Italians bullish on Cagayan de Oro, Philippines

Advisors to Italian investors visiting Cagayan de Oro and Northern Mindanao have found it an ideal investment and tourism destination they would highly recommend to their countrymen.

Rome-based Francesco Consalvi and Christian Stefano Marri waxed enthusiastic about the prospects for tourism and business in the Philippines, most especially Cagayan de Oro City and its environs.

"We cannot understand why until this time, Italians have virtually no idea what a fantastic a place you have here," Consalvi said during a media conference called January 3 by Romolo Nati, president and CEO of Euroasian Design & Eco-Development Corporation (Italpinas) at the Pueblo de Oro Golf and Country Club clubhouse.

"When we arrived here, it was like coming home," said the Rome-based lawyer who represents Italian clients scouting real estate investments abroad. Consalvi said they found the country most ideal for tourism and investment because of the many common cultural traits, foremost among of which was Roman Catholicism and the fondness for food and zest for life.

During their five day stay so far in the Philippines, the two were especially impressed with the natural wonders of Cagayan de Oro and its environs such as its natural forests, coral gardens which would make for outstanding dive sites, and eco-tourism attractions such as white water rafting, ziplining, diving and other attractions all within easy reach of the soon-to-be-completed Laguindingan international standard airport. They also cited its pleasant weather with no typhoons, security and safety, healthy cuisine, and amenities, especially the world class Pueblo de Oro golf course.

"Philippine food and dishes are very good, one of the best I have tasted," said Consalvi, who has traveled extensively in Asia and the Middle East. "Compared to Sharm-el-Sheikh and other world class dive sites, we would prefer your Camiguin and Duka Bay (Medina, Misamis Oriental) because it´s very difficult for us Italians to assimilate in countries with vastly different cultures and religions."

Marri is a businessman who represents a group of Italian and French investors. He has extensive links in media as a consultant for National Geographic (Italy) and formerly SKY (an Italian-based Rupert Murdoch media company).

However, much remains to be done before the city can look forward to visits by Italian tourists and investments from Italian investors. Among those cited by the group were the establishment of direct air routes to Italy to facilitate easy travel between the two countries, and even more important, increased exposure in Italian media for Philippine tourism and investment prospects.

´Filipinos are the second biggest group of foreign workers in Italy but ironically, they don´t talk much about their country to Italians," Marri said, also noting the glaring lack of any tourism information materials on the Philippines in the country.

To address these gaps, Nati said they are considering using Primavera Residences as the initial vehicle to encourage Italians to visit and invest in the Philippines, especially Cagayan de Oro. Initially presented as the Twin Eco-Towers, the project has been renamed Primavera (Italian for spring) to make it immediately recognizable to Italians as an Italian project.

"Although Italians are very adventuresome, they will not visit places they don´t know about and are very conservative to invest in areas where they don´t see their fellow Italians," Nati said. "Italian investors go where the Italian tourists are. They like to find their own people and their own food."

But Nati said he was encouraged by the positive response to Primavera by prospective Italian investors like Consalvi and Marri who have already bought residential units for their personal use and are negotiating the purchase of the remaining commercial unit.

Primavera Residences aims to be the first fully eco-friendly condominium project in Mindanao whose architectural design incorporates a balance of green standards, affordability, and aesthetics.

It will cover around 18,000 sq.m. of residential and commercial units divided in 2 phases. Construction has started on Tower A (North) while Tower B (South) will commence construction as soon as the first phase reaches 60% completion. Project completion is expected to be completed within three years (Tower A by July 2012, and Tower B by July 2013).

Nati said 30 percent of the project´s 138 residential and all of its 18 commercial units have already been pre-sold and they are expecting to sell 6-7 units monthly as soon as construction starts.