Latest news with #Makati
Yahoo
3 days ago
- Business
- Yahoo
Philippines' first Canopy by Hilton to open in 2026
Hospitality giant Hilton and Ayala Land Hospitality have disclosed the signing of a new Canopy by Hilton hotel in Metro Manila, Philippines, set to open in 2026. The hotel will be part of the One Ayala development in Makati and aims to offer a locally connected experience in the country's economic and cultural hub. Known for its locally inspired hospitality, Canopy by Hilton is expanding its global presence with more than 40 hotels across 14 countries and territories and an additional 40 in development. Hilton Southeast Asia development vice-president Maria Ariizumi said: 'Introducing our Canopy brand to the Philippines is a significant milestone, especially in such a vibrant junction in the heart of Makati. 'Metro Manila is ripe for a fresh perspective on hospitality, and we believe Canopy's lifestyle approach will resonate with both local and international guests. This launch also marks the beginning of a meaningful partnership with Ayala Land Hospitality, who are passionate stewards of the Canopy vision.' The 24-storey hotel will offer 400 rooms and suites designed to reflect Manila's cultural scene. This property will also feature a destination restaurant, a rooftop bar with views of the skyline, a hidden speakeasy, a pool deck, a gym, and meeting spaces. Ayala Land Hospitality president and CEO George Aquino said: 'We're thrilled to team up with Hilton to bring Canopy's vibrant spirit to Manila. 'It's not just about adding rooms—it's about creating stays that spark curiosity and celebrate Filipino creativity. This exciting collaboration brings us closer to our goal of shaping the Philippines into a must-visit destination, one unforgettable stay at a time.' With a portfolio that includes 24 brands, Hilton operates more than 8,800 properties and around 1.3 million rooms in 139 countries and territories. The company's expansion in Southeast Asia continues, with the announcement in June 2024 of 11 new properties across Thailand, Vietnam, and Indonesia. "Philippines' first Canopy by Hilton to open in 2026" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Condé Nast Traveler
05-07-2025
- Business
- Condé Nast Traveler
The Best Places to Eat, Drink and Shop in Manila, According to Chef Jordy Navarra
Pairing coffee and cocktails is the latest trend in Makati, Navarra says. He touts spots in Legazpi Village like Curator Coffee & Cocktails, a café that at night transitions into a bar often helmed by guest mixologists from cities including New York, Singapore, and Seoul, and Ito, which offers prix fixe 'drinking sessions' featuring espresso-based concoctions, matcha, and nonalcoholic tipples along with snack pairings. 'I work with the same farmers as they do,' Navarra says of Ito, 'so I enjoy seeing the same produce we use at Toyo come to life in cocktails.' Shop smart Navarra shops right in The Alley at Karrivin, the Makati building complex that houses his restaurant. Aphro sells locally made stoneware, ceramics, and textiles, while the galleries Artinformal and the Drawing Room focus on Filipino artists. Eco-friendly Ritual stocks heritage goods, skin-care products, and books. 'I visit them whenever I can,' Navarra says. He also suggests the designs of Carl Jan Cruz, who created Toyo's uniforms: 'His showroom in nearby Taguig has everyday wear as well as special pieces.' This article appeared in the July/August 2025 issue of Condé Nast Traveler. Subscribe to the magazine here.
Forbes
04-07-2025
- Business
- Forbes
Philippine Construction-To-Mining Tycoon Isidro Consunji Takes On Concrete Challenge
T he 2024 annual report of Philippine construction-and-mining giant DMCI Holdings has an arresting AI-designed cover depicting a stack of grey concrete blocks, geometrically arranged in the form of a futuristic building site. The company says the visual represents its 'solid foundation and enduring strength' as well as its 'long term vision.' But the image could well be a nod to the new challenge that DMCI chairman and president Isidro Co n sunji has taken upon himself. Last December, the 102-billion-peso ($1.8 billion revenue) company completed its biggest acquisition to date, paying $660 million (including debt) for Mexican giant Cemex's loss-making cement unit in the Philippines. This deal, which marked Cemex's exit from the country after more than a quarter of a century, paved the way for DMCI's entry into a sector that the company had been eyeing for years. For Consunji, cement was the missing piece in the company's portfolio of infrastructure assets, which, apart from the family's legacy construction business, includes mining, energy, water and property development. The 76-year-old tycoon, who's notched a respectable track record of reviving ailing businesses, exudes confidence. 'We hope to turn it around within two to three years,' he says from DMCI's headquarters in a modest five-story building on the edge of Makati's business district. A Concreat cement plant. Courtesy of DMCI Holdings The Cemex unit is among the top five cement producers in the country with two factories and an annual production capacity of 7.2 million tons. (This was recently expanded from 5.7 million tons.) It's up against deep-pocketed competitors, such as Holcim Philippines, Eagle Cement, a subsidiary of billionaire Ramon Ang's San Miguel, and Republic Cement, owned by the wealthy Aboitiz family. Declining sales and rising energy costs pushed it into the red three years ago, a trend that has continued since, including in the first quarter of 2025 when it reported a net loss of 868 million pesos. Consunji says his game plan to make the unit more efficient and eventually profitable includes leveraging synergies with group companies. For example, as part of DMCI, the unit can procure coal and electricity on better terms from group companies and in turn, DMCI's housing and infrastructure projects will be customers for its cement. Elaborating on his positive outlook, Consunji points to the imminent benefits of scale from the recent capacity upgrade by the company, now renamed Concreat Holdings Philippines—a play on his family name and 'create.' The addition of a new production line was started by Cemex but was completed in April this year under DMCI's watch. 'The outlook for the cement sector is not rosy, mainly due to dumping from China and Vietnam.' Concreat's capacity expansion may appear mistimed with the current supply glut in the Philippines. Cheap imports have flooded the market, clobbering cement prices. Domestic factories are operating on average at just over half of their installed capacity, according to the Concrete Manufacturers Association of the Philippines. Some factories have been forced to temporarily shut down. John Gatmaytan, chairman of Manila's Luna Securities, says, 'The outlook for the cement sector is not rosy, mainly due to dumping from China and Vietnam.' However, Consunji says he's looking ahead and positioning Concreat for upcoming opportunities. According to DMCI, the per-capita consumption of cement in the Philippines is 304 kilograms, less than half of that in Vietnam. He expects cement demand to get a boost from the government's Build Better More program that targets increased outlays on infrastructure projects, such as the 33-kilometer Metro Manila subway estimated to cost 489 billion pesos. Total government spending on infrastructure is projected by the Department of Finance to at least double to 2 trillion pesos by 2028, from 1 trillion pesos this year. 'DMCI will be one of the major beneficiaries of the government's plan to boost infrastructure spending,' says George Ching, senior research manager at COL Financial. The Manila-based brokerage has a buy rating for DMCI and a 12-month share price target of 13.60 pesos, 22% above its June 27 closing price of 11.18 pesos. Consunji is also counting on increased cement offtake by property arm DMCI Homes, which along with other developers, is looking to address the country's housing shortage, notably in provincial areas where demand is still robust compared with Metro Manila. The country will have an estimated housing backlog of 10 million homes by 2028, up from 6.5 million in 2024, according to a forecast by the Department of Human Settlement and Urban Development, the central housing authority. For the past two years, DMCI has been buffeted by the cyclical nature of the commodities business. Both revenue and net profit have declined by double digits mainly due to weaker coal, nickel and electricity prices. The company reported a 17% drop in revenue and a 23% fall in net profit for 2024, with both slumping by a similar range in 2023. Mixed Bag DMCI's key mining business shored up 2024 earnings. Source: DMCI Holdings Consunji has navigated rough terrain before. Through it all, he's preserved his family's place among the country's wealthiest, which his late father and DMCI founder David Consunji had secured in his lifetime. Consunji Sr. joined the ranks of the Philippines' richest in 2007 with a modest fortune of $210 million. Five years later, he became a billionaire, a status he held until his death in 2017. The patriarch's fortune was divided among his eight children and is now listed under Isidro Consunji, who's the eldest son and represents the family's net worth of $3.4 billion, which puts them at No. 5 on the 2024 list of Philippines' 50 richest. (Neither Consunji nor his siblings are individual billionaires.) Consunji admits that as a young man, he had no desire to follow in his father's footsteps. He enrolled for an economics degree at Ateneo de Manila University, which at the time was an all-boys' institution. But he soon opted to transfer to civil engineering studies at University of the Philippines, a co-educational college that was his father's alma mater. What drew him wasn't the course but the chance to hang out with girls, he says candidly. 'I told my father that I had changed my mind. He didn't ask why. He was happy since that is what he wanted.' During a semester break, Consunji started working in DMCI's motor pool, overseeing the rentals of trucks and cranes. His job included doing the rounds of the city's Chinatown district and sundry junkyards to buy spare parts. In 1971, the newly qualified civil engineer was dispatched by his father to Mindanao, an island in the south, to help with reviving a problematic logging business, which took him two years to fix. (Today, the family owns durian orchards in the area through its privately owned Dacon Holdings.) To prepare himself for bigger responsibilities, Consunji took a two-year sabbatical for M.B.A. studies at Manila's Asian Institute of Management, then went back to work with his father. Within three years, he spotted his first acquisition target, a logging company in financial distress. He took management control by acquiring shares against the cost of supplying heavy machinery, enlisting a business school classmate to assist him in turning it around. Backed by his father, he bought two more struggling lumber firms before returning to Manila to help manage the family's construction business. DMCI's coal mine on the remote island of Semirara in the central Philippine province of Antique. Courtesy of DMCI Holdings B y 1995, when the family was ready to list holding outfit DMCI Holdings, Consunji had earned his stripes and was promoted to the position of president. Along with his father, he oversaw the sale of a 34% equity stake in an IPO that that raised 3.5 billion pesos. Diversification was one of their top priorities and to fund that they tapped the public markets again two years later with an issue of preference shares that garnered 2.3 billion pesos. The capital raising proved to be well-timed. The Asian financial crisis that soon followed provided DMCI an opportunity to acquire distressed businesses. The company bought a 40% stake in cash-strapped coal producer Semirara Mining, named after the remote island in the province of Antique where its mines were located. By 2004, DMCI's golden jubilee year, Semirara was on a stable footing and DMCI increased its stake to 95%.'It took us all of seven years to turn around the company,' recalls Consunji. 'We were learning. It was trial and error.' One major cost-saving move involved switching from the continuous, open-pit coal extraction method that deployed expensive 'bucket-wheel' excavators to the more conventional but less environment-friendly system of using trucks and shovels. A commodities boom and exports to China turned Semirara into a cash cow for DMCI; today, the company accounts for 97% of the country's total domestic production of coal. Last year, despite weaker coal prices that dented earnings, it contributed more than half of DMCI's net profit of 19 billion pesos. King Coal The Philippines continues to rely on fossil fuels to meet rising electricity demand, with the use of coal for power generation more than quadrupling since 2000. Source: Philippine Department of Energy The company was renamed Semirara Mining and Power in 2009 after it acquired an unprofitable coal-fired power plant operation in Calaca, Batangas Province, from the government for $362 million. With a capacity of 600 megawatts (MW), the plant was badly maintained and grossly underutilised, producing only 160MW of power. Consunji undertook an extensive upgradation, costing 9.9 billion pesos over about 15 months, that involved installing new turbines to crank up power production, which now stands at 540MW. 'The operational side wasn't that difficult,' Consunji discloses. 'It was changing the culture that was challenging. People had no profit-and-loss responsibility when it was government-owned. We had to reorient their thinking: you have to make money for each activity you do, there must be value-added.' 'Electricity prices would shoot up if we completely transition to renewable energy sources. We still need fossil fuels.' Over the years, Semirara's mining and power operations have faced criticism from the green lobby for their adverse environmental impact. Following the 300MW expansion of the Calaca power complex in 2016, activists protested about the pollution in the area. 'We understand the environmental concerns associated with coal,' DMCI says. The company says it planted 2.8 million trees over nearly 700 hectares around the coal mines. While acknowledging the government's efforts to boost renewable energy, Consunji says he doesn't foresee demand for conventional power reducing anytime soon. 'Electricity prices would shoot up if we completely transition to renewable energy sources,' he avers. 'We still need fossil fuels.' Semirara is now reviving plans to build a 700MW coal-fired plant inside the Calaca power complex, which would be its single biggest power-generating faciilty and cost $1.4 billion. The project was shelved in 2019 in the wake of regulatory changes and delays in the construction of additional capacity by the state-owned transmission company. DMCI initiated a 291-billion-pesos five-year plan through 2027 for its coal operations that includes the development of a new mine (adjacent to its operating mine) and boosting coal production to 20 million tons from 16 million tons. Semirara Island's reserves are estimated to be depleted within 12 to 15 years based on latest studies. M eanwhile, the outlook for DMCI's property business is somewhat cloudy due to oversupply of urban housing. In Metro Manila, there are as many as 70,000 unsold condos, according to property consultant Colliers Philippines. Consunji is optimistic that DMCI Homes' inventory of about 2,800 units in the city (as of end-March), will be sold within 18 months, helped by a rent-to-own program to make them more accessible 'There are plenty of buyers who can afford the monthly payments but don't have enough cash for the down payment,' he says. DMCI Homes' seven upcoming residential projects with over 3,000 units are mostly located outside Metro Manila. They include Moriyama Nature Park, a Japanese onsen-inspired project of 'resort homes' covering a 40-hectare expanse in Laguna, a province south of Manila known for its hot springs. Consunji at a residential project by DMCI Homes. Courtesy of DMCI Holdings Betting on sustained demand from makers of batteries for electric vehicles, DMCI is also building a $1.5 billion high-pressure acid leaching nickel processing plant with an annual production capacity of 60,000 metric tonnes. DMCI's partner in the project is Nickel Asia, owned by the Zamora family. 'Hopefully, the glut in nickel supply would have eased by the time the plant is ready in three years,' Consunji says. He also foresees increasing profit contributions from Maynilad Water Services, a joint venture with Metro Pacific Investments, backed by Indonesian billionaire Anthoni Salim and Japanese investment giant Marubeni, which supplies water to over 10 million people in western Metro Manila. The utility has been steadily increasing its contribution to DMCI's bottom line. Maynilad Water's net profit rose nearly 60% to 3.3 billion pesos in 2024, or about 17% of DMCI's total net profit, compared with nearly 9% the previous year. Maynilad is now gearing up for an October IPO to raise 38.6 billion pesos to substantially upgrade its facilities. 'There are still many things that can be done to improve Maynilad but it's constrained by red tape in getting local government permits to replace old pipes and install new ones,' according to Consunji. More than a decade ago, Consunji stepped back from day-to-day management, handing over operational charge to various family members and professional executives. His cousin Herbert, DMCI's chief financial officer, now has dual responsibility as Concreat's president and CEO. Consunji's sister Cristina has been running Semirara since 2019 as president and CEO, while his brother Jorge runs the construction side overseeing bids for government infrastructure contracts. Two other sisters, Edwina Laperal and Luz Consuelo Consunji are executive directors. The third generation has also entered the scene. Consunji's nephew Tulsidas Reyes is president of DMCI Mining while Alexander Gotianun (the son of Cristina and Jonathan Gotianun, a scion of the family behind Filinvest Development) is in charge of special projects at Concreat. Consunji's son Victor, who's also a civil engineer, is developing his own boutique housing projects outside DMCI. So far, Consunji says there's been no formal discussion about succession and he's agnostic about whether the next chairman is a family member or a professional. Consunji tries to draw on lessons he gleaned from his father, who he says wasn't dictatorial and encouraged people to collaborate. His dictum: 'No one among us is as good as all of us.' David Consunji COURTESY OF DMCI HOLDINGS Construction Pioneer B orn in a family of farmers, David Consunji (d. 2017) started out as a concrete inspector during the post-war rebuilding effort in the Philippines. He had studied civil engineering at the University of the Philippines and his fascination with construction later propelled him to become an independent contractor. He set up D.M. Consunji in 1954 with a second-hand cement mixer, a pickup truck and a few foremen. At first, he undertook small construction jobs for friends then secured bigger contracts. The firm went on to build some of the country's most notable structures, from the Cultural Center of the Philippines overlooking Manila Bay to the Shrine of Valor (with a 95-meter-tall cross) in Bataan Province. D.M. Consunji was also involved in the construction of the Sultan of Brunei's palace, with close to 1,800 rooms and a banquet hall big enough to seat 5,000 people. After six decades as chairman, he ceded the position to his son Isidro in 2014, though he retained his links to DMCI as chairman emeritus. He was posthumously named grandfather of the country's construction industry by the Construction Industry Authority of the Philippines, a government agency. —I.S. and J.B. MORE FROM FORBES Forbes Philippine Developers Turn Cautiously Optimistic Amid Metro Manila Condominium Supply Glut By Ian Sayson Forbes Consunji Family's Semirara Plans $5 Billion Coal Mine Expansion By Ian Sayson Forbes Billionaire Consunji Family To Inject $177 Million Into Philippines' DMCI By Ian Sayson
Forbes
01-07-2025
- Business
- Forbes
Ayala Land Buys Philippine Hotel From Cash-Strapped New World
The 578-room New World hotel in the Makati business district. Ayala Land—controlled by tycoon Jaime Zobel de Ayala and his family—has acquired Hong Kong-listed New World Development's hotel in the heart of the Makati business district as the Philippine developer expands its hospitality footprint amid a tourism boom. The 578-room New World Hotel Makati will be operated by Ayala Land's hospitality and resort unit, the builder, a unit of the Zobel de Ayala family's Ayala Corp., said in a statement without disclosing the transaction's amount. The sale coincides with the announcement that New World Development, controlled by the family of billionaire Henry Cheng, has concluded a HK$88.2 billion ($11.2 billion) debt refinancing deal, providing a reprieve to the cash-strapped builder. New World opened its sole hotel in the country in 1994 on land leased from Ayala Land. The acquisition of New World Makati bolsters the presence of Ayala Land in the Makati financial district, in which the developer has initiated major upgrading projects, including the redevelopment of its oldest retail complex. Many of the group's prime properties including hotels, upscale shopping malls and office buildings are in Makati. 'This move reflects our continued focus on offering a cohesive and high-quality guest experience across key locations,' said George Aquino, CEO and President Ayala Land Hospitality. 'The addition of New World Hotel Makati complements our existing portfolio and reinforces our commitment to serving evolving customer needs in one of the country's most dynamic cities.' Ayala Land said in March that it will spend $500 million to almost double its hotel rooms to 7,500 by 2030 to ride the nation's tourism boom. The builder, which then said that it had 4,000 hotel rooms, will reinvest in flagship hospitality properties, modernize its Seda business hotels and upgrade its El Nido Resorts in the idyllic Palawan islands while building new hotels and resorts. With a net worth of $2.6 billion, the Zobel de Ayala family is among the wealthiest in the country. From a distillery founded by the grandfather of Jaime Zobel de Ayala in 1834, Ayala Corp., the oldest Philippine conglomerate, has expanded into banking, real estate, healthcare, schools, telecommunications and energy. Cheng and his family had $19.5 billion in net worth when Forbes Asia published Hong Kong's rich list in February. Aside from New World Development, the family holds a controlling interest in Chow Tai Fook Jewellery Group.
Arab News
28-06-2025
- Business
- Arab News
Philippines' financial center taps tourism department to become halal hub
MANILA: Philippine business leaders in Makati City are collaborating with the Department of Tourism to make the country's financial center an all-encompassing halal hub for both trade and tourism, the head of the Philippine Chamber of Commerce and Industry's Makati chapter said on Saturday. Makati City in Metro Manila is popularly known as the Philippines' central business district, hosting the highest concentration of banks and corporations in the country, as well as foreign embassies. For the last few years, the predominantly Catholic Philippines — where Muslims constitute about 10 percent of the nearly 120 million population — has been working to raise 230 billion pesos ($4 billion) in investments and generate around 120,000 jobs by expanding its domestic halal industry by 2028. The DoT signed on Friday a memorandum of agreement with PCCI Makati to pool efforts and encourage the implementation of halal standards across hotels and restaurants in the city, as part of an effort to attract Muslim tourists. 'The memorandum signed yesterday with DoT is really to encourage the local establishments in Makati City to participate or embrace the halal standards,' PCCI Makati President Nunnatus Cortez told Arab News. 'These are the initial steps to turn the city into a halal hub; that's the main objective.' PCCI Makati has been a leading figure in efforts to make the city a halal hub. Friday's agreement follows a memorandum of understanding the chamber signed last year with the Department of Trade and Industry, which sought to position the city as a central point for innovation and business in the halal sector. 'Halal, after all, is now a way of life. From the DoT's point of view, this is how we complete the loop — the entire ecosystem required to support both halal trade and tourism,' Cortez said. Earlier this month the Philippines was recognized as a rising Muslim-friendly destination at the Halal in Travel Global Summit, after having achieved a similar feat in previous years. The country's halal drive has included efforts to cater to Muslim tourists, by ensuring they have access to halal products and services. Cortez believes Makati City is at an advantage to boost halal travel as it is the location of many foreign missions, including that of Muslim nations. 'Almost all Muslim embassies are in Makati. We know that foreign delegates, embassy staff, and even their citizens often visit here — and Makati is usually their starting point,' he said. 'What we're doing now is trying to capture the attention of all Muslim embassies. If their VIPs or citizens come to Makati and make it their base for activities, then everything else will follow.' He believes that efforts to turn Makati into a halal hub will have a ripple effect across the archipelago nation, as the city is widely perceived as a trendsetter for other regions in the Philippines. He added: 'If we can begin by making places like malls and hotels halal-compliant, that would already be a meaningful first step. We believe that whatever Makati does, other cities will follow its lead. That's our mindset.'
