Abacus unveils expansion plans

MANILA, Philippines - One of the country’s biggest holding firms continues to buck the global economic crisis as it announced plans to venture into real estate development in Southern Tagalog.

“Our company remains resilient despite the current global economic condition,” said lawyer Leonardo S. Gayao, newly appointed president of Abacus Consolidated Resources and Holdings Inc.

Gayao, who has more than 30 years of experience in finance management and real estate development, said the company will help put up Punta Verde— an 82-hectare residential-resort estate in Matuco Point, Batangas.

Located at the southwest tip of Batangas City, this joint venture project with Solar Resources is being master-planned by Palafox Associates Inc. It will be a complete community with residential facilities, a marina village, a commercial tourism center with retail and trade shops, a resort hotel with wellness facilities and convention center and business park, Gayao said.

One corner of Matuco Point will house Montemaria, a pilgrimage site where a statue of Mary Mother of the Poor will be built, much taller than the Statue of Liberty, he added.

Abacus also has 102 gold mining claims which are being readied for development in Agusan del Sur, and Gayao said the company plans to immediately develop these mining properties to take advantage of the current high prices of gold in the international market.

“Gold is still viewed as a haven for investments, especially in the current economic environment,” he said.

Gayao expressed confidence that their expansion plans will pave the way for their company to achieve their P900 million projected net income this year.