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VisMin Market Intelligence: July 1, 2019

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CLI PLANS TO LAUNCH PROJECTS IN BOHOL, ILOILO

NEWS

Cebu Landmasters Inc. (CLI) is expanding its footprint in Visayas and Mindanao thru the development of new projects in Bohol and Iloilo. The company said it is also planning to acquire parcels of land in the cities of Ormoc, Roxas, and General Santos. It has also lined up projects in Cagayan de Oro and Mandaue City. The company said its is setting aside P13 billion for its projects this year. At present, CLI has projects in Cebu, Dumaguete, Bacolod, Cagayan de Oro, and Davao.

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RESEARCH VIEW

OFW remittances are a major driver of residential demand in the country. House and lot (H&L) projects in key areas outside of Metro Manila have been benefitting from the continued inflow of remittances from Filipinos working abroad. Seafarers and nurses from Iloilo, for instance, contribute to higher residential take up in the province. Data from the central bank reveal that remittances from January to April reached USD10.8 billion, which should sustain residential demand for the remainder of the year. The strong macroeconomic fundamentals entice developers to expand residential footprint across the country. Colliers expects developers to continue acquiring parcels of land in second- and third-tier cities across the Philippines.

MORE CEBU FIRMS GO CASHLESS

NEWS

PayMaya is expanding its footprint in Cebu by including more members to its cashless ecosystem. Among the electronic payments company’s newest members are Bo’s Coffee, Zubuchon, Gaisano Brothers Merchandising, Cebu Belmont, Allegiant Regional Care (ARC) Hospital, Maayo Medical Clinic, RDAK Global Motors, Lite Shipping, Motor Ace Philippines, and Honda Motor World. The firms are now able to accept Visa and Mastercard payments in-store and online. PayMaya said it is helping the Philippine central bank raise the volume of online transactions in the country.

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RESEARCH VIEW

Metro Cebu is one of the largest retail hubs outside of Metro Manila. Mall operators in Cebu have been partnering with online shopping and payment platforms to capture the opportunities brought about by a thriving e-commerce segment. Moving forward, Colliers expects other online payment platforms to expand presence in Cebu. In our opinion, these online payment schemes are likely to complement brick-and-mortar malls. We see a more pronounced brick-to-click partnership moving forward especially with the 259,000 sq m (2.8 million sq ft) of new retail supply we see being delivered from 2019 to 2021 in key integrated communities across Metro Cebu.

XIEMEN AIR TO SERVE CEBU-CHENGDU ROUTE

NEWS

Xiamen Air said it is starting its direct service to Chengdu from Cebu by end-June. The airline will have Cebu-Chengdu flights thrice every week. Louie Ferrer, GMR Megawide Cebu Airport Corp. (GMCAC) president, said the firm is optimistic with Xiamen Air’s newest direct service as Chengdu is one of China’s busiest cities. Bruce Gong, Xiamen Air Cebu station manager, said the new service is in line with the airline’s plan to open more routes between the Philippines and China. The company added that Cebu and Chengdu are major tourist markets in Asia.

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RESEARCH VIEW

Colliers believes that Cebu is likely to become a more attractive destination following the expansion of Mactan-Cebu International Airport. The opening of the new terminal should result in the mounting of more direct flights to Cebu. The influx of more foreign tourists should have a positive impact on Metro Cebu’s leisure, residential, and retail sectors. Colliers believes that aside from the arrival of more local and foreign tourists, the demand for more leisure investments such as hotels and serviced residences should be fuelled by Cebu’s thriving outsourcing and industrial sectors. Medical tourism is another bright spot for the island-province's hospitality segment. This should be propped up by visitors from China, one of the countries with the largest aging population.

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Related Experts

Joey Bondoc

Associate Director

Research

Manila

Prior to joining Colliers in March 2016, Joey worked as a Research Manager for a research and consutancy firm where he handled business, political, and macroeconomic analysis. He took part in a number of consultancy projects with multilateral agencies and provided research support and policy recommendations to key government officials and top executives of MNCs in the Philippines.

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