I noticed a local printing and photocopying business there closed down recently, and I used to have documents photocopied there.

Now that Fukuya Japanese Restaurant is gone, customers who are looking for Japanese meals that are affordable will have to look elsewhere. As of this writing, Fukuya has not updated their Facebook page since April 30, 2025. While their FB page is still active, I can only wonder if the business owners could be planning a revival of Fukuya someday. You can visit their FB page by clicking https://www.facebook.com/FukuyaJapaneseRestaurantFestivalMall

*Do you miss this view from inside Fukuya at Festival Mall?*

For those of you reading this, let me ask you – were you fond of eating at Fukuya Japanese Restaurant? Did you enjoy their Hiroshima-style Okonomiyaki? How was the quality of the food they served you the last time you ate there? What do you think is the main reason behind the closure of Fukuya Japanese Restaurant?

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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Do you miss watching movies at Commercenter?

March 28, 2025March 25, 2025carlocarrasco

For those of you who have been missing out on developments here in Alabang, Commercenter officially closed down their cinemas (4 screens) on March 15, 2025 fulfilling their announcement (click here and here) They did, however, announce that something new will materialize but there are no details as to what that might be.

During one of my recent visits at the high-end shopping mall in Filinvest City, I noticed that the 2^nd floor path leading to what used to be the cinemas was sealed shut which you can see in the video below.

For the newcomers reading this, Commercenter’s cinemas operated for a little over ten years starting in the 2^nd half of 2014. The cinemas had 4 screens and each screen had a sitting capacity of over 100 seats. Outside of the screens, the ticket desk and the concessionaire were right beside each other. Having seen a lot of movies at Commercenter, I can say that watching films inside the cinemas was often comfortable, convenient and pleasant.

As many of us know, the COVID-19 pandemic really hit the cinemas industry of the nation very hard as other types of businesses also went down. The nationwide shutdown of movie theaters caused by government pandemic restrictions really hurt not only the cinema operators but also their employees. When the restrictions were eased, cinemas around the country gradually reopened and for a time moviegoers had to wear face masks when watching movies. When I saw The Batman in Commercenter in March 2022, me and others had to wear face masks because they were required.

A post-pandemic economic recovery happened here in the Philippines but it looks like the cinemas industry has yet to achieve the pre-pandemic numbers of moviegoers. That being said, I can only speculate that the rise of ticket prices, the preference of locals to watch new movies by streaming, and the rise of varied operating expenses probably contributed to the closure of cinemas not only in Commercenter but also those in Festival Mall.

With regards to inflation, the rise of ticket prices at Commercenter during the post-pandemic persion were noticeable. I paid P320 for The Batman in March 2022 and P380 for Sound of Freedom in September 2023 at Commercenter. Before the mall closed down its cinemas, foreign movie tickets were being sold at P400 each. Clearly, there were unfavorable economic forces that happened.

Without the cinemas, Commercenter lost entertainment value. I remember back in 2015 when a lot of people formed long lines to watch Jurassic World which also explained why the mall’s basement parking almost reached full capacity. There were also busy weekends for blockbusters films like Wonder Woman, Avengers: Endgame, Mission: Impossible – Fallout, Mad Max: Fury Road and others right there.

Before the closure of the cinemas happened, this movie poster of the 2025 Superman movie (directed by James Gunn) was displayed inside Commercenter. The film is set to open in cinemas worldwide this July and Commercenter’s cinemas have been closed since March 15. The display of this movie poster is pointless now.

Before the pandemic struck, Commercenter was a fun place for moviegoers and I personally know friends based outside of Muntinlupa City who came to the said mall for movies. That means Commercenter really had a unique attraction that made it competitive with Alabang Town Center and Festival Mall when it comes to attracting people who love movies. At the same time, the mall has nice places where visitors can have meals or coffee after watching a film.

Of course, the cinemas of Commercenter are no more and we can only remember the old days of fun-filled moviegoing at its cinemas through pictures, social media posts and collected movie tickets.

In my honest opinion, watching movies in Alabang will never be the same.

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Deed of exchange for Festival Mall signed

March 28, 2025March 20, 2025carlocarrasco

Festival Mall – the popular shopping mall in Filinvest City in Alabang – is now fully owned by Filinvest REIT Corp. (FILRT) as the deed of exchange with Filinvest Land, Inc. (FLI) has been formally signed recently, according to a BusinessWorld news report. Previously it was reported that the value of the transfer of ownership was worth over P6 billion.

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

FILINVEST REIT CORP. (FILRT) has executed a deed of exchange with its parent company and sponsor, Filinvest Land, Inc. (FLI), for the transfer of ownership of Festival Mall in Alabang, Muntinlupa City.

The two companies executed the memorandum of agreement and the deed of exchange on March 5 as part of a P6.26-billion property-for-share swap transaction, FILRT said in a regulatory filing on Thursday.

Under the transaction, FILRT will issue 1.63 billion shares at P3.85 each to FLI in exchange for the ownership of the 121,862-square-meter (sq.m.) main mall of Festival Mall. The addition of Festival Mall will increase FILRT’s total gross leasable area by 37% to 452,310 sq.m.

The deal expands FILRT’s portfolio into the retail mall segment. Previously, its portfolio consisted of 17 office buildings and 2.9 hectares of land leased to the owner and operator of Crimson Resort & Spa Boracay.

Following the addition of Festival Mall, FILRT’s portfolio mix will comprise 67% offices, 6% hospitality, and 27% retail.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you hope to see improvements or expansion projects at Festival Mall now that it has a new owner? Do you think FILRT will come up with new office buildings in close proximity to Festival Mall within the next ten 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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What to watch on YouTube right now – Part 62

March 14, 2025March 10, 2025carlocarrasco

I recommend you check out the following topics and the related videos I found.

#1 VKunia reacts to The Terminator – The first time I ever saw The Terminator was on home video way back in the mid-1980s. I could not forget how the film blended elements of action, detective story, film noir, horror and science fiction together smoothly. Recently I viewed VKunia’s own reaction video about the 1984 movie and it was entertaining to watch as she felt its impact. I encourage you to watch her reaction video.

#2 Oblivion tested across multiple Xbox game consoles – Recently, I started replaying the 2006 fantasy role-playing game (RPG) The Elder Scrolls IV: Oblivion on my Xbox Series X console via Xbox Game Pass (XGP). But before doing that, I saw YouTuber Ramnexus’ video of Oblivion which he tested on Xbox 360 up to the more modern Xbox consoles. His video is loaded in-depth technical analysis and explanations which I really enjoyed watching.

#3 You, Me and the Movies react to Furiosa: A Mad Max Saga – If there was anything odd about Furiosa: A Mad Max Saga, it was the fact that it was actually made and released so long after Mad Max: Fury Road’s impact faded away. Directed by George Miller, the 2024 movie starring Anya Taylor-Joy was actually entertaining given its status as a spin-off and prequel, but I never felt any urge to replay it. If you want to discover what the movie is about without having to spend too much of your precious time, I encourage you to watch the reaction video by You, Me and the Movies below.

#4 The struggle of ramen restaurants in Japan – If you have been traveling overseas over the past five years, where you able to visit Japan and eat inside a ramen restaurant? Ramen restaurants there have been struggling with unfavorable economic factors and there is a growing number of them closing down. Watch and learn from the video below.

#5 Oliver Harper examines The Terminator video games – Believe it or not, there were several video games based on The Terminator that got released in the early 1990s. I myself never got to play any of them but thanks to the Internet and YouTubers who had the resources, several videos about the Terminator games have been uploaded on YouTube in the forms of longplays, retro reviews, reactions and more. Oliver Harper’s own video conveniently examines all the Terminator games and it is a fascinating retro gaming viewing experience.

#6 Basic Instinct trivia by Minty Comedic Arts – Remember how controversial Basic Instinct was when it was first released in cinemas in 1992? It was controversial for its intense approach on violence and sexuality under the direction of Paul Verhoeven, and also for the notorious short scene of Sharon Stone crossing her legs. Not only that, mobs of homosexuals protested the film and some of them even harassed people who bought tickets to see it. Recently, Minty Comedic Arts posted a trivia video about Basic Instinct which you should see.

#7 Avalanche examined by GoodBadFlicks – In the history of cinema, the 1970s was the decade that saw a slew of disaster movies from Hollywood studios. It was typical for a Hollywood disaster flick to have a large cast of actors playing different characters who are struggling with the disaster. In 1978, Avalanche was released and it was produced by low budget movie king Roger Corman. As the film was not successful, it became forgotten until GoodBadFlicks made a video about it. It’s a must-see for anyone who loves disaster films and the 1970s.

#8 Ashleigh Burton reacts to X-Men: First Class – Back in 2011, I saw X-Men: First Class inside one of the old and original cinemas of Festival Mall here in the Philippines. The film was entertaining and cleverly done but back then, I did not find the new actors who played Charles Xavier, Magneto and Mystique convincing (note: they proved themselves worthy of their roles in X-Men: Days of Future Past in 2014). At the same time, the movie was a soft reboot and a prequel together. Some people really enjoyed while others not so much. Regardless, I encourage you to watch Ashleigh Burton’s X-Men: First Class reaction video below.

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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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Opening of DFA-NCR South Consular Office inside Festival Mall commended by Muntinlupa Mayor

February 23, 2025February 18, 2025carlocarrasco

Recently in the progressive City of Muntinlupa, the permanent Consular of the Department of Foreign Affairs (DFA) was formally opened inside Festival Mall in Filinvest City, Alabang, and it was commended by Mayor Ruffy Biazon as the facility’s many services will be helpful for the local residents and those from other cities, 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…

Muntinlupa Mayor Ruffy Biazon commended the opening of the permanent Consular Office of the Department of Foreign Affairs (DFA) at Festival Mall in Alabang.

Biazon attended the opening of the DFA Consular Office National Capital Region-South located at the third floor of the mall’s east wing.

Also present during the opening ceremony were Ambassador Joseph Yap, DFA Office of Consular Affairs Assistant Secretary Adelio Angelito Cruz, and Filinvest Land president and CEO Tristan Las Marias.

“Available dito ang primary services tulad ng document verification and authentication at passport issuance, among others. Spacious, bright, at convenient din ang bagong office—hindi lang para sa Muntinlupeños kundi pati sa ating mga kababayan from nearby cities and provinces (Primary services such as document verification and authentication and passport issuance, among others, are available here. The new office is spacious, bright, and convenient—not only for Muntinlupeños but also for our countrymen from nearby cities and provinces),” the mayor posted on Facebook.

Biazon said, “this office is more than just a facility. It’s a gateway of dreams para sa lahat ng Pilipinong nagnanais makabisita, makapag-aral, o makapagtrabaho sa ibang bansa (It’s a gateway of dreams for all Filipinos who wish to visit, study, or work abroad).”

Cruz said the DFA-NCR South Consular Office will serve “as the mini-OCA Aseana and DFA outpost.”

He said the Alabang office will provide “consular services that cover first time passport applications, passport renewals, authentication, and Assistance-to-Nationals (ATN).”

The first passport applicant at the DFA-NCR South office was a 67-year-old man who applied for his very first Philippine passport. He said he applied for a passport so he can visit his child in California.

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 upcoming STI Academic Center Alabang will make a positive impact on local society as well as on families looking for schools to have their children enrolled in?

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

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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