Premiere Horizon to raise up to Php500 M for tourism foray

• Source: http://www.pna.gov.ph/index.php?nid=&rid=957567
• Tuesday, March 28, 2017

(PNA), LESLIE D. VENZON

MANILA (PNA) -- Listed Premiere Horizon Alliance Corp. (PHA) is raising up to Php500-million funding to foray into the fast-growing tourism sector.

The company will fast track the development of the master planned property of West Palawan Premiere Development Corp. (WPP), the company’s tourism subsidiary.

The project is located along the emerging West Palawan corridor.

“PHA’s investment in WPP is a strategic move consistent with our thrust to invigorate the countryside as we continue to hike up our investment portfolio,” said President and Chief Executive Officer Augusto Serafica, Jr.

The final terms of a five-year redeemable cumulative preferred shares offer of WPP amounting to Php300 million to Php500 million are being finalized.

Funding will be used to accelerate development and value creation for the first phase of the project, consisting of the Nagtabon Beach and North Cove pods totaling over 60 hectares, road access development, permits acquisition and awareness campaign.

Also in the works is the development plan for the commercial retail areas, installation of floating docks, acquisition of water sports facilities, mobilization of boat rides, cove-hopping, island diving and water sports activities to maximize access to the township property’s vast nautical highway feature.

Part of the funding will also be used to complete the regulatory permitting activities as well as filing for a tourism estate zone accreditation with Tourism Infrastructure and Enterprise Zone Authority (TIEZA) or Philippine Economic Zone Authority (PEZA).

Meanwhile, WPP also purchased an additional five-hectare beachfront property in Nagtabon Beach, 40 minutes away from the Puerto Princesa International Airport, which is expected to open in April of 2017.

A tourism development plan for the area is underway. (PNA) LESLIE D. VENZON