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Belle Corporation (Belle) reelected the Company’s Board of Directors for 2023-2024 at its hybrid Annual Shareholders’ Meeting held on April 24, 2023 and livestreamed via Zoom webinar.Maintaining their respective directorships were Willy Ocier, Elizabeth Anne Uychaco, Jackson Ongsip, Jacinto Ng, Jr., Armin Antonio Raquel Santos, Virginia Yap, Joseph Chua, Maria Gracia Pulido Tan and Amando Tetangco, Jr. “In 2022, our Company’s performance improved significantly compared to 2021 from the return of consumer demand particularly in the leisure and tourism markets and the impact of the overall growth of the Philippine economy amid the drop in COVID-19 cases and further easing of restrictions,” said Mr. Ongsip during the annual event.Below is the full text of Mr. Ongsip’s report:To our Shareholders, Stakeholders and Guests, good afternoon. Thank you for joining Belle Corporation’s 2023 Annual Shareholders’ Meeting. In 2022, our Company’s performance improved significantly compared to 2021 from the return of consumer demand particularly in the leisure and tourism markets and the impact of the overall growth of the Philippine economy amid the drop in COVID-19 cases and further easing of restrictions. We benefited because of efforts to enhance strategic customer partnerships and cost efficiency measures. I am pleased to report that our earnings last year are nearing pre-pandemic levels despite challenges posed by the tightening of fiscal conditions, particularly high inflation and rising interest rates. Belle’s strong results in 2022 and mission to enhance shareholder value allowed your Company to declare a cash dividend of Php0.06/share, or approximately Php600.0 Million, which was paid in full on March 30, 2023. Financial Review Belle’s consolidated net income of Php1,710.0 Million in 2022 was up by 130% versus the Php745.0 Million posted in 2021. Meanwhile, our consolidated revenues also grew by 58% to Php5,419.0 Million from Php3,420.0 Million in 2021 with all our business units actively contributing to our higher revenues. Revenues from Belle’s 2022 real estate operations, which was comprised of the Company’s lease of the land and buildings in City of Dreams Manila, and real estate sales and estate management services at its Tagaytay Highlands Complex, increased by 97% to Php3,339.0 Million, from Php1,694.0 Million in 2021. Our gaming revenue share in City of Dreams Manila, through Belle’s subsidiary Premium Leisure Corp., was up by 20% to Php1,561.0 Million from Php1,300.0 Million in 2021. Pacific Online Systems Corporation, a subsidiary of Premium Leisure Corp. that leases online betting equipment to the Philippine Charity Sweepstakes Office for their lottery operations, continued its steady recovery in 2022. Pacific Online revenues reached Php519.0 Million, showing a 22% increase from Php426.0 Million in 2021. Belle’s balance sheet remains solid, with our Company’s assets covering our current liabilities by over 20 times, and our long-term debt by almost 10 times at the close of 2022. Our total debt-to-equity ratio stood at a conservative 15%. Sustainability We will continue to explore and pursue expansion opportunities and potential ventures, maximizing our strength and experience as a developer in our distinctive communities while managing risks and exercising financial prudence. Furthermore, we […]

Belle Corporation is one the Philippines’ ASEAN Asset Class awardees for excellence in corporate governance. Belle Corporation (Belle) bagged the prestigious ASEAN Asset Class award anew for outstanding corporate governance during virtual ceremonies held on December 1, 2022. Commenting on Belle’s recent accolade, Jackson Ongsip, President and Chief Executive Officer, said: “corporate governance in our Company remains a pillar towards value creation and sustainability and keeps us on the right path when making important business decisions and executing strategies and plans.” Belle was recognized for high marks in the recently concluded 2021 ASEAN Corporate Governance Scorecard (ACGS) assessments. ACGS, a renowned assessment program that sets standards and assigns scores to companies that adopt and implement best corporate governance principles and practices, is an initiative of the ASEAN Capital Markets Forum (ACMF) towards integrating members of the regional bloc. About Belle Corporation Belle Corporation is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco). In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 79.78%-owned subsidiary, Premium Leisure Corp., and Melco. Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site. South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.

Belle Corporation (“Belle” or the “Company”) realized consolidated revenues of Php4,271.3 million for the nine months ended September 30, 2022, higher by 87% than consolidated revenues of Php2,288.2 million for the nine months ended September 30, 2021 as the Company’s performance continues gaining ground, driven by higher lease income and real estate sales. Gaming-related revenues (gaming revenue share and betting equipment rental) also increased year on year, brought about by the continuously progressing economy. Belle’s revenues from real estate operations increased by Php1,447.9 million (142%), from Php1,018.6 million in the third quarter of 2021 to Php2,466.5 million in the third quarter of 2022. Of 2022 real estate revenues, Php1,560.0 million was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila (“CODM”) to Melco Resorts and Entertainment (Philippines) Corporation (“MRP”), which was Php1,090.5 million (232%) higher than its revenues in the prior period of Php469.5 million. Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed revenues of Php906.5 million in the third quarter of 2022, which was Php357.4 million (65%) higher than its revenues in the third quarter of 2021 of Php549.1 million. The share in gaming revenue at CODM of Belle’s subsidiary, Premium Leisure Corporation (“PLC”), increased by Php479.4 million (50%), from Php967.2 million in the third quarter of 2021 to Php1,446.7 million in the third quarter of 2022. Pacific Online Systems Corporation (“Pacific Online”), which leases online betting equipment to the Philippine Charity Sweepstakes Office (“PCSO”) for their lottery operations, also showed improvement during the period despite the nonrenewal of KENO operations effective April 1, 2022. Pacific Online, which is 50.1%-owned by PLC, posted an increase in revenue of Php55.8 million (18%), from Php302.3 million in the 2021 period to Php358.1 million in the current period. As a result of the foregoing, the Company realized consolidated net income of Php1,636.6 million for the nine months ended September 30, 2022, which was higher by Php1,154.5 million (239%) compared to consolidated net income of Php482.1 million for the nine months ended September 30, 2021.

Belle Corporation (Belle) President and Chief Executive Officer Jackson Ongsip (back row, sixth from left) leads the Company’s participation at the International Coastal Cleanup Day at the SM By the Bay Central Park on September 18, 2022. Also in the photo are Belle executives Sarah Miranda (back row, far left), Senior Assistant Vice President and Head of Human Resources; and Ainee Banaria (back row, fourth from left), Chief Financial Officer; as well as employee volunteers from different company departments. Belle Corporation (Belle), led by its new President and Chief Executive Officer Jackson Ongsip, backstopped the worldwide effort against the proliferation of waste along coastlines during the annual cleanup drive held on September 17, 2022. “Through our participation in this event, we are reaffirming our commitment to cut down waste and show our fellow citizens the effects of improper waste disposal, which end up polluting our oceans and waterways, said Mr. Ongsip.” Executives and employees of Belle came bright and early at the International Coastal Cleanup held at the SM By the Bay Central Park. Belle was among the many corporates and non-government organizations and volunteers who trooped to the coastlines, joining hundreds more across the globe in pursuit of cleaner and pollution-free seas and environmental sustainability.

Lush greenery and wide roads at Tagaytay Highlands Belle Corporation (“Belle” or the “Company”) realized consolidated revenues of Php2,818.4 million for the six months ended June 30, 2022, higher by 61% than consolidated revenues of Php1,754.2 million for the six months ended June 30, 2021. All of the Company’s business units contributed to the growth in revenues, led primarily by higher lease income, better real estate sales and improved share in gaming revenues, achieved through more relaxed restrictions on commercial operations imposed by authorities as the market recovers from the impact of the pandemic. Belle’s revenues from real estate operations increased by Php885.7 million (119%), from Php743.3 million in the second quarter of 2021 to Php1,629.0 million in the second quarter of 2022. Of real estate revenues in 2022, Php1,040.0 million was derived from Belle’s lease of the land and buildings comprising City of Dreams Manila (“CODM”) to Melco Resorts and Entertainment (Philippines) Corporation (“MRP”), which was Php636.0 million (157%) higher than its revenues in the prior period of Php404.0 million. Belle’s real estate sales and property management activities at its Tagaytay Highlands complex contributed revenues of Php589.0 million in the second quarter of 2022, which was Php249.7 million (74%) higher than its revenues in the second quarter of 2021 of Php339.3 million. The share in gaming revenue at CODM of Belle’s subsidiary, Premium Leisure Corp. (“PLC”), increased by Php165.1 million (20%), from Php805.5 million in the second quarter of 2021 to Php970.6 million in the second quarter of 2022. Pacific Online Systems Corporation (“Pacific Online”), which leases online betting equipment to the Philippine Charity Sweepstakes Office (“PCSO”) for their lottery operations, also showed improvement during the period despite the non-renewal of KENO operations effective April 1, 2022. Pacific Online, which is 50.1%-owned by PLC, posted an increase in revenue of Php13.5 million (7%), from Php205.4 million in the 2021 period to Php218.9 million in the current period. About Belle Corporation Belle Corporation is a developer of tourism and leisure destinations in the Philippines. Its principal asset is the City of Dreams Manila in PAGCOR Entertainment City by Manila Bay, which is being leased on a long-term basis to Melco Resorts and Entertainment (Philippines) Corporation (Melco). In addition to lease income, Belle is accorded a share in revenues or earnings from City of Dreams Manila’s gaming operations through the operating agreement between its 79.78%-owned subsidiary, Premium Leisure Corp., and Melco. Belle also owns approximately one hectare of presently undeveloped land across from the City of Dreams Manila site. South of Metro Manila, Belle owns significant real estate assets and develops premium residential resort projects around Tagaytay City. Among its exclusive destinations are the club and golf facilities and residential communities of Tagaytay Highlands and Tagaytay Midlands, as well as a further 800 hectares intended for future development.