Foreign debt topped $118b as of end-March

By Julito G. Rada

general financing requirements, funding of pandemic recovery measures and other infrastructure programs, among others, also contributed to the growth in the debt stock,” the BSP said.

Alliance Global eyes 11,000 hotel rooms to become largest operator

By Jenniffer B. Austria

ALLIANCE Global Group Inc. of billionaire Andrew Tan expects to have 11,000 hotel keys by 2028 and secure its position as the country’s largest hotel developer.

AGI said in a statement over the weekend the group aimed to grow its hotel portfolio, property unit Megaworld Corp. planning to build six major hotels over the next six years.

AGI chief executive Kevin Andrew Tan said the new hotels in the pipeline would rise in various cities and towns across the country. These include Parañaque City, Laguna, Bacolod City in Negros Occidental, San Fernando City in Pampanga, Boracay Island in Aklan and San Vicente in Palawan.

“AGI remains to be the biggest player in the Philippine tourism sector, with the largest array of international and home-grown hotels at varying price points to cater to all types of tourists and visitors,” Tan said.

He said with the surge in domestic and international tourism activities, all hotels of the group experienced high occupancy rates and improved average daily room rates.

The group, through subsidiaries Megaworld and Travelers International Hotel Group Inc., now operates 7,500 hotel rooms across its portfolio.

Manila Standard TODAY

THE country’s foreign debt climbed 6.8 percent to $118.8 billion as of the first quarter this year from $111.3 billion in the fourth quarter of 2022 as the government raised more funds from the international market to finance pandemicrecovery measures and infrastructure development.

Data from the Bangko Sentral ng Pilipinas also showed that the external debt also increased $9.1 billion from $109.75 billion in the first quarter of 2022.

External debt refers to all types of borrowings by Philippine residents from non-residents, following the residency criterion for international statistics.

The BSP said despite the higher debt stock in the first quarter, the external debt ratio remained at a prudent level. External debt expressed as a percentage of the gross domestic product was recorded at 29.0 percent in the first quarter, higher than 27.5 percent in fourth quarter of 2022 due to a change in the scope of the external debt stock to include non-resident holdings of pesodenominated debt securities issued onshore of $3.8 billion.

“Borrowings by the public sector for the national government’s

“Other key external debt indicators also remained at manageable levels. Gross international reserves stood at $101.5 billion as of end-March 2023 and represented 5.9 times cover for shortterm debt based on the original maturity concept,” it said.

The debt service ratio rose to 12.9 percent from 4.0 percent in the same period last year on higher recorded repayments. The DSR, which relates principal and interest payments (debt service burden) to exports of goods and receipts from services and primary income, is a measure of adequacy of the country’s foreign exchange earnings to meet maturing obligations.

Other drivers for the increase in the external debt stock were the net availments of $2.7 billion, largely by the national government as it raised $3.0 billion from the issuance of a multi-tranche global bond for its general financing requirements; prior periods’ adjustments of $767 million; and the appreciation of other currencies against the US dollar which increased the US dollar equivalent of borrowings denominated in other currencies, thereby resulting in an overall positive FX revaluation of $432 million.

TIGHI owns and operates six hotels with Newport World Resorts, including Marriott Hotel (570 rooms), Hilton Hotel (352 rooms), Sheraton Hotel (350 rooms), Hotel Okura (190 rooms), Holiday Inn Express (737 rooms) and Courtyard by Marriott in Iloilo City (326 rooms).

MEGAWIDE CONSTRUCTION CORPORATION

No. 20 N. Domingo Street, Barangay Valencia, Quezon City Tel. No. (02) 8655-1111

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

To the Stockholders of MEGAWIDE CONSTRUCTION CORPORATION (the “Company”):

Notice is hereby given that the Annual Stockholders’ Meeting of the Company will be held on 12 July 2023, at 2:00 P.M. The meeting will be conducted via remote communication and can be accessed through the link available in the Company’s website.

The agenda of the meeting is as follows:

1. Call to Order • The

2022

• The Minutes of the Special Stockholders’ Meeting held last 20 December 2022 will be submitted for approval. It contains the following matters: (a) Approval of the Minutes of the Annual Stockholders’ Meeting held last 30 June 2022; (b) Election of Independent Director; (c) Approval of increase in Authorized Capital Stock of Preferred Shares, and the consequent Amendment of its Articles of Incorporation; (d) Approval of offer, sale, and listing of additional Preferred Shares; and (e) Election of Directors.

A copy of the Minutes of the Special Stockholders’ Meeting held last 20 December 2022 is available in the Company’s website and attached to the Information

5. Election of Directors stockholders will approve the election of the regular and independent directors to hold office until the next Annual Stockholders’ Meeting and until their respective successors have been elected and qualified. The nominees were evaluated on the basis of all qualifications required by the Company’s By-Laws, New Manual on Corporate Governance, and that no provision on disqualification would apply to them. The profile and qualifications of the nominees are in the Company’s Information Statement and Annual Report (“SEC Form 17-A”) which are available in its website.

6. Approval of the 2022 Audited Financial Statements The 2022 Audited Financial Statements of the Company will be submitted for the approval of the stockholders.

7. Appointment of the External Auditor

• The stockholders will approve the appointment of Punongbayan & Araullo as the Company’s external auditor.

8. Approval of the Acquisition by the Company of PH1 World Developers Inc.

• The stockholders are to approve the acquisition by the Company of 100% of the outstanding capital stock in PH1 World Developers Inc. from its affiliate, Citicore Holdings Investments Inc.

9. Ratification of All Acts of the Board of Directors and Management

• For ratification of the stockholders are all the acts of the Board of Directors and Management in the ordinary course of the Company’s business. A list of such acts is too voluminous to be included in the Information Statement. These acts pertain to government permits and clearances, execution of contracts, availment of services from banks, and other acts necessary for various construction project

10. Other Matters

• The floor will be open for questions from the stockholders.

All stockholders of record at the close of business on 22 June 2023 are entitled to notice of and vote at the regular meeting and at any adjournment thereof. The stock and transfer books of the Company will be closed from end of business day on 23 June 2023 until 12 July 2023

Please refer to Exhibit “1” of the Information Statement (available in the PSE Edge website) or visit the Company’s website for the full details on the submission of proxies, procedure for voting, participation in the Regular Stockholders’ Meeting, and to view the Information Statement and Annual Report on SEC Form 17-A.

City, Philippines, 14 June 2023.