5 YGC car dealerships closing

MANILA, Philippines — The Yuchengco Group will shut down five car dealerships as part of a streamlining process of its car dealership business, a move that comes amid a challenging business environment brought about by the negative impact of the coronavirus disease 2019 or COVID-19 pandemic.

In a disclosure to the Philippine Stock Exchange Monday, Yuchengco-owned House of Investments said it would close five car dealerships. These are Honda Fairview, Honda Marikina, Honda Marcos Highway, Isuzu Greenhills and Honda Kalookan.

The move is part of efforts to streamline the business of House of Investments, particularly car operations.

HOI said it arrived the decision after carefully studying the situation and its car business organization in general.

“In an effort to streamline the car dealership business operations of the House of Investments Inc., the company conducted a careful and thorough assessment of its car business organization, dealerships and the needed manpower, machines and processes,” HOI said.

It said that as a result of its assessment, it has decided to implement business measures that will ensure over all greater efficiency particularly the closure of the five car dealerships effective today, June 2.

It would also implement a redundancy program as a result of its assessment of its car business organization.

HOI is one of the four major flagship corporations of the Yuchengco Group of Companies (YGC).

The company’s core business focus is organized into four segments, namely: car dealership, construction, education and project and property management. Its portfolio investments are in pharmaceuticals, energy, afterlife services, and consumer finance.

It owns and operates car dealerships under the Honda and Isuzu brands. With the closure of the five dealerships, it is now left with Honda dealerships in Quezon Avenue, Manila, and one service center in Tandang Sora and Isuzu dealerships are in Manila, Commonwealth, and Leyte.

The company owns a majority stake in EEI Corp., one of the largest Philippine construction and general contracting firms having domestic and international operations spanning from Asia to the Kingdom of Saudi Arabia. HOI also owns a majority stake in iPeople Inc., which owns the Malayan Education System Inc. under the name of Mapúa University.

It also owns Landev Corp., which is primarily engaged in property management and project management for the YGC and provides comprehensive security services to leading installations through its subsidiary, Greyhounds Security and Investigation Agency Corp.