Wednesday, April 23, 2008 [ philstar.com ]
US industrial giant General Electric (GE) said it plans more new investments in the Philippines and boost its presence in Southeast Asia.
“There is a lot of potential in investments in the Philippines where GE can and will be involved in,” Colin Low, GE president for Singapore, Philippines and Cambodia, said yesterday.
GE has entered into an agreement with leading property developer Ayala Land Inc. to introduce “green” or environment-friendly technologies for ALI’s 1,700-hectare “ecopolis” development in Laguna.
“It will involve and benefit all our businesses in the Philippines and our entire Southeast Asia operations,” he said.
The financial requirements of the project will also involve its thrift and savings bank subsidiary GE Money Bank, ranging from corporate to mortgage lending.
Low said that the project is sustainable for GE as it will involve energy-efficient appliances, lighting and lighting fixtures, water process technologies, advanced building design and real-time energy management systems.
ALI president and chief executive officer Jaime I. Ayala, meanwhile, said the project, called Nuvali, will combine the latest green building technology with sustainable urban planning, architecture and construction practices.
He said Nuvali will be the benchmark for future property developments most of which will be located south of Metro Manila. It is also the first time GE entered into such an undertaking.
“It could serve as GE’s inspiration for the rest of Southeast Asia,” Low added.
GE is also interested in the mining sector as well as in business process outsourcing (BPO). It presently has its operations in Alabang, Muntinlupa manned by 450 personnel and expected to expand to 800 by yearend.
GE is also responsible for all the plane engines of the country’s principal carriers including Philippine Airlines (PAL) and Cebu Pacific.
“We furnish 100 percent all the plane engines of PAL and Cebu Pacific, including maintenance services,” Low revealed.
Last year, GE’s operations in Southeast Asia resulted in profits of $3 billion. It is looking to double this or surpass the $7-billion mark this year.
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