MANILA, 9 January 2008 — A former community leader in Riyadh is inviting entrepreneurial Filipinos overseas to look into the potentials of Guagua, a town in Pampanga province that is in the midst of massive development.
Miguel Bolos, who himself has cashed in on Guagua’s potentials, said the town, which is just two hours drive north of Manila, has a young captive market of 110,000 people with a large number of family members who are overseas Filipino workers (OFWs).
Economic development is expected to further pick up as a ferry boat company is planning to add another route from the existing Mall of Asia in Cavite to ferry passengers and goods.
“More exciting economic opportunities lie ahead for Guagua when the route Mall of Asia — Guagua kicks off,” Bolos said in an interview.
Located on the northern tip of Manila Bay, Guagua was the center of the economic activity before San Fernando, now the capital of Pampanga, grabbed the crown decades ago.
It became a boomtown as an offshoot of the persecution by the Spanish authorities of rich Chinese in Intramuros, Manila. Many of them run to Guagua for safety and set up their businesses.
The economy decayed, however, when no new generations of businessmen were trained as the population become professionals. Business savvy investors opted to leave Guagua and transfer to nearby towns.
“Assets slept through the years because no capital revolved around,” Bolos explained. “As a result, the prime properties suitable for business in town, especially those located at the town plaza did not move much for a couple of decades, which stunted economic growth in spite of a growing population.”
But Bolos said a new era has began. Businesses are picking up, the purchasing power of the young population is rising, and bank deposits have increased tremendously, even surmounting that of other bank branches elsewhere, he said.
Bolos himself has jumped into the bandwagon, building a modern three-story mall-type commercial structure at the heart of the town.
Called One Crowne Plaza, the building is considered “socially inclined and community-oriented.” It has an open design, espousing openness in space with a welcoming façade and an atrium inside that can accommodate community events.
Although just three stories tall, it houses a scenic elevator — the only elevator in town — enabling the physically challenged to easily move around the building.
It will also soon house a fairly large private Swarovski Silver Crystal collection for public appreciation free of charge.
Bolos said OFWs, ex-OFWs and their families who wish to put up businesses in the center are also welcome.
Among those that have opened units at One Crowne Plaza are Goldilocks, Manson Drug, Susie’s Cuisine and 7-11 Convenience Store.
He said bookstores and Internet cafés are good ventures because the mall is strategically positioned near schools with a total of 13,000 high school and college students.
Bolos has also put up a website for the mall, www.onecrowneplaza.wetpaint.com.
