In a special meeting on March 4, the BHI board led by its chairman, president and CEO Jocel Panlilio approved the “cancellation of partnership entered between BHI and Revolution Precrafted Philippines Inc. to build a resort and residential complex in Ternate, Cavite.”
Antonio had proposed to build a luxury beachfront project, dubbed “Rogue Resorts and Residences”, on a 13-hectare property inside the Puerto Azul Resort and Golf Club owned by BHI.
The partnership, signed in November 2019, was supposed to build 783 luxurious condominium units, cluster homes, villas and curated units and generate P3.4 billion in sales in its first phase.
Antonio resigned as co-managing director from his family-owned Century Properties Group on February 22 to “to focus on resolving the issues in his privately-owned company – Revolution Precrafted Philippines, its subsidiaries and allied businesses, which was affected by the pandemic.”
Antonio has blamed the coronavirus for the financial troubles besetting Revolution Precrafted and its allied companies Resurgent, Renegade (branding concepts) and Radiant (beauty).
Revolution Precrafted said it was working on several projects as a supplier of designer homes to landowner-developers when the pandemic struck, thereby affecting its sales, collections, and operations.
Revolution Precrafted claimed it was unable to collect its receivables from landowners due to the pandemic which led to its failure to pay its contractors and suppliers.
“Like many companies, we were not exempt from the market challenges brought about by the coronavirus pandemic that significantly affected our sales, collections and operations,” said Antonio.