Razon ties up with Panlilios for resort development

MANILA, Philippines — Tycoon Enrique Razon and the Panlilio Group are developing a world-class resort in Cavite with emphasis on eco-tourism and sustainability.

In a disclosure yesterday, Panlilio-led Boulevard Holdings Inc. said proponents of the resort comprise another Panlilio-led company JP Guilds Inc., which leads the minority consortium of private land holding owners while the major private partner is Razon.

As part of its participation in the resort, BHI will provide an additional 30 hectares or 300,000 square meters out of its Cavite landbank. This is on top of the 27 hectares BHI earlier committed to the project. This brings its total land contribution to 57 hectares, which will come from its land bank in the province of Cavite.

This was in response to the request by JP Guilds to make available the additional land parcels of 300,000 square meters for BHI to expand its involvement in the investment consortium behind the resort project.

“The finalization of the agreement is still subject for review and consideration by the investing parties,” BHI said.

BHI’s additional land contribution provides “magnificent views of Manila Bay and South China Sea,” the company said.

The company’s current 27 hectares that form the resort site are now under inspection and due diligence for eventual closing by Razon, BHI said.

BHI earlier re-approved the increase of authorized capital stock to 14.4 billion shares from 12 billion previously

“The main purpose of this exercise is to pay in shares the more than P200 million in cash advances by JP Guilds to BHI in the last three years especially during the pandemic in 2020, thus lowering to the beneficial effect of BHI’s books, its deposits for future stock subscription under non-current liabilities,” it said.

BHI’s subsidiaries are Friday’s Holdings Inc. (FHI), Fridays Puerto Galera and Crown One Land.