VIBO place: 3rd-gen takes reins of family business

CEBU, Philippines — Back in the 1970s, Cebuano couple Benjamin and Flora Borromeo bought an underutilized property along Escario Street in Cebu City and later established a commercial complex in the area.

The late Benjamin was a conservative businessman.

So, it took years before the Borromeo family was able to rebrand the property that it is known today, the Vibo Place.

Much of the family business' transformation over the years has been credited to the Borromeos' grandsons who are taking over the various business functions within the company.

Formerly known as the Cebu Capitol Commercial Complex, the Borromeo family has transformed their Escario property into an integrated commercial center, seeing the increasing traffic buildup in one of Cebu City’s busiest streets.

The family had made a wise business decision back then they held on to the property despite offers from other developers to buy the development.

The family has envisioned more opportunities to come in the area and, true enough, Escario is a rising and bustling commercial district in Cebu City.

Helping the family business

"Helping the family business is challenging and exciting," said Carlo Suarez, a third generation member of the family, when asked how he is taking the challenges that come with being involved in a family-run company.

Carlo is the son of Camille Borromeo-Suarez, one of the two children of Benjamin and Flora.

Camille's brother Gerardo Borromeo took over as president of the company, now Vibo Group, when their father died in 2009.

Carlo and his brother Allen Andre are now at the helm of the company's business units as third generation executives.

Carlo, who heads the company's hotel business as general manager of Cebu Grand Hotel, said he takes joining the family business as a challenge but it's something that excites him.

"Challenging is you have to do your best in your performance to make the family happy. Exciting is you get to learn from the first and second generation the management styles and they are our role model in business," the 33-year-old hotelier said.

On the other hand, the 31-year-old Allen Andre is taking care of the company's marketing functions, at a time when the company poises to redevelop their decades-old business.

Vibo is a portmanteau of Villacarlos, their grandmother's maiden name, and Borromeo, which also means glee in the local dialect.

The 2.2-hectare Vibo Place houses the Axis Entertainment Avenue (a six-building lifestyle cluster), the Cebu Grand Hotel, The Apartelle, and CAIAA Center, all owned by the family.

Back in the 1980s, the place was known for the Gardenia Restaurant and Ballroom and was also home to Red Tomato in the early 2000s. A number of airline ticket offices and other corporate workplaces were also located in the area.

TF: How did the Vibo Group start as a company?

Andre: Its former name, Cebu Capitol Commercial Complex, was founded by Benjamin N. Borromeo and Flora Villacarlos Borromeo over 40 years ago. It was and still is in the real estate and hospitality industry, leasing out units to offices and operating a serviced apartment called The Apartelle.

TF: How has the company grown and expanded since then?

Andre: Forty years later, Cebu Capitol Commercial Complex Corp. has grown into the Vibo Group of Companies with businesses in real estate community development, condominium projects, hotels and a soon to open shared office space.

TF: How has the family managed to bring the business to where it is now?

Andre: With careful planning together with consultants and advisors, the Borromeo family gradually develops to create a better community within Vibo Place, where its customers, tenants and guests are able to thrive. The central location of Vibo Place between the central business district -- and the what you call the Banawa, Guadalupe, and Labangon areas -- are unparalleled, giving customers accessibility and its tenants and locators maximum exposure to the bustling N. Escario Street thoroughfare.

TF: You're among the new generation taking over the businesses of the company. How are you dealing with the challenges that come with it?

Andre: The business climate is forever changing. In order to keep up with the times, we also need to maintain a mindset that change is imminent and constant. Cooperation and teamwork, together stepping out of the box to build new ideas and create solutions is the forefront in moving the organization forward.

TF: What are the long-term plans of the Vibo Group?

Andre: The Vibo Group continues its mission of creating communities for its customers. At the shorter term, the group is focusing on creating a shared office facility at Vibo Place and a services cluster expansion for the Axis Entertainment Avenue. At the long term, vertical residential developments are in the pipeline to be launched over the next 3-4 years. (FREEMAN)