AboitizLand expands Cebu foothold

MANILA, Philippines — AboitizLand, the property arm of Cebu-based conglomerate Aboitiz Equity Ventures, aims to expand its foothold in Cebu with five ongoing residential projects.

The company is optimistic residential sales will pick up in 2019, thanks to increased construction progress and the soon to be launched phases at Amoa, a 60-hectare mid-market residential development in Compostela, Cebu.

Other subsidiaries of Aboitiz Equity Ventures Inc. likewise expect a strong year as they continue to expand their respective businesses.

Privately-held construction arm Aboitiz Construction Inc. and its international arm Aboitiz Construction International Inc. are also expanding reach with projects lined up across the country.

These include AboitizLand’s The Outlets in Lipa in Batangas, a storage facility in Subic, a power plant in Sarangani, a petrochemical plant in Bataan, and fabrication works for North American and Australian companies, among others.

This year, the company expanded into the transmission and logistics markets after bagging negotiated contracts from LiMA EnerZone and MetroPacific Movers, respectively.

It cited the need for 4,000 more workers to meet job orders and contracted projects in the next three to five years for local and international undertakings, adding to the more than 6,000 workers hired last year.

For the banking business, CitySavings will venture into bancassurance with Insular Life.

Under parent UnionBank’s Digital Transformation Roadmap-Transformation C+, CitySavings will also begin offering motorcycle loans and loans for pensioners, seafarers, and overseas Filipino workers.

CitySavings will also improve operational efficiencies of acquired rural banks, and leverage on alternative credit scoring models through partnerships.

The thrift bank also expects to further expand its mass market reach via a purchase agreement with Batangas-based Bangko Kabayan.

AEV has major investments in power, banking and financial services, food, infrastructure and land.