Business Headlines

Phinma bares expansion plans

Phinma Corp., the holding company led by bilyonaryo and former Ambassador Ramon V. del Rosario

Phinma Corp., the holding company led by bilyonaryo and former Ambassador Ramon V. del Rosario, sustains expansion plans of its businesses in power, education, property and hotel development amid the country’s strong economic growth.

Affiliate Trans-Asia Oil and Energy Development Corp. (TA Oil) is completing the rehabilitation of three power barges with total capacity of 96 megawatts (MW), which were acquired from the Power Sector Assets and Liabilities Management Corp. This would bring its total generation capacity to 626 MW by yearend.

TA Oil last month started commercial operations of its second 135-MW clean coal-fired power plant in Calaca, Batangas.

It hopes to finish the 12-MW expansion of affiliate Maibarara Geothermal, Inc. this year.

The company, which is changing its corporate name to Phinma Energy Corp., said it will continue to develop more coal, wind and geothermal projects in line with a plan to double its existing generation capacity to 1,200 MW over the next five years.

Meanwhile, Phinma Education Holdings, Inc., remains on the lookout for more schools after the acquisition of Southwestern University in Cebu.

It is also set to complete the construction of Career Academy Asia?s Cebu and Davao branches, which alongside the Manila branch will begin accepting senior high school students later this year.

After its foray into Davao last year, real estate arm Phinma Property Holdings Corp. is moving to another emerging urban center with the launch of a new tropical-themed condominium project in Sta. Rosa, Laguna in the first quarter of the year.

The company is also exploring projects in Cebu, Naga, Lipa, Cagayan de Oro and Bulacan.

Coral Way City Hotel Corp., an investee of Phinma and owner of Microtel by Wyndham in Mall of Asia, is scheduled to finish the construction of a new Tryp by Wyndham hotel. The new select service 195-room hotel will target a ?younger and trendier? customer base.

After expanding its polyurethane (PU) line in Davao last year, Union Galvasteel Corp. will commission its expanded line in Calamba, Laguna this year, enabling the company to be a major player in the PU industry and a market leader in this fast growing segment. Higher value PU products are used in temperature controlled facilities.

Phinma is expanding its businesses against the backdrop of a strong Philippine economy growing by at least 6 percent this year, driven by robust public construction and the recovery in exports.

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