COMMUNITIES Philippines, a member of the Villar-owned Vista Land & Lifescapes, is spending P7 billion over the next two years to fund 15 property projects outside Metro Manila.

In a statement issued Thursday, company president Benjamarie Serrano said the projects will be situated in 11 provinces, including Bulacan, Ilocos Norte, Cebu, Pampanga and Batangas.

“The new projects will double Vista Land’s reach from the current 10 areas to at least 21 areas by 2008,” she said.

Vista Land has launched 17 projects over the last three years or an average of more than five projects a year.

Communities Philippines’ regional development efforts, per se, started in Cebu in 1991, followed by Cagayan de Oro in 1993.

In 1996, the company extended its presence by making its initial investment in Pangasinan in Northern Luzon. In the same year, it established its presence in the island province of Leyte in Eastern Visayas.

On Monday, Vista Land listed its shares by way of introduction at the Philippine Stock Exchange (PSE).

Listing by way of introduction only involves the listing and trading of a company’s shares at the bourse but not necessarily selling these stocks to the public.

Eventually, though, the direction of the company is to sell its shares to both domestic and foreign markets.

“Proceeds of the public offering would be used by the company to rapidly expand its operations and strengthen its market position,” it said.

Vista Land combines the expertise of Brittany Corp. C&P Homes, Crown Asia and Communities Philippines, making it one of the largest homebuilders in the country offering various horizontal residential products across all income segments.

The company has an extensive land bank available for future development—1,434 hectares of raw land, of which approximately 1,185 hectares were acquired directly and about 249 hectares under joint-venture agreements with land owners.

In another development, SM Investments Corp., one of the Philippines’ largest conglomerates, broke ground on its latest built-to-suit project in Makati City.

Called SM Makati Cyberzone, the four-story building is due for completion in the second quarter of 2008 and will house eTelecare Global Solutions Inc. SM Makati Cyberzone will have a gross floor area of 18,700 square meters.

THE Philippine banking industry will continue to see a wave of mergers and acquisitions as local banks deal with the new risk-based capital adequacy requirements called for by regulatory authorities.

RFM Corp. will list its property arm Philippine Townships Inc. (Philtown) at the Philippine Stock Exchange by the first quarter next year in order to focus on its food and beverage business.

COMMUNITIES Philippines, a member of the Villar-owned Vista Land & Lifescapes, is spending P7 billion over the next two years to fund 15 property projects outside Metro Manila.

The World Bank approved Wednesday $62 million worth of funding for two projects that aim to determine policy changes regarding water pollution and wastewater management as well as environment and natural resources protection.

AFTER the government’s pronouncement that it will form a team that will study the use of nuclear power, Tokyo Electric Power Co. Inc. (Tepco) has expressed willingness to assist the Philippine government.

THE Energy Regulatory Commission (ERC) has assured the National Transmission Corp. (Transco) that it has lined up to approve the 10 pending subtransmission assets contract the latter sold to electric cooperatives.