Property

Panlilio to lay off Friday’s Boracay employees, eyes end-2021 reopening; Puerto Galera resort to open April 11

Businessman Jose Marcel Panlilio remains cautious over Boulevard Holdings’ Fridays chain of resorts.

Businessman Jose Marcel Panlilio remains cautious over Boulevard Holdings’ Fridays chain of resorts.

In a report to the Philippine Stock Exchange, Panlilio said Fridays Boracay, which shut its doors in March 2020, would remain closed until flights have normalized.

Panlilio said BHI would spend P8 million to reopen the Boracay resort, probably before the end of 2021. But he has allocated P12 million to retrench long-time employees.

Panlillio said Fridays Puerto Galera would reopen on April 11 with four of its eight buildings in “good order.” He said BHI’s principal shareholder, JP Guilds, advanced P3 million to P5 million to reopen the Galera resort.

Panlilio is more optimistic on the outlook of BHI’s Puerto Azul assets.

“For our lands in Ternate, Cavite, we remain extremely optimistic as to prospects, given that in next door Hamilo Coast and in Tali Beach, land prices for secondary homes are skyrocketing,” said Panlilio.

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