With burning issues in the political arena that seem to polarize the nation, the news about the Philippines successfully exiting the Financial Action Task Force’s (FATF) grey list is indeed a breath of fresh air. Finally, after being on the watchdog’s grey list since June 2021, the country is finally seeing the fruits of the government’s efforts.
This milestone is not just a testament to the considerable progress made in improving our anti-money laundering and counter-terrorism financing (AML/CTF) measures, but it also brings a wave of optimism amid the heat of the mid-term elections and other pressing national concerns. The country’s strengthened financial integrity will undoubtedly boost investor confidence and contribute to national stability.
The Securities and Exchange Commission (SEC) has pledged to continue implementing reforms to sustain the gains achieved and ensure the Philippines remains off the grey list for many years to come. These reforms, such as the launch this year of Project Hierarchical Applicable Relations and Beneficial Ownership Registry (Project HARBOR), a registry of beneficial ownership information that will be easily accessible to other partner agencies through the execution of data-sharing agreements; are essential for maintaining regulatory transparency and compliance with global standards.
Some of the key players poised to benefit from this positive development are companies and corporations seeking foreign investments, additional capital, or new partnerships. Buoyed by the expected enhanced investor confidence, Italpinas Development Corporation (IDC) is confidently pursuing its expansion and forging new business partnerships.
Last February 28, we submitted a Disclosure to the SEC, informing them of IDC’s five new Joint Venture agreements for innovative real estate projects across the Philippines (subject to studies and permitting). These projects reflect the company’s commitment to sustainable modern living and contemporary Italian design, catering to the rapidly growing regions of the country.
Among the new projects, Parco Leonardo stands out. Located in Mexico, Pampanga, it is set to be a premier mixed-use residential and commercial community featuring lush green spaces and state-of-the-art amenities. To be undertaken by IDC Homes a wholly-owned subsidiary of IDC, it promises a serene and sophisticated lifestyle inspired by the elegant simplicity of Italian design.
Another notable project is Miramare Residences on the paradise island of Boracay. This seaside development will boast stunning views and modern architecture, providing a perfect retreat for those seeking both comfort and connection to nature. As a branded condotel and collection of branded residences, the Miramare Residences will cater to those desiring sustainable living in one of the world’s most famous island gems. It will be developed by IDC Prime, which is also a wholly-owned subsidiary of IDC.
In Puerto Princesa City, Palawan, IDC Homes will develop Verona Princesa on a 2,000 sqm lot in Bancao-Bancao. This urban oasis will combine city living with the island’s vibrant energy, featuring condominium living and commercial areas that foster community and sustainable living.
The Verona Puerto, which is also located in Puerto Princesa City, will offer a seamless blend of modern and functional design with tradition. This mixed-use development on a 5,400 square meter lot, which will be developed by IDC Homes, will feature retail spaces and walk-up condominiums, providing excellent value and elegant architecture.
Lastly, Verona Costa Verde to be built by IDC Homes in Tiniguiban, Puerto Princesa City, will highlight IDC’s design philosophy, emphasizing harmony between built and natural environments. With thoughtfully designed living spaces, sustainable building practices, and amenities, the project will promote well-being and environmental stewardship.
Italpinas’ new joint ventures not only enhance the urban landscape but also contribute to the overall economic development of their respective regions. These projects are a testament to the demand for quality living spaces and elegant Italian design at all price points.
Before I close this piece, I would like to take this opportunity to correct an inaccurate report in another newspaper regarding the acquisition of shares from Edil-Impresa Inc., a construction contractor working on several of our development projects.
Contrary to the article’s suggestion that individuals within Italpinas are personally acquiring shares, it is, in fact, IDC that is purchasing the 25,000 shares from Edil-Impresa with a par value of P100 each, for a total consideration of P2.5 million. This transaction is aimed at making the contractor a wholly owned subsidiary of IDC.
As the parent company, IDC is taking control of the subsidiary shares by purchasing them from us (myself, IDC President Atty. Jojo Leviste, and several others). The accurate ownership structure, as disclosed, should reflect this corporate transaction rather than a personal acquisition.
The current shareholding of Edil-Impresa is a result of the incorporation procedure undergone. The purchase will be executed through a Deed of Assignment of Shares from the relevant shareholders to IDC, thereby realizing the company’s intent for Edil-Impresa to be a fully consolidated subsidiary.
