SEC penalizes Boulevard for failure to file report

THE Securities and Exchange Commission (SEC) has penalized a real estate firm for failure to comply with reportorial requirements.

In a disclosure to the Philippine Stock Exchange, the Panlilio-led Boulevard Holdings Inc. (BHI) said that the corporate regulator assessed the company a monetary penalty of P1.062 million for the late filing of its annual report for the fiscal year ending May 2011. The SEC required the company to make an outright payment of 25 percent of the assessed value or P265,500 within seven days from receipt of the order of the commission.

BHI will also pay the remaining balance of P796,500 in five equal monthly installments on or before the first day of every month immediately following the initial payment.

Last year, BHI acquired Cala Paniman Inc., which owns the development over the Cresta Grande subdivision, a 21-hectare sea view promontory parcel overlooking the China Sea and Corregidor Island.

Cala will be used to develop, as comaster partner, the entire 3,000 hectare Puerto Azul complex with various selected foreign and domestic developers, having the right specialty resort-recreation skill.

The real estate firm owns and operates Friday’s Boracay Island Beach Resort, Crown One Land Inc. and Friday’s Puerto Galera Inc.