JP Morgan forms alliance with Philippine developer
Philippine property developer Robinsons Land Corp and JP Morgan said Monday they had formed a strategic alliance to tap the growing army of overseas Filipino workers.
By Agencies |
MANILA: Philippine property developer Robinsons Land Corp and JP Morgan said Monday they had formed a strategic alliance to tap the growing army of overseas Filipino workers.
Robinsons Land, with a market capitalization of 37.8 billion pesos (922 million dollars), is tapping the cash management services of the New York-listed global financial services company, the statement said.
"The increased efficiency (to be) brought about by JPMorgan's cash management services will expedite clearing periods for international checks, resulting in much-quicker turnaround time and convenience for Robinsons Land's growing number of buyers based in the US, Europe and Asia," it added.
No other details were given. An estimated eight million Filipinos, or a tenth of the Philippine population, are based abroad and send home at least one billion US dollars of their earnings every month.
Philippine homebuilders have invested heavily over the past few years as they set their sights on this growing overseas market.
Robinsons Land is 60 percent owned by JG Summit Holdings Inc, a conglomerate controlled by local tycoon John Gokongwei.
Robinsons Land, with a market capitalization of 37.8 billion pesos (922 million dollars), is tapping the cash management services of the New York-listed global financial services company, the statement said.
"The increased efficiency (to be) brought about by JPMorgan's cash management services will expedite clearing periods for international checks, resulting in much-quicker turnaround time and convenience for Robinsons Land's growing number of buyers based in the US, Europe and Asia," it added.
No other details were given. An estimated eight million Filipinos, or a tenth of the Philippine population, are based abroad and send home at least one billion US dollars of their earnings every month.
Philippine homebuilders have invested heavily over the past few years as they set their sights on this growing overseas market.
Robinsons Land is 60 percent owned by JG Summit Holdings Inc, a conglomerate controlled by local tycoon John Gokongwei.
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