MANILA -- Metro Pacific Investments Corp said Wednesday it forged a P1.6 billion investment agreement with Dusit International of Thailand for its first foray into tourism business.
The conglomerate led by tycoon Manuel Pangilinan said its unit, Metro Vantage Properties Inc, will design, develop and market 2 hotels in 3 condominiums in Batangas. Dusit Thani Philippines will oversee the hospitality and tourism side of the business, it said.
The partnership also involves the development of existing Dusit properties in the Philippines, MPIC told the stock exchange.
"We hope to play a significant role in changing the landscape of this thriving industry in the Philippines through our partnership with Dusit International, a company with over 7 decades of experience in bringing hospitality all over the world," Pangilinan said in the disclosure.
Additional sites will be developed as demand grows, said Dusit International Group CEO Suphajee Suthumpun.
Metro Pacific has stakes in Manila Electric Co, Maynilad Water Services Inc, LRT-1 operator Light Rail Manila, toll roads and hospitals including the Makati Medical Center and Asian Hospital.