Ayala Land to develop resorts in Northern Palawan

Ayala Land, Inc. is partnering with the owner of El Nido Resorts in Northern Palawan to develop more eco-friendly vacation spots in the province, the listed property developer told the Philippine Stock Exchange on Monday. The company said it would own 60 percent of the joint venture with the Asian Conservation Company (ACC) which, through units under the Ten Knots Group, owns and operates the El Nido Resorts in Lagen and Miniloc Islands. "The partnership is expected to develop more eco-friendly resorts," Ayala Land said, citing ACC’s experience in managing island resort properties and its commitment to preserve the environment around its properties. Ayala Land is one of few local companies that report their progress in the environmental and social aspects of their development projects to shareholders, apart from complying with mandatory financial reporting standards. Its sustainability reports provide an accounting of measurable outputs in terms of carbon emissions and labor standards, among other things. — N.P. Aquino, GMANews.TV