Payback time

Article Abstract:

Doubts are beginning to surround a major Philippine property deal. Music industry tycoon Ramon Jacinto paid $140 million for an 8,000-square-meter plot in Manila in Sep 1996. The deal boosted property prices at the time, but, over a year after the deal, there has been no development, and analysts believe that Jacinto could become a casualty of a downturn in the Philippine economy. Jacinto has met all interest payments to date, despite increasing costs due to a 30% peso devaluation, and maintains that development will go ahead, but he is also facing legal problems.

Real Estate, Real Estate and Rental and Leasing, Economic aspects, Behavior, Property acquisition, Jacinto, Ramon

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Taking its toll: political storm threatens key road project

Article Abstract:

The Benpres group's contract to upgrade the North Luzon Expressway and link Manila to the rest of Luzon recently attracted strong criticism from media and politicians in the Philippines. The agreement effectively gives Benpres the state's control of the highway for 30 years, including extensive related issues such as placement of ramps, that affect land values. President Fidel Ramos took a direct hand in awarding the contract, rather than sending the project out for competitive bids. Completion will take several years.

Highways & Streets Constructn, Highway and Street Construction, Political activity, Road construction, Contracts, Ramos, Fidel Valdez, Benpres Holdings Corp.

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