Property

P25B revenues in 5 years! Obscure firm led by Roque’s wife to build yacht club, POGO hub in 421-hectare township in Mariveles

An obscure firm led by the wife of Presidential Spokesperson Harry Roque and his law partner are planning to invest P1.8 billion to build a business and leisure township in a government economic zone in Mariveles, Bataan.

A Babbler revealed that First Bataan Mariveles Holdings Corp. (FBMHC) filed an application for registration with the Authority of the Freeport Area of Bataan (AFAB) for economic zone perks for its township that is nearly twice as big as Bonifacio Global City.

FBMHC is a 50-50 partnership between little-known property firms Biancham Holdings Corp. and Green Miles Realty Corp. Roque’s wife, Pag-IBIG board trustee Mylah R. Roque, is a managing director of Biancham since 2015. She was appointed in the government home lending agency in September 2017.

A director of FBMHC is Roque’s law partner, Joel Butuyan. He is the president of the Center for International Law (Centerlaw), a nongovernmental organization engaged in strategic litigation on human rights violations and freedom of expression issues, which was co-founded by Roque.

The project has been endorsed by AFAB Administrator Emmanuel Pineda for approval by its board
of directors chaired by abogado Pablo Gancayco.

FBMHC plans to build the township over 421 hectares of land in Sitio Aglaloma, Barangay Biaan, Mariveles, Bataan. FBMHC has already purchased 290 hectares and is negotiating to buy another 131 hectares.

The township will have a yacht club, beach resort, retirement village, industrial park, warehouses, condos, housing, and a hub for business process outsourcing firms and Chinese-owned Philippine Offshore Gaming Operators (POGOs).

The firm plans to initially pump in P178 million in cash into the project, including P20 million for the land, P100 million for improvements, and P50 million for buildings. FBMHC has set a total budget of P1.8 billion for the township.

FBMHC is bullish on the prospect of the project as it expects to generate P150 million in local and foreign gross revenues in its first year of operations which it expects to soar to P25 billion in its fifth year.

The proponent plans to start construction by the first quarter of 2021 and commence ommercial operations by the third quarter of the same year.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.