Manila Pen clarifies Agustin column

We wish to correct what we perceive to be the  misleading column item of Mr. Vic Agustin's Money Go Round that was published on Friday,  Sept. 25, in The Philippine Star,  claiming that The Hongkong and Shanghai Hotels was “writing off” The Peninsula Manila.

We believe that Mr. Agustin misunderstood an accounting term of “writing down” the value of the hotel which was published in the HSH group annual report. An HSH spokesperson confirmed that the group remains committed to The Philippines where they have been operating the hotel since 1976 and the group has no intention of “writing off” The Peninsula Manila.

Mariano B. Garchitorena
Director of Public Relations, The Peninsula Manila