Lucio Co’s PBCom backs Philrealty’s upscale residential project in BGC with P3.8 billion loan

Philippine Realty and Holdings Corp. (Philrealty), led by businessman Gerardo Lanuza, has secured a P3.8-billion loan from bilyonaryo Lucio Co’s Philippine Bank of Communications (PBCom) to fund the development of its upscale residential condominium project in Bonifacio Global City.

According to a regulatory filing, the loan has a five-year term and will be used by Philrealty to partially finance the construction of the company’s CASA UNICO project.

The CASA UNICO project is a 40-storey upscale residential condominium located in the Bonifacio South District in Taguig City.

On top of the P3.8 billion loan, PBCom has also approved the renewal of Philrealty’s loan lines amounting to P610 million to finance the company’s working capital requirements and for general corporate purposes.

The loan lines are subject to the bank’s single borrower’s limit and will expire on December 31, 2024.

Philrealty is the developer of The Alexandra and the Philippine Stock Exchange Centre.

Southeast Asia banks on aviation boom

Major airport expansion projects are taking off across Thailand, Cambodia and Vietnam, and a new airline is set to launch next year — all banking on an expected boom in air travel in Southeast Asia, fuelled by Chinese and Indian tourists.

Magnitude 5.7 quake shakes Philippine capital

A magnitude 5.7 earthquake shook the Philippine capital Manila on Tuesday, the US Geological Survey said, sending people rushing out of buildings and briefly halting train services in the city.