Waterfront completes loan payment to PNB

MANILA, Philippines - Waterfront Philippines Inc. (WPI) has tendered the amount of P826 million to the Philippine National Bank (PNB) as complete payment of its outstanding obligations with the bank as agreed under the court-supervised compromise agreement reached last November 2008.

WPI said this brings the total amount paid to PNB to approximately P2.9 billion over the last eight years of the original loan amount of P780 million.

Company officials stressed the payment was in line with its philosophy of corporate responsibility, good governance and care for its 2,000 plus workforce.

WPI, which operates the Waterfront Cebu Casino Hotel in Lahug, Cebu and the Waterfront Airport Hotel in Mactan, reiterated that despite the global financial difficulties, company finances remain in good order and its cash flows remain strong.

The two hotels continue to draw a good number of foreign tourists and local travelers alike, and are still the preferred lodging facilities of convention organizers in the Visayas region.

The company’s other hotels include the Waterfront Davao Insular Hotel in Davao City, the Manila Pavilion Hotel and G Hotel in Manila.

Company officials said that with the PNB loan already settled, the company can focus on improving its hotel facilities and building inroads into new and emerging tourist markets. While the tourism arrivals into the Philippines remain steady, the global economic slowdown has prompted local hotel operators to reconsider marketing focus while ensuring that hotel facilities are attractive and competitive.

The Waterfront Hotel group is the leading Filipino hotel operator with over 2,000 rooms spread over the country. It is confident that while the Philippine tourism industry will be competitive, prospects still remain bright.

The company has an ongoing expansion of their casino operation with Pagcor in Waterfront Cebu City Hotel in Lahug, Cebu City and Manila Pavilion Hotel to attract more local and foreign players.