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Sterling Bank of Asia, a savings bank established in March 2007 by successful businessmen and entrepreneurs, and Philippine Rural Banking Corp. (PR Bank), an Isabela-based bank has opened their respective branches in Cagayan de Oro City.

Sterling Bank of Asia inaugurated their branch yesterday located at the ground floor of VIP Hotel at the corner of Don Apolinar Velez and JR Borja Streets while PR Bank opened their branch located at the ground floor of Royale Business Club Building at the corner of T. Chavez and Velez Street.

Sterling Bank of Asia is principally owned by the JTKC Group of Companies, Surewell Equities, and Star Equities. JTKC Group of Companies and Star Equities are involved in a wide range of industries, ranging from logistics to finance, real estate, manufacturing, hotel and resort properties. Some of these companies include I-Remit Inc., TKC Steel Corp., Discovery Leisure Company (Discovery Suites, Discovery Country Suites-Tagaytay and Discovery Shores-Boracay), The Mansion Group (Amorsolo Mansion, Gilarmi Apartments, Mabini Mansion, Boulevard Mansion), JTKC Land, Discovery Primea, and Kent Vinyl Tiles. Surewell Equities, on the other hand, is a holding company engaged in various interests, among which are, Confed Properties, Inc., I-Remit Inc., Flexi-Woods, Inc., Banwood Construction Center and Six Alps Corp.

On the other hand, PR Bank began in the 1977 in the small town of Naguilian, Isabela. Small and struggling, yet committed, determined, aggressive and hardworking, the rural bank has grown to be the biggest rural bank in Region 2 and one of the largest in the Philippines. The rural bank transformed from a single branch to a 22-branch operation (and still counting), and reaping honors and commendations that are of national prestige and prominence, and metamorphosing from a very traditional banking to electronic banking.

The two banks are just the latest of many new financial institutions which have opened in Cagayan de Oro City, just a proof of their trust and confidence in doing their business in this part of country.

 
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Korea’s giant shipbuilder Hanjin Heavy Industries and Construction Co.-Philippines (HHIC-Phils.) has remained interested in pursuing its P8-billion expansion project in the Phividec Industrial Estate in Tagoloan, Misamis, Oriental.

Philippine Economic Zone Authority Director General Lilia B. De Lima told reporters at the sidelines of the 15th PEZA Investors Recognition Night that Hanjin officials conveyed this message late last year. According to De Lima, the Korean shipbuilder is just closely watching the economy following the global financial crisis, which took a heavy toll among shipbuilders and shipping firms. “They are just waiting for the right time,” she said.

Hanjin had registered with PEZA in 2008, but it had a tiff with the local government unit in Misamis Oriental that also caused some delays in the project’s implementation. The proposed project in Phividec was supposedly an expansion of Hanjin’s existing project in Subic Bay Freeport but on a larger scale.

“This is bigger than Subic because this is going to occupy a total of 450 hectares compared to Subic’s 200-hectares only,” De Lima said. Hanjin’s investments in Subic was placed at $1.6 billion and is employing more than 15,000 workers at the freeport. The company has been exporting ocean-going vessels made in Subic Freeport.

HHIC-Phils. officials said the company expects to produce more ships in Subic as the productivity in its shipyard here is fast catching up with Hanjin’s shipyard in South Korea saying the goal is to make the Philippine operations at par with its South Korean counterpart in terms of efficiency and quality of work.