GERI cuts spending, to turn over P3B projects

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    Global Estate Resorts Inc. (GERI), Megaworld’s subsidiary brand for integrated lifestyle and tourism estates, is turning over P3-billion worth of residential and commercial projects this year.

    These project turnovers include residential units and commercial lots at Boracay Newcoast in Aklan, Twin Lakes in Laurel, Batangas, and Sta. Barbara Heights in Iloilo.

    GERI is cutting its capital spending by 38 percent this year, from P6.5 billion to P4 billion, as the lockdowns, regional quarantine measures, and physical distancing rules continue to restrict the movement of materials and workers in the company’s construction sites.

    “The company will continue to observe financial discipline to ensure financial stability through prudent cash management and operational efficiency. While we have deferred new township launches, we will push thru with the launching of projects within our integrated estates. We have also allocated funds for strategic property acquisitions to allow us to take advantage of opportunities for business expansion and growth,” said Monica Salomon, GERI president.

    GERI also rolled out its roadmap towards recovery from the health crisis that affected most of its core businesses during the first half of the year. The roadmap focuses on innovations in product design and services; digital transformation; workforce health, safety and well-being and; financial discipline and strategic expansion.