look at us now

our fresh vision for building the future.

2019 ANNUAL REPORT

ANNUAL REPORT 2019 1

 table of contents
6 Financial Highlights
8 At a Glance
10 Growth Chart
11 Corporate Values
12 Chairman’s Message
14 President’s Report
20 Numbers at a Glance
Review of Operations
22 Brittany
24 Crown Asia
26 Camella
28 Communities Philippines
30 Vista Residences

look at us now
32 Vista Mall
Feature
34 The Beauty Is In The Details
36 Favorite Blooms Forever
38 COHO Vertical Living Redefined
42 The COHO Proposition
Corporate Social Responsibility
44 Villar SIPAG: The CSR Arm of Vista Land
45 Green Social Enterprises
The orange is a visualization of the new and vibrant energy that
47 Villar SIPAG Waste Plastic Recycling Factory embodies Vista Land. Not only is it one of the pioneers in the Philippine
50 Villar SIPAG Farm Schools
52 Villar SIPAG Awards On Poverty Reduction property industry, Vista Land constantly leads in the introduction
55 Villar SIPAG Youth Poverty Reduction Challenge of fresh and innovative ideas that shape the future and improve the
56 Las Piñas Parañaque Wetland Park
58 OFW And Family Summit lives of many Filipino families. For over 40 years, the company has
60 Las Piñas Drug Rehabilitation Center created and produced master-planned developments complete with
63 Run For A Cause
64 Making Christmas Memorable For Children From Poor Communities lifestyle offerings that serve every segment in the market. With Vista
66 14th Las Piñas Waterlily Festival
68 Corporate Governance
Land, property development means always staying fresh, vibrant and
70 Board of Directors energized.
74 Management Committee
76 Management Discussion & Analysis
81 Financial Statements
158 Shareholder Information

ANNUAL REPORT 2019 3

 fresh. vibrant. energized.

4 VISTA LAND ANNUAL REPORT 2019 5

 financial highlights

Financial Highlights (in Php M)

2017 2018 2019
INCOME STATEMENT
Total Revenues 36,042 41,487 44,406
Real Estate Revenues 27,594 31,856 32,828
Recurring Revenues 6,124 7,077 8,493
Others 2,324 2,554 3,085
Operating Expenses 8,081 9,559 11,487
EBITDA 14,764 17,006 17,986
Net Income 9,063 10,534 11,609

BALANCE SHEET
Cash and Investments 40,159 47,645 47,948
Total Assets 199,935 238,262 272,539
Total Borrowings 94,061 121,547 143,770
Net Debt 50,142 71,118 92,417
Total Liabilities 115,927 146,355 172,586
Equity 84,008 91,907 99,953

Financial Ratios
Current Ratio 5.19 3.77 3.96
Net debt to equity 0.60 0.77 0.92
Debt to equity 1.07 1.29 1.40
Return on Equity 10.79% 11.46% 11.61%
Return on Assets 4.53% 4.42% 4.55%

Cashflows
Net Cash provided by operating activities 1,986.06 3,066.59 4,458.31
Net Cash used in investing activities (6,149.75) (10,347.86) (21,099.60)
Net Cash provided by financing activities 6,755.26 15,803.73 10,569.47


6 VISTA LAND ANNUAL REPORT 2019 7
 at a glance

Offers residential properties outside the Mega Manila area in Builds both mid and high-rise vertical Owner, developer and operator of retail malls that
Develops luxury houses in masterplanned communities, Caters to the upper middle market housing Servicing the affordable and middle-income housing
the affordable and middle market segments primarily under developments. target mass market retail consumers and develops and
catering to the high-end market segment in Mega Manila. segment in Mega Manila. segment in the Mega Manila area.
the “Camella” and “Lessandra” brands. operates BPO commercial centers.

Established: 1993 Established: 1995 Established: 1977 Established: 1991 Established: 2009 Established: 2015

La Posada (Sucat, Muntinlupa) Valenza (Sta. Rosa, Laguna) Camella Verra (Caloocan City) Camella Cagayan (Tuguegarao City) Wil Tower (Eugenio Lopez Drive, Quezon City) Starmall Las Piñas Annex (Zapote, Las Piñas City)
Portofino South (Daang Hari, Alabang) Fortezza (Cabuyao, Laguna) Camella Ellisande (Taguig City) Camella Subic (Subic, Bataan) Symphony Tower (South Triangle, Quezon City) Vista Mall Las Piñas (Zapote, Las Piñas City)
Portofino Courtyards (Daang Hari, Alabang) Marina Heights (Sucat, Muntinlupa) Camella Dasma At the IslandS (Dasmariñas, Cavite) Provence (Malolos, Bulacan) Avant at the Fort (Bonifacio Global City) Starmall EDSA Shaw (Wack-wack, Mandaluyong City)

PORTFOLIO
Amore (Daang Hari, Alabang) Citta Italia (Bacoor, Cavite)

PROJECT
Tierra Nevada (General Trias, Cavite) Camella Pinecrest (Bacolod, City) Vista Heights (Quiapo,Manila) Worldwide Corporate Center (Mandaluyong City)
A Leading Integrated Georgia Club (Sta. Rosa, Laguna)
Augusta (Sta. Rosa, Laguna)
Augustine Grove (Dasmariñas, Cavite)
Ponticelli (Daang Hari )
Camella Silang (Silang, Cavite)
Cerritos Heights (Daang Hari)
Camella Prima Butuan (Butuan City)
Camella Taal (Taal, Batangas)
Vista Brenthill (Baguio City)
Vista Suarez Cebu (Cebu City)
Starmall Alabang, (Alabang, Muntinlupa City)
Starmall San Jose del Monte (San Jose del Monte, Bulacan)
Property Developer & The Crosswinds (Tagaytay City)
Alpine Tower (Tagaytay City)
Maia Alta (Antipolo, Rizal)
Brescia (Commonwealth, Quezon City)
Camella Dos Rios Trails (Cabuyao, Laguna)
Camella East Winds (Pillila, Rizal)
Camella Palawan (Puerto Princesa, Palawan)
The Crest at Gran Europa (Cagayan de Oro City)
The Currency (Pasig City)
Vista Shaw (Mandaluyong City)
Vista Mall Daang Hari (Daang Hari)
Vista Mall Sta. Rosa (Sta. Rosa, Laguna)

Philippines’ Largest Homebuilder

Launched 50 projects
with an estimated
DIVISIONAL INFORMATION

2019 2018 %Change 2019 2018 %Change 2019 2018 %Change 2019 2018 %Change 2019 2018 %Change 2019 2018 %Change
Reservation Sales 9,742.81 8,218.44 18.5%
total value of about
(in Php Millions)

Reservation Sales 799.04 725.87 10.1% Reservation Sales 1,463.46 1,337.10 9.5% Reservation Sales 24,017.04 23,723.30 1.2% Reservation Sales 42,519.48 41,108.15 3.4% Reservation Sales

₱38.5 billion Revenues 453.74 481.44 -5.8% Revenues 1,062.02 979.47 8.4% Revenues 14,284.66 9,731.46 46.8% Revenues 14,608.92 15,358.13 -4.9%
Revenues 2,418.60 5,305.58 -54.4%
Revenues 7,474.98 6,285.70 18.9%
Gross Profit 1,236.88 2,622.42 -52.8%
Gross Profit 288.65 304.92 -5.3% Gross Profit 671.54 585.17 14.8% Gross Profit 7,016.07 5,082.28 38.0% Gross Profit 7,846.28 8,084.13 -2.9% Gross Profit

8 VISTA LAND ANNUAL REPORT 2019 9

 growth chart corporate values

Unrivaled nationwide presence in 147 cities and

municipalities in 49 provinces across the Philippines Cost Consciousness
Competitive Spirit
Everyday, we step into the battlefield knowing we are well-equipped. Cost is not a question of numbers, but a question of value. It is not what we
We are a crack team. Better trained. Better skilled. Better motivated. can cut out, but what we can save on. We are lean because we know that
1 Agusan del Norte 36 Nueva Viscaya
2 Agusan del Sur 37 Palawan The competition is there for two reasons: To learn from and to knock out. success does not depend on the number of people, but on the number of ideas, and
3 Aklan 38 Pampanga We owe it to ourselves to keep building muscle, and we owe it to our the brilliance of those ideas. We are not cost conscious to increase our profit margins,
4 Albay 39 Pangasinan customers to keep fighting. but to guarantee that we have sufficient resources for tomorrow. It is not just the cost
5 Bataan 40 Quezon
to us that wemust concern ourselves with, but the cost to our customers as well.
6 Batangas 41 Rizal
7 Benguet 42 Sorsogon
8 Bohol 43 South Cotabato
9 Bulacan 44 Surigao del Norte
10 Bukidnon 45 Tarlac
11 Cagayan 46 Western Samar
12 Camarines Sur 47 Zambales
13 Camarines Norte 48 Zamboanga Peninsula
14
15
Capiz
Cavite
49 Zamboanga del Sur
Honesty Closeness To Customers
16 Cebu
17 Compostela Valley
We need to be trustworthy and we need to be trusted. There must Our future is wrapped up in our customers — along with their dreams,
18 Davao del Norte
19 Davao del Sur be integrity and reliability in our word, and our character. Honesty their hopes, their lives. We must become part of their community — and
20 Guimaras necessitates dependability, fairness, probity, and holding on to high their family. What they need is as important as what we do. It is what drives
21 Ilocos Norte principles. It is the only way we can believe in each other and our what we do. To them, we will always listen. From them, we will always learn. They
22 Ilocos Sur
23 Iloilo customers can believe in us. are the reason we exist.
24 Isabela
25 Laguna
26 La Union
27 Leyte
28 Masbate
29 Metro Manila

Teamwork
30 Misamis Occidental
31 Misamis Oriental
32 Negros Occidental
33 Negros Oriental Synergy is one of a corporation’s greatest assets. The solitary genius is nice,
34 North Cotabato but teams are stronger. We have a common goal, and we need each other to get there. We
35 Nueva Ecija have each other’s back. We have the company’s back.

10 VISTA LAND ANNUAL REPORT 2019 11

 chairman’s message

Dear Fellow Shareholders,

Vista Land & Lifescapes, Inc. has been in operation for more than four Truly, more than the growth in terms of profit, what I am most proud of for
decades and through these years, complacency is a word that we have Vista Land is giving Filipinos and all our other customers the chance to
kept out of our vocabulary. experience the Vista Land standard of living through our residential and
commercial developments.
We belong to a very dynamic and very competitive landscape - the
Philippine Real Estate Industry. We look at each year as an opportunity We try to bring freshness, vibrancy, and energy every time we launch a
to dream bigger and to achieve higher. When we started, we only dreamt project, deliver a home to homebuyers, and open our malls to customers.
of providing homes to every Filipinos. Now, we envision to provide a We will continue to embody and solidify these concepts in the future
better way of life and our unique Vista Land standard of living through our through the widespread creation of Communicities across the country.
integrated communities across the country. That is what has kept Vista We already have Vista Land Communicities in Metro Manila, other major
Land going—to never be left out but instead be the frontrunner in providing cities and developing urban centers. I can’t wait for our countrymen in the
for the evolving needs of our customers and country. second-and third-tier cities and municipalities to experience the Vista Land
standard through our integrated community developments.
The real challenge of running an organization is providing the Vision
and defining the Mission that will allow it to sustain its relevance over an Thank you all, our shareholders and stakeholders, for sharing our
extended period. I always look back to my original Vision of the Company commitment to freshness, vibrancy, and energy. We march forward
when I founded it decades ago. But I have also kept my eyes forward and together, ready to face the future with the same passion that has sustained
made sure that our business strategies continuously evolve to keep up with us over the years.
trends and adapt to changes while being faithful to our goal of providing a
future worth living and a life made beautiful for Filipinos.

For 2019, our strategy focused on reinforcing the capacity of Vista Land as
an integrated property developer. The acquisition of Vista Malls four years
ago added a distinct feature to our offerings—quality lifestyle centers that
complement the Company’s well-built homes. Since then, our world-class
commercial developments have undeniably added great value to our core Manuel B. Villar, Jr.
and stable end-user residential business, and vice versa. Chairman

12 VISTA LAND ANNUAL REPORT 2019 13

 president’s report

Dear Fellow Shareholders,

Over the last 40 years, Vista Land has evolved from being the largest Philippine homebuilder to also
being one of the country’s leading integrated property developers.

We highlighted this direction in 2019 through our successful “Life Made Beautiful” print advertising
campaign that informed the public, through striking visuals and copy, that Vista Land is a part of
everyone’s day-to-day lives—whether as a home, a home away from home or a place of leisure.

Thanks to our entire team’s hard work, focus and dedication, we have gone beyond housing and
continue to develop Communicities that combine quality residences with commercial centers and
leisure facilities in beautifully landscaped settings. Yes, we remain to be the experts in building and
delivering affordable housing, but we have also exceeded expectations with our high-end development
and world-class malls.

One of the highlights last year was the launch of our COHO projects that embody the Vista Land
Standard of Living. COHOs are mid-rise buildings in Vista Land Communicities surrounded by
commercial developments as well as residential communities. They fill the gap between the affordable
and mid-cost condo segments. We now have 25 COHO sites nationwide, all conveniently located near
or along major road networks.

14 VISTA LAND ANNUAL REPORT 2019 15

 president’s report

FINANCIAL HIGHLIGHTS SUSTAINED RESIDENTIAL GROWTH

Our aggressive property development and marketing activities Our gross margin and EBITDA margin were steady at 52% and
resulted in our 2019 net income rising by 10 percent to ₱11.6 billion 42%, respectively. We were able to take advantage of the price
from ₱10.5 billion the previous year. premium of our projects in the provincial areas. Our leasing business
maintained its EBITDA margin which resulted in our sustained
Consolidated revenues grew 7 percent to ₱44.4 billion from ₱41.5 overall EBITDA margin.
billion in 2018. Total Real Estate revenues grew by 3 percent to
₱32.8 billion, while leasing revenue increased by 20 percent to ₱8.5 We maintained a strong balance sheet. Our total assets grew by
billion. 14% to ₱272.5 billion as of December 31, 2019 with an equity of
₱100.0 billion. Our net debt to equity ratio was held at 0.92x at the
We recorded reservations sales of ₱78.5 billion as well as launched end of the year. The increase in our net debt was due primarily to
projects mostly outside Metro Manila with an estimated value of the funding of our investment properties as our residential business
₱38.5 billion for 2019, composed of affordable housing and COHO has been self-funding. We have diversified funding sources and a
projects. We are now present in 147 cities and municipalities across longer maturity profile for our debt. Our earliest bullet maturity is in
49 provinces in the country. 2022.
REAL ESTATE CONTRIBUTION COMMERCIAL SPACE ROLL OUT

Our leasing business continued to show positive results. For 2019, Our land bank stood at 2,926.8 hectares at the end of 2019. Mega
contribution from our leasing portfolio increased 19% in terms of Manila land accounts for 57% while 43% of our land bank is in
revenues, 30% in EBITDA, and 24% in net income. provincial areas. Our land bank gives us a future project pipeline of
about eight to nine years. Capital expenditures amounted to ₱38.3
With respect to our real estate revenue mix, the Camella Brand billion of which ₱24.6 billion was spent for construction of both
still contributed the most with 89% of our total real estate revenue residential and commercial developments. We spent ₱6.7 billion
from 79% in 2018. What’s notable is that we are the only real estate for land development while payment for land acquisition including
developer that generates almost 50% of revenues from areas land liabilities amounting to ₱7.0 billion.
outside Mega Manila.

16 VISTA LAND ANNUAL REPORT 2019 17

 president’s report

PROJECT LAUNCHES DEBT PROFILE

Funding Sources
By the end of 2019, we had a total of about 1.5 million square Asia’s Outstanding Company on Corporate Governance and
meters (sq.m.) of Gross Floor Area in our leasing portfolio, with our Best Investor Relations Company by the Corporate Governance
malls and retail stores accounting for 1.3 million sq.m. Our leasing Asia.
business now covers 31 malls, 62 commercial centers, and 7 office
buildings. The year 2020 marks the start of a new decade. With the support
of our stakeholders and the guidance of our Chairman, Manuel
We continue to invest in human capital by making sure that B. Villar, Jr., we will meet the challenges the future may bring,
employees are provided with adequate training to keep them abreast Vista Land & Lifescapes, Inc. will never waver in developing and
of the latest trends and best practices in their respective fields. As delivering innovative real estate projects to make life beautiful.
a result, we were able to maintain a competitive workforce that has
become a source of fresh, vibrant, and creative ideas. To promote Thank you very much.
Launched projects
with an estimated total value of P38.5B trust and transparency, we have centralized corporate teams to take
charge of cascading and implementing key management decisions
Debt Maturity Profile
down the line.
LAND BANK LOCATION (in HAs)
Manuel Paolo A. Villar, Jr.
In recognition of our collective efforts, we continued our award- President and Chief Executive Officer
winning ways and received several international and local industry
citations in 2019. Among these were: Best Real Estate Development
Company (Residential) by the International Finance, Best Integrated
Property Development Firm by APAC Insider – South East Asia,
Most Innovative Community Developer by Global Business Outlook,
*Mega Manila– Metro Manila and the
neighbouring provinces of Cavite,
Laguna, Rizal, Batangas and Bulacan

18 VISTA LAND ANNUAL REPORT 2019 19

 20
19
numbers at a glance Vista Land continues to benefit from the sustained demand from
Overseas Filipino Workers, as OFWs account between 50% to
60% of Vista Land’s sales. OFW sales are basically end users.
Vista land, one of the country’s leading horizontal residential sector targeted towards end
OFW remittances remain stable which registered at $33.5
integrated property developers and the users with strong housing brand recognized across
largest homebuilder, achieved another banner the country and has well-implemented its expansion billion as of December 31, 2019.
year in 2019 brought about by the strong into mass market retail malls and office space with its
performance of its commercial assets and leasing portfolio of about 1.5 million square meter in
sustained contribution from its residential gross floor area (GFA).
business. It remains the market leader in

Vista Land is the Philippines’ foremost home-

builder in the horizontal market having built Vista Land has the widest geographically diverse portfolio,
Vista Land is well positioned to benefit from
over 400,000 houses, with 64% of mar- with unrivalled nationwide presence in 147 cities and
favorable Philippine demographic, with almost
ket in the house & lot market. It has fostered municipalities across 49 provinces in the Philippines. Vista
73% of the population aged 39 and below
strong brand recognition, with its Camella, boosted by low mortgage penetration at 3.4% Land’s landbank is about 2,926.8 hectares – mainly
Crown Asia, Brittany and Vista Residences compared to its regional peers. The rising situated in areas in close proximity to major areas and primary
brands being four of the most recognized middle class bodes well for the company, as infrastructure, of which 57% is located in Mega Manila
brands in the Philippine real estate industry. GDP per capita in 2018
In a survey by PSRC, Camella has a brand
stood at $3,319.
awareness of 98% -- similar to a “fast moving
good” – which is not usual for a house and lot
brand that caters to a niche market. Vista Land remains prudent, maintaining a favorable net
Vista Land has a strong and experienced
management team with an average of 25 debt to equity ratio of 0.92x. The current gearing provides
more flexibility on funding strategy to support expansion
years of sound operational and management
plans.
experience in real estate, particularly housing,
mass market retail and BPO markets.
Vista Land through its subsidiary, Vistamalls, a major developer, owner
and operator of retail malls and business process outsourcing (BPO)
commercial centers, strengthens its position as one of the top four Vista land intends to focus on the development COMMUNICITIES, an integrated urban
integrated property developers in the Philippines. The Company’s current developments combining lifestyle retail, prime office space, university town, healthcare, themed
portfolio includes 31 strategically located malls, 7 BPO offices and 62 residential developments and leisure components, and already identified 24 innovative
community centers. This brings Vista Land’s total GFA of commercial masterplanned communicities spread all over the country.
space to 1,497,229 square meters as of December 31, 2019.

20 VISTA LAND ANNUAL REPORT 2019 21

 review of operations
Market:
High-end
Offering:
House & Lot (Mega Manila)
Price:
Above Php12M
Real Estate Revenues
La Posada, Lakefront Georgia Club, Sta. Rosa (in Php Million):
• Php 453.7 (2019)
• Php 481. 4 (2018)
Brittany is the first to conceptualize and execute 'dream home'
Revenue Contribution:
communities offering luxury properties rich in character and
• 1% (2019)
sophisticated in their thematic appeal. Inspired by the world’s most
• 1% (2018)
scenic destinations, Brittany’s luxury communities bring these
beautiful places closer to the homes of the privileged few.
Portofino Heights, Vista Alabangg
While waiting for the housing demand to shift back to the high-
end developments, Brittany is aggressively adding value to its
products with the incorporation of various innovations such as but
not limited to: Launch of Alexa-powered smart home series, PWD-
friendly home features, ready homes, and community video tours.

In 2019, Brittany registered ₱453.7 million revenue coming from its

developments.

22 VISTA LAND Crosswinds, Tagaytay ANNUAL REPORT 2019 23

 review of operations Market:
Upper Mid–Cost
Offering:
House & Lot (Mega Manila)
Price:
Php 5M to Php 12m
Real Estate Revenues
(in Php Million):
• Php 1,062.0 (2019)
• Php 979.5 (2018)
Revenue Contribution:
Crown Asia has been providing homes to upper and middle-income earning Filipinos by offering nurtured
• 3% (2019)
premium themed-communities with classic architectural feats and pioneering concepts inspired from
beautiful places around the world. Crown Asia brings to life visions of safety, high-life satisfaction and a • 3% (2018)
convenience-driven lifestyle - a path to living a beautifully modern sweet life.

Crown Asia remains poised to meet the expected future demand with its continued promotion of its
flagship developments namely: Ponticelli in Daang Hari and Valenza in Sta. Rosa, Laguna. Valenza, Sta. Rosa

Crown Asia delivered ₱1,062.0 billion sales in 2019.

Vita, Toscana, Bacoor

Presedio, Sucat
24 VISTA LAND Valenza, Sta. Rosa ANNUAL REPORT 2019 25
 review of operations

Market:
Affordable
Offering:
House & Lot (Mega Manila)
Price:
Php 5M and below
Real Estate Revenues
(in Php Million):
• Php 14,284.7 (2019)
• Php 9,731.5 (2018)
Revenue Contribution:
• 35% (2019)
• 26% (2018)

Favorites are forever. And just like your favorites, Camella has been fulfilling every Filipino’s dream of owning beautiful
and quality homes for over 40 years now. Camella has solidified its brand position through its affordable pricing,
excellent build quality, ideal locations, and aggressive marketing campaigns. This year, as part of the company-wide
“Life Made Beautiful” ad campaign, Camella has been active on print ads as well telling a story of how it made
possible for the past, present, and future generations to be able to afford not just quality homes but also the beautiful
communities that comes with it.

For 2019, Camella accounted for 44% of Vista Land’s real estate sales.
26 VISTA LAND ANNUAL REPORT 2019 27
 review of operations

Market:
Affordable (Provincial)
Offering:
Through Communities Philippines, the Camella brand has bloomed in terms House & Lot (Outside Mega Manila)
of its presence in various cities and municipalities across the country while Price:
greatly contributing to the development of these areas. Below P5M
Real Estate Revenues
In 2019, Communities Philippines continues to service Filipinos overseas (in Php Million):
by bringing beautiful developments closer to their hometowns. To date, the • Php14,608.9 (2019)
Company is now present in 147 cities and municipalities in 49 provinces • Php 15,358.1 (2018)
across the country. Revenue Contribution:
• 36% (2019)
Communities Philippines contributed 45% of Vista Land’s real estate sales for
2019. • 40% (2018)

Lessandra
28 VISTA LAND ANNUAL REPORT 2019 29
 878 España

review of operations

Vista Taft,
Studio Unit

Vista Residences is the vertical development arm of Vista Land offering top- Plumeira Heights,
tier properties across the country’s premier universities and colleges and Manila
progressive business districts.
Market:
In response to the diverse needs and preferences of its equally diverse Affordable to Mid–Cost
market, Vista Residences has its condominium series, which includes the Offering:
following: (a) University Series – a selection of value priced mid and high-rise Vertical projects
towers strategically located within the university clusters in the country’s top
Price:
cities. In 2019, Vista Residences embarked on a partnership with Japan’s
Php 3M to Php 16M
leading comprehensive real estate developer, Mitsubishi Estate Co., Ltd.
to develop a mixed-use, high-rise condominium along Taft Avenue, Manila Real Estate Revenues
under the University Series; (b) Prime Properties - a collection of skillfully (in Php Million):
engineered and beautifully designed towers that stand centrally within the • Php 2,418.6 (2019)
country’s Central Business Districts; (c) Resorts Properties – collection of • Php 5,305.6 (2018)
condominiums that offer an experience of easy condo living in a sanctuary Revenue Contribution:
one can escape to. • 6% (2019)
• 14% (2018)
Vista Residences contribute ₱2,418.6 billion in real estate revenues in 2019. Vista Taft, Lobby

Avant, Makati

30 VISTA LAND ANNUAL REPORT 2019 31

 review of operations

Vista Mall NoMo, Bacoor BPO, Las Piñas

Starmall, Alabang

Vistamalls (formerly, Starmalls) is a major developer, owner, and operator of

retail malls and BPO commercial centers.

Vistamalls believes that it is well-placed to face the increased competition

in the retail mall industry because of its competitive advantage through the Market:
following: the location of its existing retail malls (including proximity of a Commercial
number of its malls beside major transport hubs); a massive existing land
Offering:
bank; its balance sheet strength; its diverse tenant mix with a proven tenant
selection criteria and the presence of the key tenants within each of its retail Malls and BPO
malls. Vistamalls also carries the distinct feature of state-of-the-art cinemas, Rental Reveue
lifestyle-oriented tenants, and world-class mall experience.
(in Php Million):

As of end 2019, the Group has investment properties of about 1.5 million • Php 7,475.0 (2019)
square meters of gross floor area (GFA) which is composed of 31 malls, 7 • Php 6,285.7 (2018)
office buildings, and 62 commercial centers.
Revenue Contribution:
• 19% (2019)
Evia, Vista Alabang • 16% (2018)
Vista Mall, Bataan
32 VISTA LAND ANNUAL REPORT 2019 33
 feature

The Beauty Is In The Details

A communication campaign positioning Vista Land & housing communities – mid to high-rise condominiums, malls
Lifescapes, Inc. as more than a housing projects developer & commercial developments, and hotels.
but rather a provider of different lifestyle offers resulted in an
overall increase of sales and footwork in 2019. Conducted from August 7 to September 25, 2019, the campaign
had a definite impact on sales and revenue generated from
Defying current trends to mainly use digital channels, the condominium reservation sales, hotel booking reservations
“Details” campaign proved that the greatly overlooked yet still and malls & commercial centers foot traffic.
powerful print media can be maximized by definitively studying
a target’s touchpoint behavior. Full page, full color ads in every Quarter 2 to Quarter 3 sales figures saw a 6% increase in foot
broadsheet, carried the message “Life made beautiful by Vista traffic in Vista Land malls, a 31% increase in reservation sales
Land” seven times a week for five weeks to reach all possible for condominium units, and a 34% increase in hotel booking
audiences of the general public. revenue. In a matter of weeks, overall revenue of the company
increased by 9.4% versus the previous year, and a 12% growth
The message was clear and consistent – Vista Land is part in net income was posted for the first nine months of 2019.
of everyone’s day-to-day lives; whether as a home, a home
away from home or a place of leisure. Once you set foot in Equally important as the increase in sales, the “Details”
a Vista Land property or development, you will always feel campaign definitely added an element of freshness to the
comfortable, pampered, and important. image of Vista Land & Lifescapes, Inc. as a premiere integrated “Details” campaign definitely added an element of freshness
developer by successfully showcasing its developments and
Each creative material showed a single picturesque visual concepts across 49 provinces and 147 cities & municipalities to the image of Vista Land & Lifescapes, Inc. as a premiere
and striking copy that represents all the many beautiful things nationwide. integrated developer by successfully showcasing its
that Vista Land is about and has to offer beyond horizontal
developments and concepts across 49 provinces and 147 cities &
municipalities nationwide.

34 VISTA LAND ANNUAL REPORT 2019 35

 feature

Th e Fa vorite
Bl oom s Fore v er
When Camella residents say they “live at home”, they don’t mean just
spaces where they sleep and eat. A Camella home is a spacious well-
designed property in its own lot, within a safe and secure community
provided with leisure amenities, open spaces, fresh air and lush
greenery. For over 40 years, Camella has marked the beginnings
– and sustained – happier lives of generations of original and new
homeowners.

Camella properties have remained the favorite affordable, wise, value-

for-money investments–particularly of middle-class professional
Filipinos who view home ownership as a well-deserved reward for all of
the hardwork they put in for their young and growing families. Camella
developments, spread across 147 cities in 49 provinces keep on
blooming and flourishing, transforming lives and communities across
the Philippines.

Camella has constantly evolved to go beyond providing high quality

housing. It will continue to harness its passion to create master- Camella developments, spread across 147 cities in 49 provinces keep
planned residential projects to provide the perfect environment where
Filipino families can thrive and fulfill their dream of a better life.
on blooming and flourishing, transforming lives and communities across
the Philippines.

36 VISTA LAND ANNUAL REPORT 2019 37

 feature

Vertical Living Redefined

It takes out-of-the-box thinking to redefine life.

“If you want to dream out of the box, you shouldn’t live
inside one,” said Vista Land chair Manuel B. Villar, Jr.,
referring to COHO or Camella Condo Homes, Vista Land’s
newest brand for beautiful, stylish, and high quality mid-
rise residential condominium developments in highly
urbanized locations nationwide.

COHO is vertical living redefined -- and refined. It is a

mid-rise, sprawling development that mixes the vibe of a
subdivision in an urban community and the convenience
of a condo unit. A true vertical village, it has functional
amenities such as clubhouse, swimming pool, function Life made beautiful with Vista Land’s COHO
hall, fitness gym, landscaped gardens, and open spaces.

COHO seamlessly combines the style and energy of new-generation curated lifestyle experience through Vista
condo living with all the convenient amenities of a home Land’s affiliate retail brands that are home-grown and
through Vista Land’s Communicities that also host malls, pioneering.
coffee shops, cinemas, supermarkets, furniture and
hardware stores and more. It redefines what it means A COHO lifestyle means having an exquisite coffee shop
to come home to the city by providing a distinct and as an extension of one’s living and working space; a
38 VISTA LAND ANNUAL REPORT 2019 39
 feature

“Filipinos all over the country deserve the chance to live

in a place that makes it possible for them to create the
lifestyles they want,” Villar added.

Most condo developments, especially within the city

limits, have risen in price beyond the budget of the average
Filipino. COHO fills the gap between affordable and the
mid-cost segment. It offers value for money, as it draws
investors to the beauty of its vertical villages designed to
appreciate in value over time.

COHO now has 25 sites nationwide, all conveniently

located near or along major road networks in Taguig,
Las Piñas and Caloocan; the surrounding areas of Mega
COHO caters to millennials, aged 21 to 34 years old, or young professionals Manila like Bacoor and Imus in Cavite, Tagaytay, and Lipa,
who are establishing their careers or already have
their own businesses.
Batangas; as well as the tourism centers of Palawan,
Cebu, Bacolod, Cagayan de Oro, and Davao.

breakfast table in a charming boulangerie; easy access to a

“super pantry” in a fun, fresh, and innovative supermarket;
a world-class cinema as your very own entertainment
room; and a one-stop home improvement store as your
complete toolbox.
“If you want to dream out of the box,
COHO caters to millennials, aged 21 to 34 years old, or you shouldn’t live inside one.”
young professionals who are establishing their careers or
already have their own businesses. This market segment
are looking for beautiful homes that offer safety and
convenience. It is also composed of discerning investors
seeking for a smart, practical option for their savings.

40 VISTA LAND ANNUAL REPORT 2019 41

 feature A COHO resident will find it easy to
redecorate and refurbish with an All
Home as your neighbor. This onestop
home improvement store offers
anything from home building, furnishing
and improvements.

The COHO Proposition

Designed to redefine city living by offering
a well curated lifestyle experience, COHO
selling stage. Consequently, this means a
shorter payback period for COHO investors.
Expanding Footprint
promises beautiful, stylish and high-quality
COHO residents will get to enjoy Coffee Project’s besttasting
COHO has so far expanded to 25 strategic coffee and beverages, as well as its wide variety of

vertical communities in urbanized locations These residential condo projects are within
scrumptious food like pasta, rice meals, cakes and
locations in the Philippines in just a year’s sandwiches. Its exceptional interiors earned for itself

across the country. There are more than urbanized areas where there is a high
“the most Instagram-worthy” coffee shop tag.
time. It continues to build its portfolio
enough reasons why COHO by Vista Land demand for such residences. COHO projects across the country, taking advantage of
makes a highly compelling proposition are part of Vista Land’s Communicities— the government’s aggressive infrastructure
. integrated urban developments that combine initiative and decentralization thrust that
Innovations lifestyle retail, prime office space, university are starting to unlock land values outside
A COHO lifestyle means having a
breakfast table in a charming
boulangerie that is Bake My Day,
town healthcare, themed residential projects Metro Manila.
which offers a charming ambiance
and freshly-baked breads.
COHO units are bigger, starting at 30 sqm and leisure components. COHO projects
for one-bedroom units and 40 sqm two- are thus well poised to appreciate in value Backed by Vista Land
bedroom units. Layouts are mainly square at an accelerated pace.
and not the typical narrow rectangles of COHO is part of Vista Land, a company with
most condominium configurations. Extended Amenities unrivaled geographic presence in over 49
COHO puts a premium on efficient space planning
and hence, COHO’s unit configurations are bigger,
starting at 30 sqm for one-bedroom units. COHO

provinces and 147 cities and municipalities

unit layouts also resemble a square and not the
typical narrow layouts seen in most condo units.
COHO units are likewise equipped with fiber Being part of Vista Land’s Communicities, nationwide and is still aggressively
optics that allow owners to conveniently COHO residents have that unique and expanding. Given Vista Land’s expertise
control lighting, air conditioning and exclusive opportunity to enjoy its extended and prowess in property development
electronic devices through Fiber-to-the- amenities: a coffee shop for an office, a
COHO residents will easily enjoy having
honed over the last four decades, a COHO a world-class cinema as their neighbor.

Home service using mobile phones. The supermarket for a pantry, a boulangerie
Vista Cinemas provide an awesome
investor is readily assured of quality movie-viewing experience

system comes with a CCTV camera and for a breakfast table; and a cinema as an
with its MX4D technology.
structures, world class amenities and a
automatic alarm system for extra security. entertainment room. unique lifestyle experience.

Potential Returns COHO now has 25 sites nationwide, all conveniently

located near or along major road networks.

Since COHO is a mid-rise development, COHO developments can have

anywhere from two to 13 towers
it is faster to construct and completion is per project, depending on
the size of the location.
expected within three years from the pre-
Source: "Why COHO's making waves across PH",
Philippine Daily Inquirer published August 10, 2019.

42 VISTA LAND ANNUAL REPORT 2019 43

 corporate social responsiblity

Villar SIPAG: Green Social Enterprises

The CSR arm of Vista Land Winning War on Wastes

The Villar Social Institute for Poverty Alleviation and Governance or Villar SIPAG is the Corporate Social Responsibility Since the day it was founded, Villar SIPAG’s main advocacy involved environmental
protection and livelihood generation. And there is a perfect interplay of these in its
(CSR) arm of Vista Land. It was established through the efforts of Vista Land Founding Chairman Manuel B. Villar,
livelihood projects that have been replicated nationwide because of its ingenuity
Jr., and his wife, Senator Cynthia A. Villar, to help empower Filipinos to overcome poverty in all its forms and and sustainability.
manifestations.
The raw materials used in Villar SIPAG’s livelihood projects are from wastes.
It is anchored on ‘sipag’ or hard work coupled with ‘tiyaga’ or perseverance, which are values that the Villar family These are water hyacinths for the waterlily handicraft-weaving enterprise and the
handmade paper factory; coconut husks for the coconet-weaving enterprise and
holds in high regard in themselves and in other people as well. There are the same values that they believe can the charcoal-making factory; kitchen and garden wastes for the organic fertilizer
uplift the lives of Filipinos. composting facility; and plastic wastes for the waste plastic recycling factory that
produces school chairs.
Villar SIPAG’s key advocacies are livelihood generation, jobs creation, environment protection, assistance to
As of latest count, there are now 3,000 Villar SIPAG-established livelihood
overseas Filipino workers (OFWs), development of community enterprises, church-building, agricultural training projects nationwide, which are barangay-based enterprises that are models
through the Villar Farm Schools, and construction training schools. of proper waste management and demonstrate practical approaches on how
garbage can be turned into useful end-products.
Its projects and programs for those advocacies have been very effective and have resulted to the realization of its
The coconet weaving enterprises turn coconut husks that clog rivers and
goals and objectives. That however does not stop Villar SIPAG to look for fresh approaches to address lingering
waterways into materials as such as coconets, which are used as riprap
problems and offer winning solutions. materials in construction projects to prevent soil erosion. Vista Land in fact uses
the coconets. The same enterprise produces organic fertilizers and charcoal
briquettes.

44 VISTA LAND ANNUAL REPORT 2019 45

 corporate social responsiblity

The workers extract fiber and coco peat from the coco husks using soil fertility. Soil degradation in the Philippines has
a decorticating machine. The fiber is used for making coconet and reached 38 per cent.
the coco dusts are mixed with household wastes to make organic
fertilizers that are distributed for free to farmers and urban gardeners. Villar SIPAG facilitated the establishment of
composting centers in barangays and the collection
A decorticating machine can extract fiber and dust from up to 8,000 of kitchen at garden wastes from households to
husks of coconuts daily. The fibers are then made into twines by be brought to the composting facility. It now has
women workers. Each twine is eight meters long. Another group of 75 composters utilized by 40,000 households in
workers weave the loom of twines and within two hours they can Las Piñas city alone. There are similar facilities in
weave one roll measuring one meter by 50 meters that can earn for other areas where the livelihood project has been
them 200 pesos. The coconets cost 2,000 pesos per roll. established.

Villar SIPAG also has an organic fertilizer facility that uses two Villar also addressed the worsening problem of
methods—rotary composting and vermicomposting. Organic fertilizer plastic pollution by recycling plastic wastes by Villar SIPAG Waste Plastic Recycling Factory
Beating Plastic Wastes
is environment-friendly since it keeps the soil healthy. The intensive constructing a Waste Plastic Recycling Factory in
and excessive use of chemical fertilizers and insecticides cause 2013 (see separate story about this).
damages to crops, decrease crop production and result to loss of

One Chair At A Time

Villar SIPAG put up its first Waste Plastic Recycling Factory in 2013 at Barangay Ilaya, Las
Piñas City in Metro Manila. The highly innovative initiative has been effectively solving to the
age-old problem of plastic wastes one chair at a time.

Moreover, it hits two birds with one stone, so to speak. It deals with wastes and solves another
perennial problem—lack of school chairs, since the factory converts waste plastics into chairs.

One school chair can be made out of 20 kilos of waste plastics such as sachets and wrappers.
It takes less than 30 minutes to produce a chair. Monthly production is around 600 plastic
chairs. Since 2013, the Las Piñas factory has produced over 30,000 chairs.

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 corporate social responsiblity

The chairs produced are then distributed for free to various public schools Over the years, Villar SIPAG’s waste management project have and Indonesia (among 192 countries surveyed), in terms of volume of
all over the country. Since there is shortage of chairs in almost all public inspired other organizations and LGUs to duplicate its initiatives. plastic wastes produced by the population. Thus, efforts to reduce or
schools nationwide. The request for donations from Villar SIPAG has Among which is the Philippine Alliance for Recycling & Materials eliminate plastic wastes are very important and crucial.
been tremendous. Sustainability (PARMS) and the City of Parañaque. They also
established a plastics recycling factory.
Thus, in 2017, two other factories have been set up by the Villar SIPAG
in Iloilo and Cagayan de Oro cities to cover the Visayas and Mindanao Plastic wastes have become a global problem and the United
regions. Both factories can produce 300 plastic chairs per month. Total Nations has in fact called it a “planetary crisis”. The Philippines,
production in Iloilo as of 2019, is nearly 6,000 chairs and in Cagayan de based on a University of Georgia study, ranked third, next to China
Oro, it is about 3,000.

Monthly production is
around 600 plastic chairs.
Since 2013, the Las Piñas
factory has produced over
30,000 chairs.

48 VISTA LAND ANNUAL REPORT 2019 49

 corporate social responsiblity

Villar SIPAG
Farm Schools

It will serve trainees in Western Visayas. The main training program of Trainors on Inbred Rice Seeds Production and Farm Mechanization.

Empowering Farmers To Be More Competitive One offered at the Villar SIPAG Farm School Iloilo is the two-week Training
of Trainors on Rice Mechanization and Inbred Rice Seeds Productions.
The objective is to enhance the capability of rice farmers and boost their
production.

Training At A Time The fourth farm school is located at Camella in Barangay Communal in
Davao City. It is established to provide training to farmers and others
Villar SIPAG partners with various government agencies and private
companies in providing free training in its farm schools. These include those
who want to avail of agriculture-related training in Mindanao. under the Department of Agriculture such as Agricultural Training Institute
The first Villar SIPAG Farm School, located in an eight-hectare lot in the production, rice production, poultry and livestock-raising, aquaculture, (ATI), Philippine Rice Research Institute (PhilRice), the Philippine Center for
boundary of Las Piñas City and Bacoor in Cavite, opened its doors to the among many others. All four farms schools prioritize the training of trainors, who will be the Postharvest Development and Mechanization (PhilMech), Bureau of Plant
public in September 2015. On July 2016, Villar SIPAG opened its second ones to share their learning to others in their communities, cooperatives, Industry (BPI), Bureau of Animal Industry (BAI), Bureau of Fisheries and Aquatic
farm school in San Jose Del Monte, Bulacan to accommodate interested The interest and enthusiasm of people for agricultural training has really associations, farm schools or learning centers. The trainees are mainly Resources (BFAR) as well as the the Technical Skills Development Authority
trainees in the North. It is located in a four-hectare lot of the former Georgia caught on nationwide. Thus, Villar SIPAG granted the request and clamor of representatives of local government units (LGUs), cooperatives, farmer (TESDA). Among its private partners are: Allied Botanical Corporation, Harbest
College in Barangay Kaypian. people for more farm schools in other parts of the country. It opened two leaders and owners of other farm schools. Agribusiness Corporation, East-West Seeds Philippines, among others.
more to cater to Visayas and Mindanao.
The two farm schools in Luzon have been conducting year-round training The main training program of the farm schools in Iloilo and Davao,
sessions on various agriculture-related courses such as on agri-crops The third farm school is located at Barangay San Jose in San Miguel, Iloilo. which are among the country’s top rice-producing provinces, is Training

50 VISTA LAND ANNUAL REPORT 2019 51

 corporate social responsiblity
The recipients of the 2019 Villar SIPAG Awards on Poverty Reduction are:

1. KILUS Foundation Environmental Multi-purpose Cooperative (Barangay Ugong, Pasig City)

Villar SIPAG Awards on Poverty Reduction 2. Margins, Church Social Enterprise (Manila)

Paying It Forward To Communities 3.

4.
Pag asa ng Paglaya Multipurpose Cooperative (Poblacion, Muntinlupa City)
Lagawe Multi-purpose Development Cooperative (LMDC) (Lagawe, Ifugao)

And Cooperatives 5.
6.
Suyo Multi-purpose Cooperative (Suyo, Ilocos Sur)
Alliance of Land Bank Assisted Cooperatives (ALBACOPA) Federation of Cooperatives (Sta. Maria, Pangasinan)
7. Saint Joseph Multi-Purpose Cooperative-Belance (Dupax Del Norte, Nueva Viscaya)
Villar SIPAG recognizes outstanding community enterprises from all over the country through
the yearly Villar SIPAG Awards on Poverty Reduction. Nominations for the award are 8. Watch Life Workers Multi-purpose Cooperative (Mariveles, Bataan)
accepted from eligible community-based enterprises from Luzon, Visayas and Mindanao. The 9. Batangas Egg Producers Cooperative (BEPCO) (San Jose, Batangas)
awarding ceremony is held every December. The winners are selected for their effectiveness, 10. Shoreline Kabalikat sa Kaunlaran, Inc. (SKKI) (Naic, Cavite)
significance, financial viability, sustainability and adaptability.
11. Luntian Multi-purpose Cooperative (Tiaong, Quezon)
12. Entrepreneurs Alumni Development Cooperative (EADCOOP) (Daraga, Albay)
13. Kooperatiba Naton Multi-Purpose Cooperative (Tigbauan, Iloilo)
14. Association of Negros Producers, Inc. (Bacolod City, Negros Occidental)
15. Abuyog Saint Francis Xavier Credit Cooperative (AFCCO) (Abuyog, Leyte)
16. People’s Micro-Finance Corporation (Tumaga, Zamboanga City)
17. Labason Multi-Purpose Cooperative (Zamboanga Del Norte)
18. King Multi-Purpose Cooperative (Davao City)
19. Mangagoy Fishermen’s Multi-purpose Cooperative (Bislig, Surigao del Sur)
20. Mantibungao Agrarian Beneficiaries Farmers’ Cooperative (MABFC) (Manolo Fortich, Bukidnon)

The recipients of special awards are Bigay Buhay (Building Lives) Multi- Villar SIPAG also publishes a book containing the success stories of the
purpose Cooperative of Novaliches, Quezon City; and Mansalay Farmers yearly winners to inspire and empower others. It also provides trainings
and Fishermen Multi-purpose Cooperative (MAFDECO) of Roxas, Oriental and workshops to the people running the award-winning community
Mindoro enterprises.

52 VISTA LAND ANNUAL REPORT 2019 53

 corporate social responsiblity
Villar SIPAG Youth Poverty Reduction Challenge
Rewarding Youngsters For Being Poverty Busters

Villar SIPAG launched the Villar SIPAG Youth Poverty Reduction As such, they have one of the highest potentials in breaking the
Challenge on September 2016. It is a friendly competition among cycle of inter-generational poverty.
Filipino youth and their social enterprises or community organizations
that help alleviate the poverty situation in the country. That is among the driving forces why Villar SIPAG is engaging
the youth through the yearly competition. It aims to inspire and
The youth are a key component in the growth and development of the empower the youth to really be the change that they want to see
Philippines. They comprise 27 percent of the Philippine population.

22 cooperatives are this year's recipients of the Villar SIPAG Awards on Poverty Reduction for their role in improving the quality of life of its members. The awarding
ceremony was held at the Tent at Vista Global South in Las Piñas lead by former Senate President Manny Villar, Senator Cynthia Villar, DPWH Secretary Mark Villar,
Las Piñas Lone District Camille Villar and DOJ Undersecretary Emmeline Aglipay-Villar

IN PHOTO: L-R (seated) 13. Lagawe Multipurpose development Cooperative (LMDC)) Lagawe,
Ifugao) - Charles Malachawe
1. Batangas egg producers cooperative (BEPCO)
14. Labason Multipurpose Cooperative (Zamboanga Del Norte) - Myra Descaliar
San Jose Batangas - Victorino Michael Lescano
2. Kooperatiba Naton Multipurpose Cooperative
(Tigbauan, Iloilo) - Pastor Nelson Gotera
3. Caritas Margins, Church social enterprise- Salvador Arcanghel VIII
4. Bigay buhay (building lives) multi purpose cooperative of novaliches, L-R Standing
Quezon City - Alsee Bello 1. Luntian Multipurpose Cooperative (Tiaong Quezon) - Dennis Tumbaga
5. Association of negros producers, inc. (bacolod city) 2. People’s Micro- finance corporation (tumaga,Zamboanga City) - Mary Aldita Jabaga
Negros Occidental- Arlene Infante aaaaaaaa 3. King Multipurpose Cooperative (Davao City) - Junrey Labatos
6. Alliance of Landbank Assisted cooperatives (ALBACOPA) Federation of 4. Abuyog saint Francis xavier credit cooperative (AFCCO) Abuyog, Leyte - Fr. Anreco Estrella
cooperatives (sta maria, pangasinan) - Ignacio Dumantay 5. USEC Emmaline Aglipay Villar - DOJ
7. Mansalay Farmers and Fishermen Multipurpose Cooperative (Mafdeco) of 6. Emma (daughter of Sec. Mark Villar
roxas, Oriental Mindoro - Jeremias Colangoy Jr. 7. Sec. Mark Villar - DPWH
8. Watchlife Workers Multipurpose Cooperative (Mariveles Bataan) - Ofelia Hipolito 8. CEO Paolo Villar - Vista Land
9. Kilus Foundation Environmental Multipurpose Cooperative (Barangay Ugong, 9. Former Senate President Manny Villar
Pasig City) - Edith Santiago 10. Sen. Cynthia Villar
10. Pag-asa ng paglaya Multipurpose Cooperative (Poblacion, 11. Entrepreneurs alumni development cooperative (EADCOOP) Daraga Alabang - Nolan Belaro
Muntinlupa City) - Fr. Vic Labao 12. Mantibungao Agrarian Beneficiaries Farmers Cooperative (MABFC)
11. Mangagoy Fishermen’s Multipurpose Cooperative (Bislig, Manolo Fortich, Bukidnon) - Bertilyn Opsioma
surigao Del sur) - Paterna Jelasguee 13. Shoreline Kabalikat sa Kaunlaran, Inc. (SKKI) Naia, Cavite - Remedios Baclean
12. Suyo Multipurpose Cooperative ( suyo, ilocos sur) - Norma Cipriano 14. Saint Joseph Multipurpose Cooperative-belance (dupax Del Norte, Nueva Viscaya)

54 VISTA LAND
 corporate social responsiblity

and not to be mere bystanders as changes unfold around them. Instead,

be change-makers.
Las Piñas Parañaque Wetland Park
Eleven (11) Most Outstanding Social Enterprises with existing poverty
alleviation programs are chosen as winners yearly and provided with
Showcasing Nature’s
PhP150,000 each during the awarding ceremony in July of every year.
Biodiversity in an
The winners in 2019 are as follows:
Urban Setting
1. The Cultivators 4H Ers Club of Ilocos Sur Prison
Jail Bantay, Ilocos Sur);
2. Quirinian Youth In Action (Qurino, Isabela);
3. 4h Club- Goa Chapter/ Goa Young Farmers The protection of the 175-hectare Las Piñas Parañaque Wetland Park, The groundbreaking of the Wetland Center was done in February 2, 2019
Association (Goa, Camarines Sur); a critical habitat area off Manila Bay, is another continuing advocacy of to coincide with the celebration of World Wetlands Day. It will house a
4. Tanay Mountaineers Inc. (Tanay, Rizal); Senator Cynthia Villar and Villar SIPAG in partnership with government restaurant, a training center, a museum, a souvenir shop and a satellite
offices and private companies as well as non-government organizations. office of the Department of Environment and Natural Resources. The
5. Ulama League for Call and Guidance. Inc.
It is listed as a Ramsar Wetland of International Importance and is Visitors’ Center was inaugurated on March 21, 2019.
(Bgy. 648, Manila); considered as the last natural frontier in Metro Manila.
6. Saving Innocent Lives Amidst War (Leon, Iloilo); The wetland park is envisioned to be the premiere learning environment
7. Youth for Livable Communities (Beverly Hills, The construction of various facilities at Las Piñas-Parañaque Wetland for urban wetlands in the Philippines. More facilities will be unveiled in the
Park continues to be done in phases and is nearing completion. These coming year.
Cebu City);
will complement the natural features of the area which include a mangrove
8. Family Help Project (Merida, Leyte); The LPPCHEA Wetland Park is envisioned to be the premiere learning
forest, native trees, bird sanctuary, The Department of Environment and Natural Resources (DENR) has also
environment for urban wetlands in the Philippines and to be a model of
9. Quiniput 4h Club (Quiniput, Zamboanga); appropriated PhP10 million for the construction of the Nature Hall and
sustainable eco-tourism at its best. Visitors to LPPCHEA can also experience
10. Food Secure Philippines (Midsayap, North Cotabato); The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) Board Boardwalk at the Freedom Island and the long island and the installation of
the emerging concept of 'voluntourism', where visitors can also participate
of Directors has earmarked a budget for the conservation of LPPCHEA, electricity & water. Villar SIPAG constructed the Visitors Centre.
11. Power Se7en (Limaha, Butuan City). or volunteer in activities such as cleanups and tree-planting among others.
including the construction of the Wetland Centre, Birdhives, Nature Hall,
Boardwalk and View Towers at the Long Island.

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 corporate social responsiblity

OFW and Family Summit

Making Returning Home A Winning
Decision For OFWs
The 9th OFW and Family Summit 2019 organized by Villar SIPAG like For the past nine years, the summit has been much-awaited by vacationing
the previously held ones again attracted a record number of attendees, OFWs, OFW returnees and their families. The event becomes a one-stop
more than 6,000 OFWs and their families. The theme was “Kabuhayan sa shop for OFWs where government and non-government organizations as
Sariling Bayan” that reflect every OFW’s aspiration to save enough money well as business owners and franchise holders have set up booths to feature
from earnings abroad, come back home, establish a small business or products and services they need, including from government offices, private
steady source of income and stay for good. companies, financial institutions and other organizations.
Speakers were invited to discuss topics on financial
literacy, business opportunities, investment trend, among
others. OFWs-turned-successful-entrepreneurs also
provide tips and strategies on how to seize opportunities
and successful

OFWs and their families are also given a chance to dialogue

with officials from government agencies focused on their
concerns such as the Department of Foreign Affairs (DFA),
the Overseas Workers Welfare Administration (OWWA),
the Philippine Overseas Employment Agency (POEA) and
the Department of Justice- Inter-Agency Council Against
Trafficking (DOJ-IACAT).

The highlight of the event is the raffle draw and the

awarding of the grand prize, a House and Lot from
Lessandra by Camella. A retired seaman, Elmer Fernandez
of Mandaluyong City, won the grand prize.

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 corporate social responsiblity

Las Piñas Drug Rehabilitation Center

Supporting The Fight Against Drug Addiction
President Rodrigo Roa Duterte led the inauguration of the Las Piñas Drug Rehabilitation Center on December
13, 2019. He thanked the Villar Family for their efforts in helping the administration’s campaign against illegal
drugs.

He cited that the rehabilitation center, which will help transform drug-dependent individuals into productive
members of the society, is a testament to the Villars’ “continued efforts to uplift the lives of many Filipinos”.

The drug rehabilitation center is composed of a two-storey building for

female patients with an 86-bed capacity and a three-storey building for male
patients with a 158-bed capacity. The facility is fitted with isolation rooms, a President Rodrigo Roa Duterte cited
doctor’s room, and a laboratory room. It also has a kitchen area and a dining the rehabilitation center, which will help
area which can be converted into an area to hold seminars.
transform drug-dependent individuals
The Villar family facilitated the renovation of two idle buildings formerly
assigned to the Vice Mayors League of the Philippines and the Provincial
into productive members of the society,
Board Members League of the Philippines and transformed it into a rehab is a testament to the Villars’ “continued
center.
efforts to uplift the lives of many
Aside from the drug rehab center, Villar SIPAG farm schools also provide Filipinos”.
training programs for drug surrenderers focused on farming as an alternative
source of livelihood.

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 corporate social responsiblity

Run For A Cause

Senator Cynthia Villar and Las Piñas Representative Camille Villar led the "Takbo
Para sa Kalikasan" in celebration of the 6th Las Pinas-Zapote River Festival.
The yearly run for a cause is sponsored by the Villar SIPAG to instil public
awareness maintaining the cleanliness of the river for a healthy environment.

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 corporate social responsiblity

Making Christmas Memorable for

Children from Poor Communities
More than 150 kids from Baseco, Tondo and Bgy. Iruhin, Tagaytay were once
again treated to a day of Christmas fun during the yearly gift-giving event
sponsored by Villar SIPAG at Crosswinds Resort Suites in Tagaytay. The Villar Family led by Vista Land's Chairman
& former Senate President Manny Villar and
Senator Cynthia Villar pose with the children
During the activity, the kids met Santa Claus, Mickey Mouse and Minnie Mouse; from Baseco, Tondo, Manila and Brgy, Iruhin,
played in the artificial snow; won prizes at parlor games; watched magic shows Tagaytay City. The 150 children were treated
and mascot performances. The kids, aged 2 to 13 years old, enjoyed the festive to a holiday get-away and fun-filled activities
ambiance at the Crosswinds Christmas Village where a Christmas Store and in the annual Christmas party and gift-giving
sponsored by the Villar SIPAG at Crosswinds
Santa’s House were built. Various toys such as inflatables were also made Resort Suites. Also in the photo Las Pinas
available to them around the area. Rep. Camille Villar and son Tristan; Vista
Land CEO Paolo Villar; DOJ Undersecretary
The kids also personally received gifts from the Villar Family. On its 9th year, Emmeline Villar, wife of DPWH Secretary Mark
Villar and their daughter Emma.
the event is the Villars’ way of giving back to Tondo where the former Senate
President was born.

64 VISTA LAND ANNUAL REPORT 2019 65

 corporate social responsiblity

14th Las Piñas Waterlily

Festival
The yearly festivity launched in 2006 showcases the city’s cultural heritage and continuing commitment to environment
protection, a major advocacy of Villar SIPAG.

More than 2,000 participants and tourists s well as spectators attended the event. The highlight of which was the coronation
In the inter-school street dancing competition, the group composed of
students from Las Piñas North National High School, Las Piñas City
Science High School and Las Piñas City Technical Vocational High
School emerged as the champion and won PhP50,000 cash prize. The
first runner up and winner of PhP30,000 cash prize was Las Piñas East
National High School, Las Piñas East National High School Talon 4
Annex and Las Piñas East National High School Equitable Village. The
Second Runner-up and winner of PhP20,000 cash prize was the group of
CAA National High School and Annex. Winners of this competition were
judged according to their waterlily costume and props, choreography
of Miss Las Piñas Waterlily 2019, Mikaela Grace Salcedo of Barangay Pamplona 3 who took home the crown and the and performance impact.
PhP25,000 cash prize. Judged as First Runner up and winner of PhP15,000 cash was Nicole Beatrice Catabay of Brgy.
Talon 2; and Second Runner up and winner of PhP10,000 cash prize was Marian Angela Dela Pena of Brgy. Pamplona. The festival also featured waterlily product exhibit of livelihood enterprises
People’s Choice awardee was Mikee Valerio of Brgy. Manuyo 1. Candidates representing the different barangays were from Laguna and Rizal.
required to wear gowns made of 100% waterlily.

66 VISTA LAND ANNUAL REPORT 2019 67

 corporate governance

The Vista Land "Manual on Corporate Governance," which was formalized in March of 2007, The membership of the Board may be a combination of Executive and Non-executive Board Committees Manuel Paolo A. Villar, and Ruben O. Fruto. This committee is responsible for the oversight
guides the Company's strategies towards management and investor relations. It ensures that Directors (which include Independent Directors) in order that no Director or small group of of the Corporation’s Enterprise Risk Management system to ensure its functionality and
the Company and its employees adhere to set standards and ethics, and requires regular Directors can dominate the decision making process. To comply with the principles of good corporate governance, the Board created two (6) effectiveness.
assessments and benchmarking. The Governance Code evolves to adapt to changes within Committees.
the organization and the industry. The Non-executive Directors should possess such qualifications and stature that would Related Party Transactions Committee. The Related Party Transactions Committee is
enable them to participate effectively in the deliberations of the Board. Nomination Committee. Three (3) Directors comprise the Nomination Committee, one of composed of three (3) non-executive members, two (2) of which are Independent Directors:
The Vista Land Governance Code whom is an Independent Director: Chairman Manuel B. Villar, Jr., Frances Rosalie T. Coloma, Chairman Ruben O. Fruto, Frances Rosalie T. Coloma, and Marilou O. Adea. This committee
Chairman and Ruben O. Fruto. This committee formulates screening policies to enable the committee to is tasked with reviewing all material related party transactions of the Corporation.
Board of Directors effectively review the qualification of the nominees for independent directors; and conducts
The Chairman of the Board, and President and Chief Executive Officer have been separated nominations for independent directors prior to the stockholders’ meeting in accordance with Management
The Board of Directors (the "Board") shall be primarily responsible for the governance of to ensure balance of power, increased accountability, and better capacity for independent the procedures set forth in Rule 38 of the Amended Implementing Rules and Regulations of
the Corporation. In addition to setting the policies for the accomplishment of corporate decision making by the Board. the Securities Regulation Code, as the same may be amended from time to time. Management is primarily responsible for the day-to-day operations and business of the
objectives, it shall provide independent checks on Management. The term "Management," Company. The annual compensation of the Chairman, CEO, and the top five (5) Senior
as used herein, shall refer to the body given authority by the Board to implement the policies Board Performance Compensation and Remuneration Committee. Three (3) Directors comprise the Executives of the Company are set out in the Definitive Information Statement distributed
it has laid down in conducting of the business of the Corporation. Compensation and Remuneration Committee, one of whom is an Independent Director: to Shareholders.
The Board holds regular meetings. To assist the Directors in the discharge of their duties, Chairman Manuel Paolo A. Villar, Camille A. Villar, and Marilou O. Adea. This committee
Composition each Director is given access to the Corporate Secretary and Assistant Corporate Secretary, establishes the formal and transparent procedure for developing a policy on executive Compliance Monitoring
who serve as counsel to the Board and at the same time communicate with the company remunerations, and fixing remuneration packages of Corporate Officers and Directors. It
The Board shall be composed of at least five (5), but not more than fifteen (15) members who shareholders and investing public. also provides oversight over remuneration of senior management and other key personnel, The Compliance Officer is responsible for monitoring compliance by the Company with the
are elected by the stockholders, and at least two (2) Independent Directors or such number ensuring that compensation is consistent with the Corporation's culture, strategy, and control provisions and requirements of good Corporate Governance.
of Independent Directors that constitute twenty percent (20%) of the members of the Board, environment.
whichever is lesser but in no case less than two (2). On May of 2017, the Board of Directors amended its "Manual of Corporate Governance" in
Audit Committee. The Audit Committee is composed of three (3) members, two (2) of which compliance with the revised code of Corporate Governance issued by the Securities and
are Independent Directors: Chairman Marilou O. Adea, Cynthia J. Javarez, and Ruben O. Fruto. Exchange Commission.
This committee assists the Board in providing oversight for the financial reporting process,
In 2019, the Board held 12 meetings. The record of attendance is indicated in the chart below: system of internal control, audit process, and monitoring of compliance with applicable laws, Annual Corporate Governance Report
rules, and regulations. It also provides oversight over Management's activities in managing
Board Meeting Attendance credit, the market, liquidity, operations, legal, and other risks of the Corporation. This includes In compliance with SEC Memorandum Circular No. 15 Series of 2017, the Company
regularly receiving information on risk exposures and risk management activities from submits an Integrated Annual Corporate Governance Report (I-ACGR) to the Securities and
Jan Apr Apr May Jun July Aug Sep Oct Oct Nov Dec Management. Exchange Commission and Philippine Stock Exchange every year. This report shall contain
the Company’s compliance/ non-compliance with the recommendation provided under the
Director's Name 19 02 22 09 17 08 13 30 09 26 07 03
In compliance with SEC Memo Circular No. 4 series of 2012, the Board approved and Code of Corporate Governance for publicly-listed companies (PLCs).
Manuel B. Villar, Jr. P P P P P P P P P P P P adopted the Audit Committee Charter. The Audit Committee will hereafter meet to assess its
compliance with the aforementioned SEC Memo Circular. http://www.vistaland.com.ph/corporate_governance.php
Manuel Paolo A. Villar P P P P P P P P P P P P
Corporate Governance Committee. The Corporate Governance Committee is composed Website
Cynthia J. Javarez P P P P P P P P P P P P
of three (3) members, two (2) of which are Independent Directors: Chairman Ruben O. Fruto,
Camille A. Villar P A P P P P P P P P P P Manuel B. Villar, Jr., and Marilou O. Adea. This committee assists the Board in the performance Up-to-date information on the Company's corporate structure, products and services,
of its corporate governance responsibilities. It shall also be tasked with ensuring compliance results of business operations, financial statements, career opportunities, and other relevant
Frances Rosalie T. Coloma P P P P P P P P P P A P with and proper observance of corporate governance principles and practices. information on the Company may be found on its official website: www.vistaland.com.ph.
Marilou Adea P P P P P P P P P P P P
Board Risk Oversight Committee. The Board Risk Oversight Committee is composed of To view the Manual on Corporate Governance please refer to the link below.
Ruben O. Fruto P P P P P P P P P P P P three (3) members, two (2) of which are Independent Directors: Chairman Marilou O. Adea, http://www.vistaland.com.ph/corporate_governance.php
Legend: (A) Absent, (P) Present

68 VISTA LAND ANNUAL REPORT 2019 69

 board of directors

Manuel B. Villar, Jr. Manuel Paolo A. Villar Cynthia J. Javarez Camille A. Villar Frances Rosalie T. Coloma Ruben O. Fruto Marilou O. Adea Gemma M. Santos
Chairman of the Board Vice Chairman of the Board and President & Director and Chief Operating Officer Director and Managing Director, Director Independent Director Independent Director Corporate Secretary
Chief Executive Officer Vista Land Commercial

70 VISTA LAND ANNUAL REPORT 2019 71

 board of directors

Manuel B. Villar, Jr. Chairman of the Board. Mr. Villar, 70, was Senator of the Philippines from 2001 to June 2013. He served All Value Holdings Corp., and the Vice Chairman of AllHome Corp. Ms. Villar is currently a Congresswoman, representing
as Senate President from 2006 to 2008. He also served as a Congressman from 1992 to 2001 and as Speaker of the House of Las Piñas City.
Representatives from 1998 to 2000. A Certified Public Accountant, Mr. Villar graduated from the University of the Philippines
in 1970 with the degree of Bachelor of Science in Business Administration and in 1973 with the degree of Masters in Business Frances Rosalie T. Coloma, Director. 57 graduated cum laude from the University of the Philippines with the degree of
Administration. He founded Camella Homes in the early 1970s and successfully managed said company over the years, to Bachelor of Science in Business Administration and Accountancy. She is a Certified Public Accountant. She was previously
become the largest homebuilder in the Philippines now known as the Vista Land Group. Mr. Villar is also Chairman of the Board the Finance Manager of Alcatel Philippines, Inc. and Intel Philippines, Inc., Country Controller of Ericsson Telecommunications
of Vistamalls, Inc. (formerly Starmalls, Inc.), AllHome Corp., AllValue Holdings Corp. and Golden Bria Holdings, Inc. He is a Philippines, Inc., Deal Finance Manager of Accenture Delivery Center, Philippines, and Assistant General Manager of Maersk
member of the following organizations: Makati Business Club, Manila Golf Club, Management Association of the Philippines, Global Services, Philippines. Ms. Coloma was also the Chief Financial Officer and Chief Information Officer of Golden Bria
Financial Executive Institute of the Philippines (FINEX), Philippine Institute of Certified Public Accountants, and the Villar Social Holdings, Inc. from 2016 to 2019. She was also the Chief Financial Officer of Vistamalls, Inc. (formerly Starmalls, Inc.)
Institute for Poverty Alleviation and Governance (SIPAG). from 2012 to 2016. She is currently the Chief Financial Officer and Director of AllHome Corp. and Director of Golden Bria
Holdings, Inc.
Manuel Paolo A. Villar, Vice Chairman of the Board and President & Chief Executive Officer. Mr. Villar, 43, graduated from the
Wharton School of the University of Pennsylvania, Philadelphia, USA with a Bachelor of Science in Economics and Bachelor Ruben O. Fruto, Independent Director. Mr. Fruto, 81, graduated with the degree of Bachelor of Laws from the Ateneo de
of Applied Science in 1999. He was an Analyst for McKinsey &Co. in the United States from 1999 to 2001. He joined the Vista Manila University in 1961. He was formerly a partner in the law firm of Feria, Feria, Lugtu & La O’ and the Oben, Fruto &
Land Group in 2001 as Head of Corporate Planning then became the Chief Financial Officer of the Company in 2008. He Ventura Law Office. In February 1987, he was the Chief Legal Counsel and Senior Vice President of the Development Bank
was elected President and Chief Executive Officer of the Company in July 2011 and President of Vistamalls, Inc. (formerly of the Philippines and Director from 1991 to 1998. He was the Undersecretary of Finance from March 1990 to May 15,
Starmalls, Inc.) in June 2019. In addition, he is the CEO and Chairman of St. Augustine Gold and Copper Limited and Chairman 1991. Presently aside from private practice in corporate and civil litigation, he is also of Counsel of Feria Tantoco Robeniol
of TVI Resources Development Philippines, Inc., Camella Homes, Inc., Communities Philippines, Inc., Crown Asia Properties, Law Offices. He is also currently General Counsel of Wallem Philippines, Inc. and Wallem Philippines Shipping, Inc.; Vice-
Inc., Brittany Corporation, Vista Residences, Inc. and Powersource Phils Development Corp. Mr. Villar is also the majority Chairman of Toyota Balintawak, Inc.; Director and Chairman of Padre Burgos Realty, Inc.
shareholder of Prime Asset Ventures, Inc., and director of Fine Properties, Inc, and AllHome Corp.
Marilou O. Adea, Independent Director. Ms. Adea, 68, is currently an Independent Director of FBO Management Network,
Cynthia J. Javarez, Director, Chief Operating Officer, Treasurer, and Chief Risk Officer. Ms. Javarez, 56, graduated from the Inc. and Malarayat Rural Bank of Lipa. She was until recently the Court Appointed Rehabilitation Receiver of Anna-Lynns,
University of the East with a degree in Bachelor of Science in Business Administration major in Accounting. She is a Certified Inc., Manuela Corporation and 3N2J Shipping & Trading Services, Inc.. Ms. Adea served previously as Project Director
Public Accountant. She completed a Management Development Program at the Asian Institute of Management in 2006. Ms. for Site Acquisition Director of Digital Telecommunications Phils. Inc. from 2000 to 2002, Executive Director for FBO
Javarez was previously the Chief Financial Officer of Polar Property Holdings Corp. until 2011 and the Tax & Audit Head in the Management Network, Inc. from 1989 to 2000 and BF Homes Inc. in Receivership from 1988 to 1994 and Vice President for
MB Villar Group of Companies until 2007. She was the Controller and Chief Financial Officer of Vista Land since 2013 until she Finance & Administration for L&H Resources Management Corporation from 1986 to 1988. Ms. Adea worked with the Home
was elected as Chief Operating Officer in November 2018. She is also the current President of Fine Properties, Inc, Camella Development Mutual Fund from 1978 to 1986. Ms. Adea holds a Degree in Bachelor of Science in Business Administration
Homes, Inc., Communities Philippines, Inc., Crown Asia Properties, Inc., Brittany Corporation and Vista Residences, Inc. Major in Marketing Management from the University of the Philippines.

Camille A. Villar, Managing Director, Vista Land Commercial Division. Ms. Villar, 34, graduated from Ateneo de Manila University Gemma M. Santos, Corporate Secretary. Atty. Santos, 57, graduated cum laude with the degree of Bachelor of Arts, Major
with a degree in Bachelor of Science in Management. She took Management in Business Administration, Global Executive MBA in History from the University of the Philippines in 1981, and with the degree of Bachelor of Laws also from the University of
Program in Instituto de Estudios Superiores de la Eprese (IESE) Business School, Barcelona, Spain. She joined the Corporate the Philippines in 1985. She is a practicing lawyer and Special Counsel in Picazo Buyco Tan Fider & Santos Law Offices. She
Communications Group of Brittany in 2007 until she assumed the position of Managing Director of Vista Land Commercial. She is also the Corporate Secretary of Golden Bria Holdings, Inc. and a director of Philippine Associated Smelting and Refining
is a Director of Vistamalls, Inc. (formerly Starmalls, Inc.) and Golden Bria Holdings, Inc. She is also the Concurrent President of Corporation (PASAR) and Fine Properties, Inc.

72 VISTA LAND ANNUAL REPORT 2019 73

 management committee

Manuel Paolo A. Villar Cynthia J. Javarez Brian N. Edang Camille A. Villar Ma. Nalen S.J. Rosero Estrellita S. Tan Lorelyn D. Mercado Eduardo T. Aguilar Eva Rose D. Estampador
President & Chief Executive Officer Chief Operating Officer Chief Financial Officer & Head, Managing Director- Vista Land Commercial Asst. Corporate Secretary President-Prima Casa Controller Vice President- Sales Chief Technology Officer
Investor Relations

74 VISTA LAND ANNUAL REPORT 2019 75

 management discussion and analysis Costs and Expenses For the year ended December 31, 2019, there were no seasonal aspects that had a
material effect on the financial condition or results of operations of the Company. Neither
Cost and expenses increased by 10% to ₱27,255.6 for the year ended December 31, were there any trends, events or uncertainties that have had or that are reasonably
2019 from ₱24,735.7 million for the year ended December 31, 2018. expected to have a material impact on the net sales or revenues or income from
continuing operations. The Company is not aware of events that will cause a material
• Cost of real estate sales increased by 4% from ₱15,177.2 million for the year change in the relationship between the costs and revenues. Except as discussed in the
Management’s Discussion and Analysis notes to financial statements Events after the report date on the potential impact of the
ended December 31, 2018 to₱15,768.5 for the year ended December 31,
2019 primarily due to the increase in the overall recorded sales of Vista Land’s COVID-19 pandemic.
REVIEW OF THE END 2019 VS YEAR END 2018 business units.
There are no significant elements of income or loss that did not arise from the
• Operating expenses increased by 20% from ₱9,558.5 million for the year Company’s continuing operations.
RESULTS OF OPERATIONS • Real estate revenue from Vista Residences decreased by 54% to₱2,418.6 for ended December 31, 2018 to ₱11,487.1 for the year ended December 31, 2019
primarily due to the following: FINANCIAL CONDITION
the year ended December 31, 2019 from ₱5,305.6 million for the year ended
Revenues December 31, 2018. This decrease was principally attributable to the decrease
• an increase in depreciation and amortization from ₱1,480.1 million for the As of December 31, 2019 vs. December 31, 2018
in the number of sold condominium units completed or under construction during
Real Estate the year. Vista Residences is the business unit of Vista Land that develops and year ended December 31, 2018 to₱2,292.1 in the year ended December 31,
The Company recorded revenue from real estate sales amounting to ₱32,827.9 for the 2019 due to the increase in investment properties and additions to property Total assets as of December 31, 2019 were ₱272,538.6 compared to ₱238,262.0
sells vertical projects across the Philippines.
year ended December 31, 2019, an increase of 3% from ₱31,856.1 million in same and equipment for the year, as well as additional depreciation from Right of million as of December 31, 2018, or a 14% increase. This was due to the following:
period last year. This was primarily attributable to the increase in the overall completion Use Assets as part of the adoption of PFRS 16 for the year.
rate of sold inventories of its business units. The Company uses the Percentage of • Cash and cash equivalents including short term and long-term cash investments,
Rental income
completion method of revenue recognition where revenue is recognized in reference to • an increase in advertising and promotions from₱1,064.3 million for the year available-for-sale financial assets (excluding equity securities), held-to-maturity
Rental income increased by 20% from₱6,464.7 million for the year ended December 31,
the stages of development of the properties. ended December 31, 2018 to ₱1,428.0 for the year ended December 31, investments and investments at amortized costs was flat from ₱47,645.2 million
2018 to ₱7,748.4 for the year ended December 31, 2019. The increase was primarily
2019 resulting from increased advertising and promotions activities of the as of December 31, 2018 to ₱47,948.2 as of December 31, 2019.
attributable to the increased in occupancy and additional space of our investment
• Real estate revenue of Camella Homes increased by 47% to ₱14,284.7 for properties as well as increase in rental rates of our existing malls. Company during the year.
the year ended December 31, 2019 from₱9,731.5 million for the year ended • Investments at fair value through other comprehensive income increased by
December 31, 2018. This was principally attributable to the higher number of • an increase in contracted services from ₱486.9 million for the year ended 10% from ₱106.5 million as of December 31, 2018 to ₱117.5 as of December
sold homes completed or under construction in the Mega Manila area in the December 31, 2018 to ₱794.6 for the year ended December 31, 2019 due to 31, 2019 due to the recognition of the unrealized fair value gain during the year.
Interest income from installment contract receivable and investments
affordable housing segment during the year. Interest income from installment contract receivable and investments increased by 9% various professional fees paid during the year.
• Receivables including non-current portion thereof increased by 8% from
from ₱1,905.8 million for the year ended December 31, 2018 to₱2,085.7 for the year
• Real estate revenue of Crown Asia increased by 8% to₱1,062.0 for the year Interest and other financing charges ₱53,641.0 million as of December 31, 2018 to₱57,833.6 as of December 31,
ended December 31, 2019. The increase was primarily attributable to the increase in
ended December 31, 2019 from₱979.5 million for the year ended December Interest and other financing charges decreased by 14% from ₱4,169.8 million for the 2019 due to an increase in the various receivables of the company such as
interest income from investments of 23% to₱1,508.9 for the year ended December 31,
31, 2018. The increase was principally attributable to the higher number of year ended December 31, 2018 to ₱3,567.9 for the year ended December 31, 2019. installment contracts receivable, advances to contractors and accrued rental
2019 offset by the decrease in the interest income from installment contract receivables
completed units sold for the year of projects in the Mega Manila area in the The decrease was primarily attributable to the higher capitalization for the year. receivables as part of the adjustment in compliance with PAS 17.
of 15% to ₱576.8 million for the year ended December 31, 2019 as most of the Group’s
middle-income housing segment. buyers are now taking mortgage financing.
Provision for Income Tax • Receivables from related parties increased by 10% from ₱4,706.9 million as of
• Real estate revenue of Communities Philippines decreased slightly by 5% to December 31, 2018 to ₱5,155.6 million as of December 31, 2019 due to
₱14,608.9 for the year ended December 31, 2019 from ₱15,358.1 million for the Provision for income tax decreased by 4% from ₱2,047.3 million for the year ended advances made to the affiliates during the year.
Parking, hotel, mall administrative and processing fees and others
year ended December 31, 2018. This was principally attributable to the slight Income from parking, hotel, mall administrative and processing fees and others increased December 31, 2018 to ₱1,973.4 for the year ended December 31, 2019 primarily due to
decrease in the number of sold homes completed or under construction outside a lower taxable base for the year. • Project development costs decreased by 7% from ₱4,465.3 million as of
by 38% from₱1,260.5 million for the year ended December 31, 2018 to ₱1,744.1 for
the Mega Manila area in the affordable housing segment during the year. December 31, 2018 to ₱4,150.6 as of December 31, 2019 due settlement for
the year ended December 31, 2019. The increase was primarily attributable to the
Net Income the year.
337% increase from our income from hotel operations to ₱184.4 for the year ended
• Real estate revenue of Brittany decreased by 6% to ₱453.7 for the year ended December 31, 2019, a 22% increase from mall administrative and processing fees to
December 31, 2019 from ₱481.4 million in the same period last year. The As a result of the foregoing, the Company’s net income increased by 10% to ₱11,609.2 • Property and equipment increased by 58% from ₱1,613.9 million as of December
₱452.8, another 20% increase from parking fees from our malls to P=193.2 for the year
decrease was principally attributable to the decrease in the number of completed for the year ended December 31, 2019 from ₱10,534.5 million for the year ended 31, 2018 to ₱2,547.3 as of December 31, 2019 due primarily to acquisitions of
ended December 31, 2019 and the increase of 33% to ₱913.8 pertaining to forfeited
sold units for the year of projects in the Mega Manila area in the high-end housing December 31, 2018. property and equipment specifically construction equipment during the year.
reservation fees and partial payments from customers whose sales contracts are
segment. cancelled before completion of required down payment.

76 VISTA LAND ANNUAL REPORT 2019 77

 management discussion and analysis
Notes:
(a) Current Ratio: This ratio is obtained by dividing the Current Assets of the Company by its Current receivable, advances to contractors and accrued rental receivables as part of the
• Investment properties increased by 37% from ₱73,930.6 million as of December the issuance of bilateral loans. liabilities. This ratio is used as a test of the Company’s liquidity. adjustment in compliance with PAS 17.
31, 2018 to ₱101,434.9 as of December 31, 2019 due primarily to the additions to (b) Liability-to-equity ratio: This ratio is obtained by dividing the Company’s Total Liabilities by its Total
commercial developments and acquisition of land for commercial development • Loans payable including non-current portion increased by 22% from ₱2,784.2 Equity. The ratio reveals the proportion of liability and equity a company is using to finance its Receivables from related parties increased by 10% from P4,706.9 million as of
during the year. million as of December 31, 2018 to ₱3,405.0 as of December 31, 2019 due to business. It also measures a company’s borrowing capacity.
December 31, 2018 to ₱5,155.6 million as of December 31, 2019 due to advances
increase in sold receivables during the year. (c) Interest expense/Income before interest expense: This ratio is obtained by dividing interest expense
for the period by its income before interest expense. This ratio shows whether a company is earning
made to the affiliates during the year.
• Pension assets increased by 26% to ₱267.9 as of December 31, 2019 from
enough profits before interest to pay its interest cost comfortably
₱213.3 million as of December 31, 2018 as a result of actuarial adjustment for • Deferred tax liabilities – net increased by 15% from ₱3,073.6 million as of Project development costs decreased by 7% from ₱4,465.3 million as of December 31,
(d) Return on assets: This ratio is obtained by dividing the Company’s net income by its total assets. This
the company’s retirement program. December 31, 2018 to ₱3,523.5 as of December 31, 2019 due to the additional measures the Company’s earnings in relation to all of the resources it had at its disposal. 2018 to ₱4,150.6 as of December 31, 2019 due settlement for the year.
deferred tax liabilities recognized for the year. (e) Return on equity: This ratio is obtained by dividing the Company’s net income by its total equity. This
• Other assets, cost to obtain contract including current portions thereof increased measures the rate of return on the ownership interest of the Company’s stockholders.Because there Property and equipment increased by 58% from ₱1,613.9 million as of December 31,
by 23% from ₱8,998.5 million as of December 31, 2018 to ₱11,050.7 as of • Other noncurrent liabilities increased by 206% from ₱1,450.5 million as of are various calculation methods for the performance indicators above, the Company’s presentation 2018 to ₱2,547.3 as of December 31, 2019 due primarily to acquisitions of property
December 31, 2019 due primarily to the recognition of the cost to obtain contract December 31, 2018 to ₱4,434.2 million as of December 31, 2019 due primarily of such may not be comparable to similarly titled measures used by other companies.
and equipment specifically construction equipment during the year.
(commission due to sales agent) amounting to ₱1,565.9 million of as a result of to the increase in the liabilities for purchased land as a result of additional land
the adoption of the PFRS 15, increase in input vat coming from mall constructions, acquired during the year. Current ratio as of December 31, 2019 increased from that of December 31, 2018 due
Investment properties increased by 37% from ₱73,930.6 million as of December
increase in creditable withholding taxes and constructions materials as the primarily to the increase in the current portion of Investments at amortized cost and the
31, 2018 to ₱101,434.9 as of December 31, 2019 due primarily to the additions to
company shifted to in-house constructions for its housing development. Total stockholder’s equity increased by 9% from P=91,906.6 million as of December 31, decrease in current liabilities.
commercial developments and acquisition of land for commercial development during
2018 to ₱99,952.7 as of December 31, 2019 due to the net income recorded for the year the year.
Total liabilities as of December 31, 2019 were ₱172,586.0 compared to ₱146,355.4 ended December 31, 2019, increase in non-controlling interest with a reduction due to Liability-to-equity ratio increased due to the increase in the total liabilities brought by the
million as of December 31, 2018, or a 18% increase. This was due to the following: the acquisition of treasury shares for the year. proceeds from loans payable and notes payable.
Pension assets increased by 26% to ₱267.9 as of December 31, 2019 from ₱213.3
million as of December 31, 2018 as a result of actuarial adjustment for the company’s
• Accounts and other payables decreased by 16% to ₱13,164.1 as of December Considered as the top five key performance indicators of the Company as shown below: Interest expense as a percentage of income before interest expense decreased in the
retirement program.
31, 2019 from ₱15,736.9 million as of December 31, 2018 due to the settlements year ended December 31, 2019 compared to the ratio for the year ended December 31,
made during the year. 2018 due to the lower interest expense for the year which resulted from the increase in
Other assets, cost to obtain contract including current portions thereof increased by
capitalization for the year.
23% from ₱8,998.5 million as of December 31, 2018 to ₱11,050.7 as of December
• Customers’ advances and deposit including contract liabilities increased by 9% 31, 2019 due primarily to the recognition of the cost to obtain contract (commission
to ₱3,959.7 as of December 31, 2019 from ₱3,622.7 million as of December 31, Key Performance Indicators 12/31/2019 12/31/2018 Return on asset slightly decreased in the year ended December 31, 2019 compared to
due to sales agent) amounting to ₱1,565.9 million of as a result of the adoption of the
2018 due to higher reservation sales for the year. that on December 31, 2018 due to higher increase in total assets for the year compared
PFRS 15, increase in input vat coming from mall constructions, increase in creditable
to the growth in net income.
withholding taxes and constructions materials as the company shifted to in-house
• Income tax payable increased by 51% from ₱44.4 million as of December 31,
2018 to ₱67.1 as of December 31, 2019 due primarily to higher tax payable for
Current ratio (a) 3.96:1 3.77:1 Return on equity increased due primarily to the higher net income reported for the year
constructions for its housing development.

the year. ended December 31, 2019.

Accounts and other payables decreased by 16% to ₱13,164.1 as of December 31,

• Dividend payable increased by 106% million from ₱33.4 million as of December

Liability-to-equity ratio (b) 1.73:1 1.59:1 2019 from ₱15,736.9 million as of December 31, 2018 due to the settlements made
during the year.
31, 2018 to ₱68.9 as of December 31, 2019 due primarily to the dividend Material Changes to the Company’s Balance Sheet as of December 31, 2019
declared during the year. Interest expense/Income compared to December 31, 2018 (increase/decrease of 5% or more)
Customers’ advances and deposit including contract liabilities increased by 9% to
20.8% 24.9% ₱3,959.7 as of December 31, 2019 from ₱3,622.7 million as of December 31, 2018
• Notes payable including non-current portion increased by 25% from ₱74,287.0 before Interest expense (c) Investments at fair value through other comprehensive income increased by 10% from
due to higher reservation sales for the year.
million as of December 31, 2018 to ₱93,190.2 as of December 31, 2019 due ₱106.5 million as of December 31, 2018 to ₱117.5 as of December 31, 2019 due to the
recognition of the unrealized fair value gain during the year.
primarily to the issuance of peso corporate notes and retail bond for the year. Return on assets (d) 4.3% 4.4% Income tax payable increased by 51% from ₱44.4 million as of December 31, 2018 to
₱67.1 as of December 31, 2019 due primarily to higher tax payable for the year.
• Bank loans including non-current portion increased by 6% from ₱44,476.1 million Receivables including non-current portion thereof increased by 8% from ₱53,641.0
as of December 31, 2018 to ₱47,175.1 as of December 31, 2019 due primarily to Return on equity (e)
11.6% 11.5% million as of December 31, 2018 to ₱57,833.6 as of December 31, 2019 due to an
Dividend payable increased by 106% million from₱33.4 million as of December 31,
increase in the various receivables of the company such as installment contracts
78 VISTA LAND ANNUAL REPORT 2019 79
 management discussion and analysis

2018 to ₱68.9 as of December 31, 2019 due primarily to the dividend declared during 2019 offset by the decrease in the interest income from installment contract receivables
the year. of 15% to ₱576.8 million for the year ended December 31, 2019 as most of the Group’s
buyers are now taking mortgage financing.
Notes payable including non-current portion increased by 25% from ₱74,287.0 million
as of December 31, 2018 to ₱93,190.2 as of December 31, 2019 due primarily to the Income from parking, hotel, mall administrative and processing fees and others
issuance of peso corporate notes and retail bond for the year. increased by 38% from ₱1,260.5 million for the year ended December 31, 2018 to
₱1,744.1 for the year ended December 31, 2019. The increase was primarily attributable
to the 337% increase from our income from hotel operations to ₱184.4 for the year
Bank loans including non-current portion increased by 6% from ₱44,476.1 million as
ended December 31, 2019, a 22% increase from mall administrative and processing
of December 31, 2018 to ₱47,175.1 as of December 31, 2019 due primarily to the
fees to ₱452.8, another 20% increase from parking fees from our malls to ₱193.2 for
issuance of bilateral loans.
the year ended December 31, 2019 and the increase of 33% to ₱913.8 pertaining to
forfeited reservation fees and partial payments from customers whose sales contracts
Loans payable including non-current portion increased by 22% from ₱2,784.2 million are cancelled before completion of required down payment.
as of December 31, 2018 to ₱3,405.0 as of December 31, 2019 due to increase in sold

financial statements 2019

receivables during the year. Cost of real estate sales increased by 4% from ₱15,177.2 million for the year ended
December 31, 2018 to ₱15,768.5 for the year ended December 31, 2019 primarily due
Deferred tax liabilities – net increased by 15% from ₱3,073.6 million as of December 31, to the increase in the overall recorded sales of Vista Land’s business units.
2018 to ₱3,523.5 as of December 31, 2019 due to the additional deferred tax liabilities
recognized for the year. Operating expenses increased by 20% from ₱9,558.5 million for the year ended
December 31, 2018 to ₱11,487.1 for the year ended December 31, 2019 primarily
Other noncurrent liabilities increased by 206% from ₱1,450.5 million as of December due to the following an increase in depreciation and amortization due to the increase
31, 2018 to ₱4,434.2 million as of December 31, 2019 due primarily to the increase in in investment properties and additions to property and equipment for the year, as well
the liabilities for purchased land as a result of additional land acquired during the year. as additional depreciation from Right of Use Assets as part of the adoption of PFRS
16 for the year, an increase in advertising and promotions resulting from increased
Total stockholder’s equity increased by 9% from ₱91,906.6 million as of December 31, advertising and promotions activities of the Company during the year, and an increase
2018 to ₱99,952.7 as of December 31, 2019 due to the net income recorded for the in contracted services due to various professional fees paid during the year.
year ended December 31, 2019, increase in non-controlling interest with a reduction
due to the acquisition of treasury shares for the year. Interest and other financing charges decreased by 14% from ₱4,169.8 million for the
year ended December 31, 2018 to ₱3,567.9 for the year ended December 31, 2019.
The decrease was primarily attributable to the higher capitalization for the year. The
Material Changes to the Company’s Statement of Income for the year ended Company’s net income increased by 10% to ₱11,609.2 for the year ended December
December 31, 2019 compared to the year ended December 31, 2018 (increase/ 31, 2019 from ₱10,534.5 million for the year ended December 31, 2018.
decrease of 5%or more)
For the year ended December 31, 2019, there were no seasonal aspects that had a
Rental income increased by 20% from ₱6,464.7 million for the year ended December 31, material effect on the financial condition or results of operations of the Company. Neither
2018 to ₱7,748.4 for the year ended December 31, 2019. The increase was primarily were there any trends, events or uncertainties that have had or that are reasonably
attributable to the increased in occupancy and additional space of our investment expected to have a material impact on the net sales or revenues or income from
properties as well as increase in rental rates of our existing malls. continuing operations. The Company is not aware of events that will cause a material
change in the relationship between the costs and revenues. Except as discussed in the
Interest income from installment contract receivable and investments increased by 9% notes to financial statements Events after the report date on the potential impact of the
from ₱1,905.8 million for the year ended December 31, 2018 to ₱2,085.7 for the year COVID-19 pandemic.
ended December 31, 2019. The increase was primarily attributable to the increase in
interest income from investments of 23% to ₱1,508.9 for the year ended December 31,

80 VISTA LAND ANNUAL REPORT 2019 81

 STATEMENT OF MANAGEMENT’S RESPONSIBILITY
FOR CONSOLIDATED FINANCIAL STATEMENTS

The Management of Vista Land & Lifescapes, Inc. and Subsidiaries (the “Group”) is responsible for the preparation and fair presentation of the consolidated
financial for the years ended December 31, 2019 and 2018 in accordance with the prescribed financial reporting framework indicated therein, and for such
internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether
to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Group’s financial reporting process.

The Board of Directors reviews and approves the consolidated financial statements and submits the same to the stockholders or members.

SyCip Gorres Velayo & Co., the independent auditor appointed by the stockholders, has audited the consolidated financial statements of the Group in accordance
with Philippine Standards on Auditing, and in its report to the stockholders or members, has expressed its opinion on the fairness of presentation upon
completion of such audit.

MANUEL B. VILLAR, JR. MANUEL PAOLO A. VILLAR BRIAN N. EDANG

Chairman of the Board President and Chief Executive Officer Chief Financial Officer and Head Investor Relations

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 shareholder information

VISTA LAND & LIFESCAPES, INC. COMMUNITIES PHILIPPINES, INC. VISTA RESIDENCES, INC. INSTITUTIONAL INVESTOR INQUIRIES
Registered Address UGF Worldwide Corporate Center UGF Worldwide Corporate Center
Lower Ground Floor, Building B, Evia Lifestyle Center, Shaw Boulevard Shaw Boulevard UGF Worldwide Corporate Center
Vista City, Daanghari, Almanza II, Las Piñas City, 1552 Mandaluyong City 1552 Mandaluyong City Shaw Boulevard
Philippines Philippines Philippines 1552 Mandaluyong City
Office Address Tel +63 2 3CAMELLA Tel +63 2 3226-3551 Philippines
UGF Worldwide Corporate Center +63 2 32263552 www.vistaresidences.com.ph Tel +63 2 3CAMELLA
Shaw Boulevard www.camella.com.ph +63 2 32263551 ext 0088/0064
1552 Mandaluyong City
Philippines STARMALLS, INC. Email brian_edang@vistaland.com.ph
Tel +63 2 3CAMELLA CAMELLA HOMES, INC. Lower Ground Floor, Building B, Evia Lifestyle Center, tzarroda_borinaga@vistaland.com.ph
+63 2 32263552 Head Office Vista City, Daanghari, Almanza II, Las Piñas City, gillian_guarina@vistaland.com.ph
Fax +63 2 3CAMELLA UGF Worldwide Corporate Center Philippines jolinekate_panopio@vistaland.com.ph
+63 2 32263552 ext. 0065 Shaw Boulevard Office Address
www.vistaland.com.ph 1552 Mandaluyong City 4th Flr. Worldwide Corporate Center
Philippines Shaw Boulevard, Highway Hills
Tel +63 2 3CAMELLA 1502 Mandaluyong City, Philippines SHAREHOLDER SERVICES AND ASSISTANCE
BRITTANY CORPORATION +63 2 32263552 Tel +63 2 8571-5948
Lower Ground Floor, Building B, Evia Lifestyle Center, Mega Manila-based Communities Fax +63 2 8571-5949 For inquiries regarding dividend payments,
Vista City, Daanghari, Almanza II, Las Piñas City, 3rd Level Starmall Alabang Email investor.relations@starmalls.com.ph change of address and account status, lost or
Philippines Alabang, Muntinlupa City www.starmallsinc.com.ph damaged stock certificates, please write or call:
Tel +63 2 88827696 Philippines www.starmalls.com.ph BDO Unibank, Inc. – Trust and Investments Group
www.brittany.com.ph Tel +63 2 3CAMELLA 15th Floor, South Center,
+63 2 32263552 BDO Corporate Center
www.camella.com.ph 7899 Makati Avenue,
CROWN ASIA PROPERTIES, INC. Makati City 0726
2nd Floor at The Wharf Lakefront, Km 21 East Service Tel +63 2 88784965
Road, Sucat, Muntinlupa Fax +63 2 88784056
Tel: +63 2 888-CROWN (27696)
www.crownasia.com.ph

Concept & Design

158 VISTA LAND

 Lower Ground Floor, Building B, Evia Lifestyle Center,
Vista Alabang, Daang Hari Almanza II Las Piñas City, Philippines

Tel: +63 2 3CAMELLA Fax: +63 2 3CAMELLA ext. 0065

32263552 32263552
www.vistaland.com.ph