• IMF warns of conglomerate’s default


    Gokongwei already sold more than 300 million of his shares in an attempt to enter the Casino market but failed. Between October 2009 when I got in as a US licensed realtor, and mid 2012, RLC ramped up their pricing lists by nearly 8% a quarter. If this is not a bubble build-up, I don’t know what is not. In the last 4 years, I observed the new completed and “sold out” constructions at night time as nearly all are sparingly lighted through the night telling me that the buildings were hardly occupied at all or the interiors were never really done. Published stats also show that in Makati alone, some 600,000 square meters of office space remain available and the top rung property developers have a fair share of these empty buildings which have been used as collaterals many times over and leveraged to generate capitals for other big ticket projects involving the RPG. About time, these warnings from lending institutions are heeded, or PH will be left holding the bag again. Sammy’63.
    Andres R Samson


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