Teresita Sy-Coson sits down with her five siblings for lunch every Tuesday to plot the direction of the Philippines’ largest family-run conglomerate. The sessions start at 11 and invariably spill over the allotted two hours, says Sy-Coson, 63, chairman of BDO Unibank Inc. and the eldest child of Henry Sy, the country’s richest man.
Megaworld Corp., the Philippine builder controlled by billionaire Andrew Tan, plans to spend at least $5 billion in the next decade to develop properties for the nation’s expanding outsource services industry.
Ayala Land Inc. will develop tourism complexes and hospitals as one of the Philippines’ biggest builders expands beyond housing, malls and offices to boost profit that rose to a record. Shares rose to a four-month high.
The Philippine central bank is set to introduce a residential property-price index in the first half of the year as it intensifies monitoring of asset-bubble risks, Deputy Governor Diwa Guinigundo said.
Ayala Land Inc., the biggest Philippine developer, said it will be difficult to meet the Nov. 4 bid deadline for a Manila reclamation project after its request to extend the cut-off date by two months was rejected.
Ayala Land Inc. Chairman Fernando Zobel de Ayala, Philippine Secretary of Trade and Industry Gregory Domingo and “Miss Saigon” star Lea Salonga were among VIPs who prowled a Manila parking garage this week at a preview of Art Fair Philippines.