Manila Bay morass: a scandal-plagued Philippines land venture puts President Ramos in the hot seat

Article Abstract:

Centennial City of Manila controls most of the Manila Bay reclamation project via a 100% stake in Amari Coastal Bay Development, a developer. The project on 750 hectares of reclaimed land would cost 60 billion pesos, and would incorporate skyscrapers, condos, a marina, casinos and a golf course. However bribery allegations have threatened the project, after certain 'fees' were paid by Amari to secure some of the land at way below its value. There were claims by opposition senators that some money went to government agency officials and to President Fidel Ramos's Lakas-NUCD party. If the project is cleared, Ramos's party will be devastated, and if it is blocked it will have implications for foreign investment.

Management, Ramos, Fidel Valdez

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Easy money: Amari turns mud into millions in short order

Article Abstract:

Amari Coastal Bay Development acquisition of 158 hectares of reclaimed land on Manila Bay for 1.9 billion pesos in Apr 1995 is controversial as the deal allegedly revolved around financial improprieties. The company was valued on the Manila Stock Exchange in May 1996, under a different guise, at 33 billion pesos. Amari wanted to realize a profit sooner and needed to list the company, which was undertaken through a back-door listing. It linked with Guoco Group, and Guoco Land acquired 20% of the firm, with Guoco Securities taking 6.5%. Share swaps followed and Guoco Land was renamed Centennial City.

Finance, Guco Group

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