Philippine H2O Ventures Corp, a division of the Udenna Group in the Philippines, said it plans to raise 18.5 billion pesos to fund upcoming projects.
The project includes a $300 million field development project in Latvia called Lapu-Lapu Leisure Mactan and a second in Clark Global City in the Clark Freeport area of Pampanga, which will be completed in 2022. However, the division said it is still awaiting the approval of the Securities and Exchange Commission and the Philippine Stock Exchange to provide these shares to the public, and stressed that the funding plan has not yet been finalized.
The Division also stated that the field projects mentioned were not yet owned by the Division.
Philippine H20 Ventures Corp, a water division, was acquired by Filipino businessman Dennis Uy earlier this year.
The division will be renamed PH Resorts Group Holdings, Inc. to reflect its changes in tourism and hospitality.
Lv Zhihe, chairman of Galaxy Music, revealed that even if Philippine President Duterte insisted on not at the Boracay construction site, he was "very confident" that his company's project in Boracay would continue.
Lv Zhihe told the media yesterday (27th): "We hope to attract high-end customers to enjoy in Boracay and help the Philippines to improve its status. Bo actually only accounts for a small part of the resort, we plan to have only a few dozen tables."
Lv Zhihe said that the company is waiting for the Philippine government to finally decide how to develop the island.
Manila reported that the resort in Manila and the United Arab Bank (AUB) have entered into a partnership so that customers can use Alipay and WeChat to make payments. The newspaper revealed on Friday that it has signed a contract with AUB to supply the resort's China and other customers with a fast, safe and convenient way to use AUB PayMate to pay for food, accommodation, shopping and music.
The app allows Filipino merchants to accept payments for various goods and services through Alipay and WeChat payments.
“The strategic partnership with AUB is in line with our mission to provide better service by providing Chinese customers with a secure and efficient online cross-border payment platform,” said Rajesh Jhingon, senior vice president of the resort business.
According to official data, the number of Chinese visitors to the Philippines is increasing rapidly, which strengthens the expectation that 1.5 million people will visit the Philippines this year.