Fil-Estate, Union Bank reach agreement on P482-M debt

Fil-Estate Land Inc. (FELI) has reached an agreement with Union Bank of the Philippines on the full settlement of its P482- million debt, the company told the Philippine Stock Exchange (PSE) yesterday.

FELI is the real estate marketing company formed by Fil-Estate’s triumvirate composed of Robert John Sobrepeña, Ferdinand Santos and Noel Cariño in 1981.

The company continues to revisit its strategies and implement measures geared towards generating liquidity to meet customer commitments and other obligations.

Some of the more significant components of these measures include reduction of bank debts and payables to suppliers, contractors and other creditors via debt for asset swap arrangements and alliances with strategic partners and investors for the full completion of various developments.

FELI will also continue to negotiate for the sale of land held for future development and launch subdivision projects catering to the middle-income market.

For the first nine months of the year, company revenues fell 19 percent to P907 million from P1.12 billion due to a drop in sales to PP731 million from P863 million.

Revenues consisted mainly of sale of real estate and golf club shares of P731 million, interest income from installment sales of P49 million and other income of P110 million.

The company’s residential lots provided the bulk of revenues and are still the main profit drivers, particularly the Goldridge Estate and Plaridel Heights in Bulacan, Queensborough in Pampanga and Forest Hills in Antipolo.