PH Resorts Group has revealed plans to eliminate its PHP 500 million (approximately $8.8 million) capital shortfall. However, the company has yet to disclose a comprehensive strategy for achieving this goal.
This announcement follows a request from the Philippine Stock Exchange for PH Resorts to outline its long-term financial strategy. The timing suggests a potential positive development, possibly related to securing funding.
Earlier this year, PH Resorts reportedly received a PHP 300 million investment from EEI Corporation following unsuccessful negotiations with three other potential investors. However, both parties have remained silent on the status of this investment since January.
A significant factor in PH Resorts’ financial challenges has been its Emerald Bay property in Cebu. Sold to China Banking Corporation in 2023 as part of a debt restructuring initiative, the sale included a lease-and-buyback option. Despite this, an attempted sale to Okada Manila last year ultimately failed.
PH Resorts reported a net loss of PHP 494.3 million in the first half of 2024. Further complicating matters, Chinabank recently put Emerald Bay Resort and its associated land back on the market. In response, PH Resorts stated it is currently preoccupied with other projects and will not be pursuing reacquisition of the unfinished development.
