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Friday, July 21, 2006
Foreign investors eye Cebu’s tourism sector
By Jessica B. Natad<
Sun.Star Staff Reporter
Representatives of a Canadian company are here in Cebu to search for investment opportunities in the province.
Mike Lathigee, chairman and chief executive officer of Freedom Investment Club (Club FIC), said the company has allocated some $30 million of its venture capital funds to be invested in Southeast Asia.
Of the total sum, $10 million will be invested in the Philippines in the next two years, he said in an interview at the City Sports Club last Wednesday.
Tourism, furniture
Club FIC is one of the largest investment group in North America with existing investments in Canada, China and the United States. Its investment funds come from its more than 4,000 members.
The group is looking at the tourism and furniture in Cebu as possible areas to invest in, said Jay Aldeguer of the Aldeguer group of companies, a member of Club FIC.
Club FIC is looking at companies in the business process outsourcing sector in Manila.
He said small and medium-sized resorts and hotels in Cebu are potential targets for investment.
The investment group aims to start pouring funds in its first project in the Philippines by the end of October. The group, however, did not reveal which company in the country will receive the investment.
Lathigee said they made Philippines their first stop in Southeast Asia because of Aldeguer and another Filipino member, Enterprise School of Asia co-founder Joel Santos.
“We believe in the capability (to choose companies worthy of capital infusion) of these two because both have proven track records in their respective fields,” he said.
Confident
The group said it feels confident in the Philippines due to the country’s high level of education and English proficiency.
In choosing a company to invest in, Lathigee said Club FIC is more particular on the quality of management of the company and its business and profit model.
“We are not interested in investing in an already large company. But it has to have a dollar-based revenue,” he said.
Lathigee agreed, adding that Cebu’s tourism potential is strong.
“It’s a beautiful, beautiful place to go to. I’d rather come to Cebu than Manila,” he said.
For Bisaya stories from Cebu. Click here. (July 21, 2006 issue)
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