Monday, June 02, 2008 [ manilatimes.net ]
PHILIPPINE Investment-Management Inc. (Phinma) said it will put up more economy hotels and low-cost houses as it shifted away from manufacturing.
Magdaleno Albarracin, Phinma vice chairman, said the group is expanding its property development in the next two to five years.
Albarracin said it will establish an economy hotel in Cabanatuan, Nueva Ecija which will cater to local and foreign travelers and business people.
“Microtel is not a money making business right now but we’re looking forward five years down the line,” he said on the sidelines of the Asian Institute of Management’s Entrepreneurship Forum.
The Board of Investments recently approved Microtel’s plan to establish a 50-room hotel in Cabanatuan. The project to be known as Microtel Inn and Suites Cabanatuan will cost P94.4 million.
Albarracin said the group has about 8 economy hotels and will put up 20 in the next five years.
“It caters to business people like marketing and sales,” he said.
Phinma plans to put up economy hotels in Cagayan de Oro, Dagupan and Laoag.
The company has 30-square meter low-cost housing projects in Mindanao and Commonwealth avenues.
Albarracin said the demand for low-cost houses is still strong despite slower economic growth.
Besides low cost housing, Phinma is into power and oil exploration, steel roofing, financial services, business process outsourcing and education.
Albarracin said Phinma is looking to buy three more colleges, possibly in Iloilo, Baguio, Dagupan, Cebu or Naga.
He said the company considers education and low-cost houses as profitable businesses.
Previously, Phinma was into cement and paper manufacturing, oil refining and distribution, sugar and coconut plantations, shrimp farming, and mangoes and vegetable exports. - Maricel E. Burgonio
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