BSP sets auction of hotel, golf course in Batangas

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is trying anew to dispose an 18-hole golf course, with a 72-room hotel and clubhouse in in Nasugbu, Batangas for P1.65 billion.

Interested parties may get in touch with central bank’s Asset Management Department.

The property, formerly known as Evercrest Golf Club and Resort of Orient Bank’s Jose Go, features a championship golf course designed by world-renowned golfer Arnold Palmer as well as a five-story hotel with 72 rooms and balconies overlooking the panoramic view of the famous Caleruega Church as well as the breathtaking Taal vista.

The acquired asset also has a two-storey clubhouse complete with locker and spa rooms.

The BSP took over the golf course and resort from the defunct Orient Bank as partial payment for the emergency loans obtained by the bank in the late 1990s.

It has been trying to sell the property as early as June 2011 and has declared several failed biddings.

The Asian financial crisis forced Go to shut down Orient Bank in February 1998. Go and other Orient Bank owners reportedly owe the BSP P6 billion worth of obligations for the emergency advances and overdrafts obtained by the closed bank.

The Go family used to control various companies including the Ever Gotesco Group of Companies that used to operate four shopping malls, Gotesco Grand Central, Ever Gotesco Commonwealth Center, Ever Gotestco Ortigas Complex and Ever Recto.