Danding eyes resort in Siargao

SIARGAO Island, Philippines - Businessman Eduardo “Danding" Cojuangco Jr. is looking to put up a resort in this Northeastern Mindanao island seeking to be known as the Surfing Capital of Asia. Ping Espejon, mayor of the municipality of General Luna in Siargao, told reporters that a Cojuangco-led group, composed of One Corp., Events Manila and First United Travel Inc., has been discussing the possibility of securing a long-term lease contract for 1.5 hectares of land in the island. Cojuangco is the Chairman and chief executive officer of San Miguel Corp., the Philippines' largest food and beverage company. “They intend to take a long-term, renewable lease on a property, about 10 to 15 years for P60,000 monthly," he said. Espejon noted that the same group has been sponsoring events in the island to further drum up interest in Siargao. The group has recently spent at least P250,000 to host a boxing event in General Luna. The mayor said that state-run Philippine Amusement Gaming Corp. is also planning to operate a casino in the island, but it was opposed by the Catholic Church. “My preferred investment for the island is a golf course since its terrain is hilly and not mountainous," Espejon said. Siargao, which is some three hours away by boat from Surigao City, has been making waves in the surfing world as it has been holding national and international competitions for surfers. It is also hosting game fishing competitions. Currently, approximately 50 resorts in Siargao cater mostly to the low-end market. The few high-end resorts are mostly run by foreign nationals. - GMANews.TV