FBDC to spend P1.8B for Global City capex in '07

Fort Bonifacio Development Corp. on Monday said it would be spending P1.8 billion this year to further develop the Global City in Taguig, a chunk of land formerly owned by the military that has been converted into a prime commercial district. FBDC head of commercial operations Aniceto Bisnar Jr told reporters that since the relaunch of the area's master plan in May last year, it has spent roughly P2 billion to improve the area. On March 21, the firm would be unveiling the Bonifacio High Street, a novel retail and office center composed of a kilometer-long boulevard lined on both sides by premier stores. Company officials said P1 billion of this year's capex will go to the development of High Street while the remaining P800 million will be used to improve Global City's road network. Without ruling out the need for external financing, the Bisnar said the firm will be funding the proposed expansion for this year through internally generated funds. "If there's a need to borrow, the company is in a good position to borrow funds," Bisnar said. FBDC has earlier said it would spend as much as P8 billion to develop Global City.-GMANews.TV