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PHA to raise up to P500 million to build West Palawan property

In line with its strategic focus on infrastructure and tourism this year, Premiere Horizon Alliance Corp. (PHA) aims to raise between P300 million and P500 million to fasttrack the development of the master-planned property of West Palawan Premiere Development Corp. (WPP), the company’s tourism subsidiary. 

PHA’s first foray into the fast-growing tourism sector is an ecotourism township on the emerging West Palawan corridor that brings together pristine mountain and seaside leisure offerings that integrate residential enclaves and vibrant retail centers in an ecologically sustainable way.

Also, WPP purchased an additional five-hectare beachfront property in Palawan province’s Nagtabon Beach, 40 minutes away from the Puerto Princesa International Airport, which is expected to open next month. A tourism development plan for the area is underway.

The final terms of a five-year redeemable cumulative preferred shares offer of WPP amounting to P300 million to P500 million is being completed.

The funds will be used to speed up development and value creation for the first phase of the project, which consists of Nagtabon Beach and North Cove pods totaling more than 60 hectares; road-access development; acquisition of permits; and an awareness campaign.

Also in the works is the development plan for the commercial retail areas, installation of floating docks, acquisition of water-sports facilities, mobilization of boat rides, cove-hopping, island-diving, and water sports to maximize access to the township’s vast nautical-highway feature.

Part of the funds will also be used to complete regulatory permits, as well as file for tourism-estate zone accreditation with the Tourism Infrastructure and Enterprise Zone Authority (Tieza) or the Philippine Economic Zone Authority (Peza).

“PHA’s investment in WPP is a strategic move that’s consistent with our thrust to invigorate the countryside as we continue to (boost) our investment portfolio,” said Augusto Serafica Jr., president and CEO of PHA.

The project is seen to further revitalize Palawan as a world-renowned tourist destination. As master-planned by the United States-based architectural firm Aecom, the project aims to be on par with some of the world’s finest next-generation mountain and seaside communities.

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