DoubleDragon sees P5-B income in 6 yrs

 Economy
Apr 142014
 

MANILA, Philippines – Newly-listed DoubleDragon Properties Corp. of Mang Inasal founder Edgar “Injap” Sia II and Jollibee Foods owner Tony Tan Caktiong is targeting to hit the P5-billion income mark in six years.

The strong profit growth will be driven by the CityMall community malls, its top executive said yesterday.

“With all the DoubleDragon projects in the pipeline executed, DoubleDragon aims to reach P1 billion net income level by 2016,” Sia said in an e-mail.

He added that the company’s earnings will reach P4.8 billion by 2020.

In 2013, DoubleDragon’s net income jumped 32 percent to P126.63 million from P92.48 million, almost entirely coming from residential sales.

DoubleDragon aims to reach one million square meters (sqm) of total leasable space portfolio by 2020, of which 700,000 sqm is expected to come from the planned 100 CityMall community malls, mostly in the Visayas and Mindanao.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1

In a disclosure yesterday, the property company said it has firmed up the initial foray of its community malls unit into Mindanao.

DoubleDragon said its subsidiary CityMall Commercial Centes Inc. (CMCCI) signed an investment and shareholders agreement with Galleria Zamboanga Inc. (GZI).

The deal facilitates “the construction of two CityMall community malls in different prime locations in Zamboanga City” in the second quarter, DoubleDragon said.

Under the agreement, CMCCI and GZI will form joint venture company Prime DDG Commercial Centers Inc. to serve as the corporate vehicle for the ownership of the CityMalls in Zamboanga City.

GZI will contribute a one-hectare prime property in Tetuan, Zamboanga and 1.4 hectare prime commercial property in Guiwan, Zamboanga as equity in Prime DDG.

The Guiwan property is right beside the public market while the Tetuan lot is right in the middle of a highly-populated residential area.

Prime DDG will be 70 percent owned by CMCCI and the remaining 30 percent will be owned by GZI. Management of Prime DDG remains with CMCCI, DoubleDragon said.

GZI is owned and controlled by the Zamboanga-based Lim family. It is the firm behind Southway Square Mall and Shop-O-Rama Department Store, which is in operation in the downtown area of Zamboanga City for over three decades.

DoubleDragon will complete five CityMalls this year. It will also acquire sites for the next 25 community malls that require an investment of around P275 million each.

In February, mall and banking conglomerate SM Investments Corp. acquired 34 percent of CMCCI while DoubleDragon retained a 66-percent stake and management control DoubleDragon was initially created as Injap Land Corp. as the real estate arm of Injap Investments Inc. in 2009.

In July 2012, it was renamed DoubleDragon as it became a 50-50 joint venture between Injap Investments Honeystar Holdings Corp. of Tan Caktiong.

Govt provided P189.5M to Zambo City crisis victims — Valte

 News
Oct 262013
 
Govt provided P189.5M to Zambo City crisis victims — Valte

The government has so far provided some P189.52 million in assistance to residents of Zamboanga City affected by the fighting between government and Moro National Liberation Front forces last September, Malacañang said Saturday. Deputy presidential spokesperson Abigail Valte said the government will continue addressing the needs of the affected families. A Palace statement quoted her as saying the P189,520,762 includes food assistance, non-food items, financial assistance for transportation, medical costs or expenses, burial, and cash-for-work programs. On the other hand, she said the Department of Social Welfare and Development still provides psychosocial and critical incident stress debriefing to those affected. She added DSWD also set up special Day Care Centers and Child and Women-Friendly Spaces in the evacuation centers, including Supervised Neighborhood Play to ease the children’s anxiety. For its part, the Department of Public Works and Highways is conducting clearing operations in areas affected by the fighting. The Palace said the government is readying P3.9 billion in funds to speed up rehabilitation and reconstruction, and has drafted a rehabilitation plan which takes into account the relocation, housing, shelter, livelihood, and other assistance for those affected. — LBG, GMA News

Organization of Islamic Cooperation offers to help in ending Zamboanga City crisis

 News
Sep 152013
 
Organization of Islamic Cooperation offers to help in ending Zamboanga City crisis

FILE PHOTO ILIGAN CITY, Philippines – The Organization of Islamic Cooperation (OIC) has offered to mediate in ending the standoff in Zamboanga City between Philippine government troops and forces loyal to Moro National Liberation Front (MNLF) founder Nur Misuari. The standoff entered its seventh day Sunday. “The OIC stands ready to offer all possible assistance to ease the tension and resume the peace process,” read a statement attributed to OIC Secretary-General Ekmeleddin Ihsanoglu. The OIC news release on the Zamboanga siege was posted on its website Saturday. “The Secretary General of the Organisation of Islamic Cooperation (OIC) is deeply disturbed by the reported resumption of violence that occurred in the city of Zamboanga and other places in Mindanao in Southern Philippines. He condemned the loss of innocent lives and called for calm and maximum restraint to avoid further bloodshed and to allow peaceful resolution to these incidents,” the news release stated. “The OIC strongly rejects all unlawful acts and expresses its deep concern at the shortcomings that occurred in the peace process which led to the resumption of violence and unlawful acts,” it added. The pan-Islamic body, the largest international organization outside of the United Nations, has played a key role in bringing peace in Mindanao since the 1970s. It brokered the negotiations between the Philippine government and the MNLF that led to the landmark 1976 Tripoli Agreement of Peace. This same pact was spelled out in details in the 1996 Final Peace Agreement (FPA). The negotiations for that peace Read More …

DTI mulls price freeze over Zamboanga City

 Economy
Sep 102013
 
DTI mulls price freeze over Zamboanga City

MANILA, Philippines – The Department of Trade of Industry (DTI) is studying the possibility of imposing a price freeze in Zamboanga City amid the ongoing standoff between government troops and members of the Moro National Liberation Front (MNLF). DTI Provincial Director Rolando Acuña said the state agency has fielded a team to check on the prices of basic and prime commodities in the area. Basic commodities include fish, rice, sugar, meat and canned goods while prime commodities include fruits, flour, toiletry and soap, among others. Acuña said once in place, the price freeze would return the cost of basic commodities to their prices a month ago. Acuña said most businesses in the city remained close for the second day on Tuesday after fighting broke out between soldiers and the MNLF. He called on businessmen to not take advantage of the situation, and said he is coordinating with the city’s business group to convince establishments to open their shops.

Flights to and from Zamboanga City still suspended

 Economy
Sep 092013
 
Flights to and from Zamboanga City still suspended

MANILA, Philippines – All commercial flights to and from Zamboanga remain suspended on Tuesday due to the ongoing conflict between government troops and members of the Moro National Liberation Front (MNLF), the Civil Aviation Authority of the Philippines (CAAP) said. “Yung aming Notice to Airmen (NOTAM) ay hanggang alas-9 lang sana kagabi (Monday night) pero ang aming information from the Armed Forces, sa intelligence unit nila, and aming sariling intelligence people, ine-extend po namin ang suspension hanggang alas-9 ng gabi ngayong araw na ito (Tuesday),” said CAAP Deputy Director General Rodante Joya. About 10 flights will be affected for the second day of the travel suspension. On Monday, 10 flights were also canceled, stranding 1,500 passengers. Cargo planes are also covered by the suspension, Joya said. Zamboanga City Mayor Maria Isabelle Climaco appealed to CAAP to lift the suspension as it is affecting commerce in the city, but Joya said there were reports of stray bullets reaching the airport’s runway. The airport is about 3 to 4 kilometers away from the conflict area. Classes in all levels and work are also suspended for the day. The conflict broke out on Monday as MNLF forces reportedly ask for the recognition of Bangsamoro Republik, an unrecognized government declared independent last month by its leader Nur Misuari. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 At least four were reported killed while 14 were injured according to the city government. About 170 more were kept hostage by the group.

20 hurt as portion of wooden arena in Zamboanga City collapses

 News
Jul 142013
 
20 hurt as portion of wooden arena in Zamboanga City collapses

By Julie S. AlipalaInquirer Mindanao 5:12 pm | Sunday, July 14th, 2013 ZAMBOANGA CITY, Philippines – At least 20 persons were hurt when a portion of the Gallera de Ayala here gave way during a derby on Saturday night. Senior Superintendent Jose Chiquito Malayo, the city police chief, said 19 were slightly hurt while another suffered a fractured bone in the left leg. Malayo said a portion of the left wing of the wooden arena collapsed. Lawyer Cesar Jimenez, owner of the Gallera de Ayala, said the 10-year old arena was renovated in April before it was leased out to a new management. “It’s an accident and we allow the police to do the investigation,” Jimenez said. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines. Tags: accidents , collapse , Features , Gallera de Ayala , Regions Factual errors? Contact the Philippine Daily Inquirer’s day desk. Believe this article violates journalistic ethics? Contact the Inquirer’s Reader’s Advocate. Or write The Readers’ Advocate:

Coal seen as main energy source in Mindanao by 2018

 Economy
Jun 222013
 
Coal seen as main energy source in Mindanao by 2018

MANILA, Philippines – The Mindanao Development Authority (MinDa) said the island’s main source of energy would come from coal by 2018 as it stressed that diversifying sources would help address the power crunch in the island. In a recent presentation at the Department of Energy, MinDa director for investment promotions and public affairs Romeo Montegro said next to coal, renewable energy and oil would also become major sources of power in the island. This is necessary to meet the growing demand for power and attract existing and new players, he said. “Ensuring sufficient and reliable power supply for Mindanao is particularly crucial to attract more investments to achieve broad-based growth and long-term sustainable development,” Montero said. Data from MinDA showed that by 2018, coal will account for 56 percent of the energy mix in the region, while renewable energy and oil will account for 30 percent and 14 percent, respectively. Committed projects in Mindanao include the 15-megawatt (mw) bunker-fired peaking plant of EEI Power Corp. in Davao del Norte, the 300-MW coal plant of Therma South Energy Inc. and Energy Development Corp.’s 50-MW Mindanao 3 geothermal plant. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Indicative power projects, on the other hand, include the 100-MW San Ramon coal plant in Zamboanga City, 20-MW biomass plant of FDC Utilities Inc. in Davao del Norte and 1,200-MW coal plant of San Miguel Corp. Montenegro said that while coal will be the major source of power in the region, renewable energy, particularly Read More …

Yanks told: Don’t you go to far Zamboanga

 News
May 292013
 
Yanks told: Don’t you go to far Zamboanga

By Inquirer Mindanao, Julie S. Alipala, Tarra QuismundoPhilippine Daily Inquirer 4:48 am | Thursday, May 30th, 2013 ZAMBOANGA CITY, Philippines—The United States Embassy on Wednesday warned US citizens against traveling to the Zamboanga Peninsula, saying it had moved its personnel already in the area to a secure location amid a “credible” kidnap-for-ransom threat against foreigners. The emergency message was posted on the embassy website Wednesday, the same day that US Ambassador Harry Thomas was in Zamboanga City to launch three major five-year programs of the United States Agency for International Development (USAID). “The embassy advises all American citizens residing in or planning to travel to the Zamboanga area to reevaluate their personal safety situation and consider postponing travel to this area at this time,” it said. But there was no mention of any threat during the US envoy’s visit here on Wednesday. Mayor Celso Lobregat, who had breakfast with Thomas, said the ambassador did not say anything about the US Embassy warning. “Nothing was mentioned about the advisory,” Lobregat said. Senior Supt. Edwin de Ocampo, city police chief, was also surprised by the advisory. “Their ambassador was just here,” De Ocampo said. Thomas, however, canceled his scheduled trips to the military’s Western Mindanao Command headquarters here and to Jolo, Sulu. The ambassador, who alternated between limping and sitting on a wheelchair, said he suffered a “slip while dancing.” He left for Manila at noon. In Zamboanga City, he visited the Ateneo de Zamboanga and the Garden Orchid Hotel. The embassy Read More …

MILF: We will not revive sultanates

 Entertainment
Feb 252013
 
MILF: We will not revive sultanates

Sajahatra Bangsamoro Program: Peace Dividends of the Framework Agreement on the Bangsamoro (FAB) beneficiaries listens to the speech of President Benigno S. Aquino III during the Ceremonial Launch at the Bangsamoro Leadership and Management Institute (BLMI) in Barangay Salimbao, Sultan Kudarat, Maguindanao on Monday (February 11, 2013). (MNS photo) MANILA (Mabuhay) — The Moro Islamic Liberation Front (MILF) is not keen on reviving sultanates once the Bangsamoro political entity is established. MILF’s website Luwaran quoted MILF committee on information deputy chairman Khaled Musa as saying: “We want to preserve it, but we will not revive it.” Some 200 Filipinos, who claimed to be followers of Crown Prince Rajah Mudah Agbimuddin Kiram, entered Sabah last week. Their intentions were unclear at the beginning, until Sultan Jamalul Kiram III said a royal decree was issued ordering his men to go there and establish anew their claim on Sabah. He said they have been alienated by the peace deal between the MILF and the government. Khaled denied this, saying Kiram’s group has been contacted regarding the peace deal. “We have reached out to you as we did to other groups in Mindanao on the subject of resolving the conflict in Mindanao. We did this on several occasions particularly when the MILF peace panel had a sortie in Zamboanga City more than a year ago.” Khaled said the MILF will not stand in the way if the sultanates would want to revive their political systems. “The sultanate is part of Moro history and heritage Read More …