Philippine Business Today

Korean-Filipino company is investing $ 48 million for the redevelopment of Subic’s 18-hole golf course into an all-weather championship fairways and to provide full-blown country club amenities in the Freeport.

Benjamin John Defensor, president and chief executive officer of Hanafil Golf & Tour, Inc., said the firm’s multi-million development commitments include putting up additional nine holes, constructing a hotel and some villas, and improving the driving range at the Subic Bay Golf and Country Club.

Defensor said the project is scheduled for completion within six years as the redevelopment would be done in phases following requests by club members to keep open the existing golf course while additional holes are being constructed.

Ten banks affiliated with the Legacy group of companies have increased their combined capital from P.250 billion to P1.95 billion or an increase of P1.7 billion as of June 2008.

With 35 branches nationwide, the Legacy-affiliated banks are Rural Bank of Parañaque, Rural Bank of San Jose (Batangas), Rural Bank of Carmen (Cebu), Rural Bank of Calatagan (Batangas) otherwise known as Dynamic Rural Bank, Rural Bank of DARBCI, Rural Bank of Kananga (Leyte) otherwise known as First Interstate Bank, Rural Bank of Minglanilla otherwise known as Rural Bank of East Asia, Philippine Countryside Rural Bank, Pilipino Rural Bank and San Pablo City Rural Bank.

MANILA, Philippines—The Department of Agriculture (DA) has asked for immediate release of the P4 billion President Gloria Macapagal-Arroyo has promised to earmark for projects related to improving farm production.

In her State of the Nation Address in July, the President had said that her administration would allocate P4 billion out of its income from Malampaya Natural Gas Project for the farm sector.

The DA coursed its request through the Department of Finance (DoF).