DEL ROSARIO-LED conglomerate PHINMA Corp. plans to begin development of its maiden community housing project in Davao City within the year.
“PHINMA Community Housing will break ground on its first housing project in Davao by the fourth quarter of this year,” PHINMA President and Chief Operating Officer Chito B. Salazar said during the company’s virtual annual stockholders’ meeting on Thursday.
In a previous regulatory filing, PHINMA said the Davao community housing project will have 530 units. The company is also eyeing Bacolod City as the second site for its community housing initiative.
PHINMA Chairman and Chief Executive Officer (CEO) Ramon R. Del Rosario, Jr. said during the meeting that the community housing projects aim to establish workers’ villages and communities.
“This is a fundamental need with an estimated backlog of over 6.5 million homes,” he said.
In March, the company’s board approved a P250-million investment in PHINMA Community Housing to finance capital expenditures, land acquisition, and other working capital requirements.
PHINMA Community Housing President and CEO Jose Luis M. Oquinena said during the meeting that the projects will include daycare centers and support home-based enterprises tailored to the needs of low-income Filipino families.
“This builds the foundation on community life, being able to support each other and looking at what will support the lifestyle and needs of low-income Filipino families,” he said.
Meanwhile, Mr. Salazar said the first phase of the 21-hectare Saludad township in Bacolod City is expected to go live by yearend.
Launched in October last year, Saludad will integrate residential enclaves, commercial hubs, educational institutions, hospitality components, and retail areas.
Mr. Salazar also said PHINMA Hospitality, Inc. will soon break ground on its second TRYP by Wyndham hotel within the Saludad township, while it is also expanding its Microtel by Wyndham Mall of Asia to accommo-date more local and foreign travelers.
He added that construction is ongoing for another TRYP by Wyndham hotel on Samal Island, marking the company’s entry into the condotel segment.
PHINMA Hospitality currently operates 14 Microtel by Wyndham hotels and one TRYP by Wyndham hotel in the Philippines.
In the first quarter, PHINMA recorded a 27% increase in consolidated net income to P562.62 million, as consolidated revenues rose by 21% to P6.6 billion on the back of stronger sales across its business units.
PHINMA shares were unchanged at P18 apiece on Thursday. — Revin Mikhael D. Ochave
