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SM starts environment study for Bay area reclamation project

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By Madelaine B. Miraflor

SMPH SERIES G BONDS DUE 2024 MARKS THE 100TH LISTING IN THE PDEX - SM Prime Holdings, Inc. (SMPH), one of the leading integrated property companies in Southeast Asia, returned to the PDEx organized secondary market a fourth time on May 18, 2017 to list its latest offering of P 20 billion SMPH Series G Fixed Bonds Due 2024. SM Prime President Jeffrey C. Lim led the ringing of the ceremonial bell to herald the start of trading of the SMPH Series G Bonds Due 2024 in the PDEx bourse– the second tranche of SM Prime’s Shelf Registration of P60 billion.  In the photo (from left) are: First Metro Investment Corp. President Rabboni Arjonillo, BDO Capital & Investment Corp. President Eduardo Francisco, Philippine Depository & Trust Corp. President and COO Ma. Theresa Ravalo, SM Investments Corporation (SMIC) Senior Vice President – Treasury Marcelo Fernando, Jr., SMIC President Frederic Dy-Buncio, SM Prime Holdings, Inc. (SMPH) Chief Finance Officer John Ong, SMPH Director Hans Sy, SMPH President Jeffrey Lim, PDS Group President and CEO Cesar Crisol, PNB Capital & Investment Corporation President Gerry Valenciano, SB Capital Investment Corp. President Noel Dayrit, China Bank Capital Corporation Managing Director Virgilio Chua, and BPI Capital Corporation Senior Vice President Rhoda A. Huang.

SMPH SERIES G BONDS DUE 2024 MARKS THE 100TH LISTING IN THE PDEX – SM Prime Holdings, Inc. (SMPH), one of the leading integrated property companies in Southeast Asia, returned to the PDEx organized secondary market a fourth time on May 18, 2017 to list its latest offering of P 20 billion SMPH Series G Fixed Bonds Due 2024. SM Prime President Jeffrey C. Lim led the ringing of the ceremonial bell to herald the start of trading of the SMPH Series G Bonds Due 2024 in the PDEx bourse– the second tranche of SM Prime’s Shelf Registration of P60 billion. In the photo (from left) are: First Metro Investment Corp. President Rabboni Arjonillo, BDO Capital & Investment Corp. President Eduardo Francisco, Philippine Depository & Trust Corp. President and COO Ma. Theresa Ravalo, SM Investments Corporation (SMIC) Senior Vice President – Treasury Marcelo Fernando, Jr., SMIC President Frederic Dy-Buncio, SM Prime Holdings, Inc. (SMPH) Chief Finance Officer John Ong, SMPH Director Hans Sy, SMPH President Jeffrey Lim, PDS Group President and CEO Cesar Crisol, PNB Capital & Investment Corporation President Gerry Valenciano, SB Capital Investment Corp. President Noel Dayrit, China Bank Capital Corporation Managing Director Virgilio Chua, and BPI Capital Corporation Senior Vice President Rhoda A. Huang.

SM Prime Holdings, Inc. is now in the process of satisfying all the requirements of the Philippine Reclamation Authority (PRA), including an environmental study, to get approval for its massive land reclamation project in Manila Bay.

For instance, SM Prime is currently drafting an environmental study on its plan to reclaim 660 hectares of land in Manila Bay covering areas of Parañaque and Pasay.

PRA General Manager and Chief Executive Officer Janilo Rubiato told Business Bulletin that SM Prime is now working on a set of environmental studies in order to comply with government requirements.

“I think they are doing the detailed engineering and preparing the environmental studies. But in so far as the (approval), there’s no update yet,” Rubiato said.

“What they’re doing now is whatever is available that they can submit to PRA they submit it one by one,” he added.

When sought for additional details, Corazon Guidote, SM Investments Corp. (SMIC) senior vice president for investor relations, confirmed that the study is “being done in compliance with PRA’s requirements for approval”.

In 2013, the Pasay City government agreed to tie-up with SM group for the proposed multi-billion reclamation project covering 360 hectares of Manila Bay. Then in 2014, it bagged a separate contract to reclaim 300 hectares of area in Parañaque City.

SM Group is planning to merge the Pasay and Parañaque reclamation projects into one massive development, setting aside a combined investment budget of more than P100 billion for this specific venture.

The company is expecting to secure all regulatory approvals for this project this year.

SM Prime hired United States-based engineering and architectural firm Aecom for this project.

In April, it was reported that SM Prime, the leading integrated real estate company in the country, will be investing at least P50 billion yearly over the next two years to support its expansion program.

During the first three months of the year, the company saw its profit going up by 13 percent to P6.6 billion, compared to the P5.8 billion it had in the first quarter of 2016.

According to the company, the improvement was brought about by the 12-percent growth in its consolidated revenues, which reached P20.5 billion in the first quarter of the year from P18.2 billion in the same period last year.

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  • Anna Mae Junio

    how will this reclamation project affect the bayfront views of Okada, Solaire, ASEANA, & the whole PAGCOR entertainment area?

  • Polo Algo

    What could have been the Environmental cost of this project if it pushes through?

  • Wilson Vert

    I think the government and the filipino people will oppose to this project. Because it might have big impact with the environment since metro manila is getting flooded during rainy seasons. Given that SM has a money but they have to keep in mind that they cannot fool the people coz they are smarter than them. We are talking about the environment impact and sustainability here, if I were you just forget this project and move on because it will be only in drawing board. In your dreams SM.