By JAMES A. LOYOLA
Metro Pacific Investments Corporation (MPIC) is again venturing into the real estate business starting with a ₱1.6-billion investment agreement with hotel management and development firm Dusit International of Thailand.
In a disclosure to the Philippine Stock Exchange, MPIC said the partners will develop and manage jointly hospitality and residential properties in the Philippines.
Starting this year, MPIC and Dusit will focus on the development of two hotels and three condominiums at sites long held by MPIC in Batangas, as well as upgrading Dusit’s existing properties in the Philippines.
MPIC’s new real estate, hospitality, and tourism subsidiary Metro Vantage Properties, Inc. (MVPI) will lead the design, development, marketing and sales of the real estate properties, while Dusit Thani Philippines will oversee the hospitality and tourism side of the business.
“We hope to play a significant role in changing the landscape of this thriving industry in the Philippines through our partnership with Dusit International, a company with over seven decades of experience in bringing hospitality all over the world,” said MPIC Chairman Manuel V. Pangilinan.
Dusit International Group Chief Executive Officer Suphajee Suthumpun said: “We will seek to develop additional sites over time as demand grows for tourism and travel in the country.”
He added that, “This partnership comes at an ideal time as the tourism industry in the Philippines continues to expand. This is an opportunity for us to demonstrate our expertise in bringing distinct Thai hospitality and MPIC’s place in the Philippine market to deliver unique hotel experiences fulfilling the needs of our guests.”
Pangilinan noted that, “MPIC’s fundamental goal is to seek investment opportunities that create value for our stakeholders and contribute to the inclusive and sustainable development of our country. With this endeavor, we will support the tourism industry by developing thoughtfully designed properties offering unique leisure experiences to travelers.”
The Investment Agreement, which takes into consideration currently restricted travel patterns, is subject to certain specific performance conditions precedent, including the approval of the Philippine Competition Commission.