NEWSFLASH

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WORK BEGINS ON P2-BILLION SUBIC RESORT COMPLEX

Bay Freeport, Nov. 22, 1997 - The Fil-Estate Group has started construction of a P2- billion word-class resort complex inside the former US Naval Base here.

The project is set at the marina waterfront and will be called the "Portofino Bay Club" which is inspired by the scenic Monte de Portofino in Italy. It is a joint venture with the Subic Bay Waterfront Development Corporation of Vicvic Villavicencio.

The resort will have four buildings: a five-star hotel called The Palmaria, The Azure - a vacation ownership tower, and two residential condominium towers.

Fil-Estate chairman Noel Carino describes Portofino as "a signature complex that will transform Subic Bay into a booming waterfront center not only in the country but also in the Asian region."

The architecture and design are by HHCP Design International of Florida, who have done the American Adventure at Walt Disney World in Florida and Fil Estate's Fairways and Bluewater Resort in Boracay.

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