Metrobank group Expansions in Cebu, Visayas continue

The Metrobank Group of Companies is continuing its aggressive expansion in Cebu and is looking out for more opportunities in all their business entities in the region.

Cebu has always been a strong growth area for their businesses including banking, tourism and power, said Antonio Abacan, Jr., Metrobank chairman and vice chairman of the Metrobank Group of Companies.

Banking

For their banking brands – Metrobank and Philippine Savings Bank, the group plans to add at least 50 branches nationwide in areas outside Metro Manila.

“For the investment, siguro (maybe) about P5 million to P10 million for each branch opening will be spent. Critical expenses will be branch site and the manpower, training of the manpower for each branch,” said Abacan.

According to Abacan, a large part of the expansion will be poured in the Visayas region including Cebu which at present already have 36 Metrobank branches and 12 Philippine Saving Bank branches.

“For the banking sector, we are seeing a lot of growth opportunities from the country-side areas and we are sure to put up our presence in these areas,” said Abacan.

Tourism

The group is also looking at a proposal for a leisure-type of facility in Mactan, Cebu that they see as something that will compliment their existing Marco Polo Plaza Hotel in Lahug, Cebu City.

“This is however still in the infancy stage and we are still just talking with the proponents,” said Abacan.

Abacan added that they are talking with two proponents for a 12 hectare and one hectare property in Punta Engano, Mactan.

Should the proposal materializes into a project, Abacan said that it will be another Federal Land, Inc. development.

At present, Federal Land, Inc. is developing the Marco Polo Residences which is a two-tower residential condominium property targeted to be completed by end of 2013 or first quarter of 2014.

According to Abacan, the first tower with 250 units is already sold-out and they are already starting up with the second tower which also has 250 units.

Power

In the power sector, Francisco Sebastian, Metrobank and chairman for First Metro Investments, said that they would add a fourth unit in their Toledo Power Plant.

He said this project however would not be a joint venture with Aboitiz Power.

Currently they have three units under their joint venture with AboitizPower with a total capacity of 246 MW and Sebastian said they will be adding another 82 MW unit under their Toledo Power brand.

“We will start building the unit this quarter and completion should be in two years,” said Sebastian.

In Cebu, their total production is at 352 MW which includes 66 MW from coal and 40 MW from diesel under their Toledo Power brand.