H i s t o r y

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H i s t o r y
Cuervo Appraisers, Inc. is an asset valuation
solutions company with 28 years of strong track
record, and is accredited with various government
agencies and institutions as well as private
companies and multinational firms.  Cuervo
Appraisers, Inc. is committed to expedite our
professional services, to work closely with our
clients and increase the value of our people.We
will achieve this through the effective and
consistent implementation and maintenance of our
Quality Management System and the continuous
improvement of our services and
expertise.Cuervo Appraisers, Inc. offers
professional asset and business valuation
services. An independent valuer, CUERVO is backed
by a high level of experienced and competent
appraisers and office personnel. Todate, Cuervo
Appraisers, Inc. has at least thirty-three (33)
Engineers in various disciplines and six (6)
licensed appraisers. The client will realize
that working with CUERVO is a professional and
credible way of valuing their assets. CUERVO will
maintain financial balance and utmost value for
its services.
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H i s t o r y

• Cuervo Appraisers is committed to
• INFORM the client of the importance of valuation
  of their assets and properties
• BUILD trustworthy valuation of tangible assets
• RENDER asset and business valuation by an
  independent division of professional financial
  analyst for intangible assets

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Valuation Solutions
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A n y A s s e t c l a s s

• Property
• Machinery
• Business
• Intangibles

We Value
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C l i e n t S o l u t i o n s

• Property
• Machinery
• Business
• Intangibles

Client
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Executive Profile
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Ramon C. Cuervo III, Chairman Emeritus
Ramon holds a Master of Arts degree in Economics
Research from the then Center for Research and
Communication (presently the University of Asia
the Pacific). He is a licensed Real Estate
Appraiser (REA-79R), Real Estate Broker
(REB-3178R) and Real Estate Consultant
(REC-87R). Presently, he is affiliated with the
Institute of Phil. Real Estate Appraisers
(IPREA), the Asean Valuers Association
(AVA)-Phil. Chapter, the Manila Board of Realtors
(MBR), the Phil. Association of Real Estate Board
(PAREB), and the Phil. Chamber of Commerce
Industry (PCCI). With over 32 years of experience
in real estate and appraisal work and 20 years in
consultancy, Ramon is sought as lecturer for real
estate seminars and reviews, and has organized
such congress as the 1996 Business Opportunities
in Philippine Real Estate, the 1997 World Real
Estate Congress, and the 1998 Business
Opportunities in Philippine Tourism. As Chairman
Emeritus, Ramon is responsible for developing and
formulating Cuervo Appraisers, Inc.s corporate
vision-mission and company policies. Acting in a
general advisory capacity in connection with the
business and affairs of the corporation, he also
outlines the general direction the company will
take over a given period. As a licensed
appraiser, Ramon is likewise a signatory to the
companys appraisal reports. Furthermore, he
provides inputs for the development of valuation
techniques and approves basis of value for real
estate properties, machinery and equipment, and
intangible assets.
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Josemari C. Cuervo, Vice-Chairman CEO
From 1993 Josemari handled Development
Consultancy Services as Vice President of Cuervo
Far East, Inc. with a number of local developers.
He was also involved with Corporate Services
dealing with companies included in the
Philippines top 1000 corporations. In 1997, he
expanded the newly established Cebu office by
offering more professional Real Estate Services
like Asset Management. After 4 years of being the
Cebus Managing Director and Vice President, he
now holds the position of President CEO for
Cuervo Far East handling Corporate Services and
Advisory services for various clients both
locally and internationally. Josemari holds a
Bachelor of Arts in General Humanities from then
the Center for Research and Communication College
of Arts and Sciences, (University of Asia and the
Pacific) Manila. Josemari has over 13 years of
practical business, sales and marketing
experience in real estate and a comprehensive
understanding of occupancy strategies and
technology trends. Clients hes worked with
include Aventis, Bausch Lomb, Keppel
Properties Philippines, Ambergris Solutions,
Philippine Realty, Eastman Kodak, Goldman Sachs,
Nortel Networks, Sony Music, Eagle Global
Logistics, Raintree Partners, Jelma Group of
Companies, Pryce Properties, Price Smart, World
Bank, WPP Group of Companies, American Standard
and NOKIA. As Vice Chairman, Josemari is
responsible for executing Cuervo Appraisers
vision-mission. He is always looking to improve
in areas where clients expectations reside. As
CEO, Josemari looks after the co-ordination of
Cuervo Appraisers clients needs for both Manila
and Cebu offices. Having initiated an
international association with Cushman
Wakefield (since 1999), his function is also to
represent multi-nationals, liaise with their
local offices, and utilize Cushman Wakefields
regional and global resources. He also looks
after corporate efficiencies and HR productivity.
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Charito C. Alfaro, President Director
Ms. Alfaro is currently Managing Director and
Treasurer of Value Management Options
Corporation (ValueMan), a business consulting
firm engaged in providing management and
financial advisory as well as merchant banking
services to clients across industries. She is
also currently a member of the Board of Directors
of Cuervo Appraisers, Inc., CAMP Parkwood Land,
Inc., and Moneyline Consultants. She is a
Certified Public Accountant with a track record
of investment banking work. She was General
Manager for a finance company which she
successfully formed, organized and operated for a
publicly listed commercial bank. She was also
Vice President for Merchant Banking of a publicly
listed company, where during her stint, she
co-led a financial advisory team for a major
infrastructure project, spearheaded a corporate
acquisition and chaired the Investments Technical
Committee. She was Assistant Vice President for
Investment Banking of the Investment house of a
major pension fund. Prior to that, she was
Assistant Vice President of another management
consulting firm that was adviser to a major sugar
conglomerate. She had worked with a holding firm
engaged in Real Estate, Marketable Securities
Dealership, and Manufacturing, where she
organized the Real Estate Division and handled
the Securities Dealership Division. She started
her career as Financial Analyst of a
publicly-listed universal bank. Ms. Alfaros
professional experience covers clientele in
various industries, in the areas of corporate
finance, corporate structuring, development of
packages for sourcing funds through joint
ventures, mergers, acquisitions, private equity
and debt placements, and initial public
offerings. She had successfully worked on
listings of shares of stock of several companies
on the Philippine Stock Exchange. She had
developed business plans, financial, corporate
investment and divestiture analyses. She is
currently consultant of Cuervo Appraisers Inc., a
leading appraisal company, for corporate
valuations covering valuations of business,
shares of stock, intangible assets such as
goodwill, franchises, trademark, patents, and
mining rights, among others. Ms. Alfaro
graduated with honors from the University of the
Philippines, Diliman, with a Bachelor of Science
in Business Administration and Accountancy. She
took studies leading to a masters degree in
Applied Business Economics at the University of
Asia and the Pacific. She is currently a
candidate in the Chartered Financial Analyst
(CFA) Study Program. The CFA program is a
three-level study program covering International
Finance, Portfolio Management, Fixed Income
Securities, Equities, Accounting Economics and
Global Markets and Instruments, administered by
the CFA Institute, a global professional
organization based in Charlottesville, Virginia,
USA. The course requires candidates to
sequentially pass an internationally administered
written examination for each level. The Charter
is an internationally recognized mark for
professionals in investment banking, funds
management and global finance, among others.
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Arthur A. Pablico, Finance Admin Head
As Controller/Finance Admin Head, Arthur is
responsible in overseeing the financial
management of the company which includes planning
and developing financial strategies for Cuervo
Appraisers, Inc. to address the companys
overall fund management requirements and the
formulation and implementation of internal
controls, policies and procedures. Likewise,
he ensures the professional administration of
personnel, develops effective human resources
recruitment training, promotes harmonious
employee and labor relations and implements
efficient general services in the company.
  Arthur rose from the ranks, starting as a
bookkeeper with Far East Bank Trust Company,
and subsequently occupied different positions in
various renowned local and multinational
companies such as National Power Corporation,
Belle Canada, International, Pepsi Cola,
Philippines, W. Brown, Inc., Triumph,
International , LOreal, Philippines and
ABS-CBN Broadcasting Corporation, assigned to
Star Records, Inc. and Star Songs, Inc., where
he served as Senior Finance Manager.   Arthur
was a member of the Management Team of Star
Records, Inc., who garnered two Lopez
Achievement Awards for two consecutive years.
The first award was for Business Turn Around in
year 2004 and the second was for Customer Focus
in year 2005.   A consistent scholar, Arthur
graduated with the degree of Bachelor of Science
in Business Administration, Major in Accounting
at the University of the East. He is a Certified
Public Accountant, having taken once and passed
the CPA board exam in the year 1975. He
pursued his post graduate studies at San Juan de
Letran, earned units in MBA but had to work in
Saudi Arabia as Financial Management Accountant
for several years.   Arthur has a professional
career, spanning more than thirty(30) years
which has given him a comprehensive exposure in
all aspects of business operations including
among others, accounting and auditing,
warehouse and branch operations, direct selling,
retail and trading, corporate, strategic
planning, budgeting and CFO functions. He has
a total of 25 years experience in Finance alone
and 5 years in Operations. Arthur, also had
several years of experience as Project Manager in
the implementation of integrated computerized
systems of various companies, such as ORACLE,
ERIC and BIZBOX.  
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Board of Directors
Charito C. Alfaro Dr. Bernardo M.
Villegas Antonio G. Marty Javier L. Calero Peter
Weldon Ramon C. F-Cuervo III Josemari C. F-Cuervo
Ma. Teresa C. Cuervo Montserrat C. Cuervo-Trigo
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Technical Committee
LIBERTY S. AÑO Technical Production Division
Head 20 years experience in appraisal/valuation
work
Licensed Real Estate Appraiser
NCR00539-07 REA(N)
Civil Engineering Graduate
AMANDO J. CHUA Manager, Real Estate 29 years
experience in appraisal/valuation work Licensed
Civil Engineer PRC Reg0017040 Licensed Real
Estate Appraiser 204 (N) Member, Institute of
Philippine Real Estate Appraisers
(IPREA) Member, Appraisers-Valuers-Assessors
Association of the Phils., Inc.(AVA) Member,
Philippine Institute of Civil Engineers
RONILLO G. CATAPANG Manager, Machinery and
Equipment 20 years experience in
appraisal/valuation work Professional
Mechanical Engineer 0003787 Member,
Appraisers-Valuers-Assessors Association of the
Phils., Inc.(AVA) Member, Philippine Society of
Mechanical Engineers
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Technical Committee
HERNANDO E. GOZON, JR. Manager, Real
Estate 20 years experience in
appraisal/valuation work
Licensed Real Estate
Appraiser NCR00475-05 REA (N)
Registered
Civil Engineer PRC Reg32775
Registered
Electrical Engineer 8062
Mechanical
Engineering Graduate
Member, PARA ID No. R-187
SANNY B. SUMBILLA Senior Appraiser 11 years
experience in appraisal/valuation work

Licensed Real Estate Appraiser NCR00540-07
REA(N)
Registered Mechanical Engineer PRC
Reg. 0040006
JORGE V. BITOON Senior Appraiser 12 years
experience in appraisal/valuation work

Registered Mechanical Engineer PRC Reg. 0046950

Member, Philippine Society of Mechanical
Engineers
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Technical Committee
DAVID E. JANIER Senior Appraiser 12 years
experience in appraisal/valuation work

Licensed Real Estate Appraiser

B. S.
Agriculture Major in Agronomy
AGRIPINO J. FERNANDEZ JR. Senior Appraiser 11
years experience in appraisal/valuation work

Licensed Real Estate Appraiser
Registered
Electrical Engineer

Licensed Assistant
Electrical Engineering PRC Reg. 0007530
ANTHONY S. FERNANDEZ. Senior Appraiser 15
years experience in appraisal/valuation work

Registered Mechanical Engineer

Licensed
Mechanical Engineering PRC Reg. 0040227
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Machinery EquipmentDepartment
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Project Management Department
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Real Estate Department
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Technical Division
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Clients
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ADB / WORLD BANK FUNDED

• M W S S Privatization
• P A L Privatization
• Halsima Road Improvement
• World Bank loan for DPWH
• 6th Road Project, ADB Loan 1473-PHI
• Road Improvement Component for
• DPWH

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AGRICULTURAL LANDHOLDINGS

• AFC-Agribusiness Corporation
• Angelito Araneta Sugar Plantation
• Benguet Corporation (mango plantation)
• Chemphil Group of Companies
• Crown Fruits, Inc.
• Dole Philippines, Inc.
• Erquiaga Development Corp.
• Gamboa Hermanos, Inc.
• Hacienda Bigaa, Inc.
• Hijo Plantations, Inc.
• Lapanday Holdings
• Marsman Drysdale Group of Companies
• Matling Plantation
• Menzi Farms
• NDC-UP Plantation
• Sarmiento Group of Companies

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AUDITING FIRMS

• Carlos Valdez
• Fernandez Santos Lopez
• Pricewaterhouse Coopers
• Laya Mananghaya Company
• Punongbayan Araullo
• SGV Company

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LOCAL BANKS

• Allied Banking Corporation
• Asian Savings Bank
• Asia Trust Bank
• Banco de Oro
• Bank of the Philippine Islands
• Bank of Commerce Traders Royal Bank
• BPI-Family Bank
• Central Bank of the Philippines
• China Banking Corporation
• Chinatrust Philippine Commercial Bank
• Citibank/Citicorp (Investment Group)
• Comsavings Bank
• Development Bank of the Philippines
• Equitable PCI Bank
• 1st E-Bank
• Global Bank
• International Commercial Bank of China
• Landbank of the Philippines
• Manila Banking Corporation

• Metropolitan Bank and Trust Co.
• Philippine Bank of Communication
• Philippine National Bank
• Philippine Savings Bank
• Premiere Development Bank
• Rizal Commercial Banking Corporation
• Security Bank Trust Company
• Union Bank of the Philippines

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INTERNATIONAL BANKS

• Asian Development Bank
• ABN AMRO Bank
• Bankers Trust
• HSBC
• ING Barrings
• International Finance Corp.
• Standard Chartered Bank
• World Bank

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BEVERAGE

• Coca-Cola Bottlers Phils., Inc.
• Cosmos Bottling Corp.
• Jazz Cola Corp.
• La Tondeña Distillers, Inc.
• Nutri-licious Food Ind., Inc.
• Pepsi-Cola Bottlers Phils., Inc.
• RC Cola Corp.
• San Miguel Corp. (Breweries)
• Tanduay Distillery

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COMMUNICATION

• ABS-CBN Channel 2
• Asian Pacific Broadcasting Corp.
• Associated Broadcasting Co.- Channel 5
• Capitol Wireless, Inc.
• Cruz Telephone Co., Inc.
• Domestic Satellite Philippines, Inc.
• DOTC Visayas Mindanao
• DZRJ - Jacinto Group
• Eastern Telecoms
• Eastern Visayas Telephone
• Easy Call
• EXTELCOM
• Globe Telecom
• GMA Network, Inc. (Channel 7)
• ISLACOM
• Liberty Telecoms

• Manila Broadcasting Company
• Maranao Telephone Company
• Mayon Telephone Company
• Philcom
• GMA Network, Inc. (Channel 7)
• Philippine Long Distance Telephone Co.
• Philippine Telephone Telegraph
• PILTEL - Beeper 150/Mobiline
• Pocketbell Philippines, Inc.
• Radio Mindanao Network
• Radio Phone
• Smart Communication
• Trans Radio Corporation
• Ultrasonic Broadcasting Corp.

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CONSTRUCTION

• Atlantic Gulf Pacific Co., Inc.
• BF Metal Corporation
• Concrete Aggregates Corp.
• DCCD Engineering, Inc.
• D. M. Consunji, Inc.
• Engineering Equipment, Inc.
• F.F. Cacho Co., Inc.
• Jackbilt Concrete Block Co.
• Ley Construction
• LM Power Engineering
• Ortigas Group of Companies
• Phesco Engineering Corp.
• Phil. National Construction Corp.
• Philippine Rock Products

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AUTOMOBILE

• Francisco Motors Corp.
• Honda Cars Phils.
• Nissan Motors Phils., Inc.
• Pilipinas Hino
• Proton Pilipinas, Inc.

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CEMENT PLANTS

• Alsons Cement Corp.
• Bacnotan Cement Corp.
• Continental Cement Corp.
• Davao Union Cement Corp.
• Fortune Cement Corp.
• FR Cement Corp.
• Hi Cement Corp.
• HOLCIM Phils., Inc. (4 Plants)
• La Farge Cement (9 cement plants)
• Mindanao Portland Cement Corp.
• Northern Cement Corp.
• Prime White Cement Corp.
• Republic Cement Corp.
• Titan Cement Corp.
• Universal Cement Corp.

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EMBASSIES

• Australian Embassy
• Canadian Embassy
• Embassy of the United States
• Spanish Embassy

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FLOUR MILLS

• Continental Milling Corp.
• Delta Milling Corp.
• General Milling Corp.
• Phil Asia Milling Corp.
• PillsburyMindanao Flour Milling Co., Inc.
• Purefoods Corp.
• Wellington Flour Mills Corp.

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FOOD DAIRY PRODUCTS

• Acres Acres Food Corp.
• California Mfg. Corp.
• Cocoa Specialties, Inc.
• Crown Fruits, Inc.
• Del Monte Phils., Inc.
• Fiesta Brands, Inc.
• Foodmasters, Inc.
• General Milling Corp.
• Maunlad Canning Corp.
• Nestle-Magnolia Corp.
• Nestle Phils. Inc.
• Northern Foods Corp.

• Philippine Packing Corp.
• Purefoods Corp.
• Ram Food Products, Inc.
• San Miguel Corp.
• Sergs Products, Inc.
• Shemberg Corp.
• Sugarland Multi-Food Corp.
• T-Boli Agro Industrial Corp.
• TP Foods Corp.
• Van-Melle (Phils.) Inc.
• Vitarich Corp.

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GAS REFINING OIL PRODUCTS

• Petron Bataan Refining Corp.
• Caltex (Phils.), Inc.
• ING Chemicals, Inc.
• LMG Chemicals Corp.
• Mobil Phil., Inc.
• Petrochemical Corp of Asia Pacific
• Petron Corporation
• Pilipinas Shell Petroleum Corp.
• Seaoil Phils., Inc.
• Total (Phils.) Corp.
• Unioil
• Wilson Albright Specialty

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GLASS

• Creuzot Loire (Phils.) Glass Corp.
• Republic Asahi Glass Corp.
• Ruby Industrial Glass Corp.
• San Miguel Corp. Glass Plant
• Union Glass Corp.

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GOVERNMENT INSTITUTIONS

• PCGG
• PHILCOA
• Philippine Ports Authority
• Philippine Tourism Authority
• Philhealth
• Philpost
• Power Sector Asset Liabilities Management
  (PSALM)
• Social Security System
• TIDCOR

• Asset Privatization Trust
• Clark Development Corp.
• Department of Agriculture
• Dept. of Transportation Communication
• Food Terminal, Inc.
• Government Service Insurance System
• Manila International Airport Authority
• National Food Authority
• National Home Mortgage Finance Corp.
• National Housing Authority
• National Power Corporation
• National Transmission Corp.
• PAGCOR

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GOVT REAL ESTATE PROJECTS

• Dept. of Public Works Highways
• Metropolitan Waterworks Sewerage System for
  the Pumping Stations
• National Development Company for the Agrarian
  Reform Program (i.e. Del Monte Philippines, Dole
  Philippines, NDC-Guthrie, Dasmariñas/ Cavite,
  etc.)
• National Housing Authority for the Dagat-Dagatan
  Project
• Philippine Government for the Clark Air Base
  and Camp John Hay
• Philippine Government for the Local Military
  Bases (i.e. Camp Aguinaldo, Camp Crame, Fort
  Bonifacio, etc.)
• Philippine National Railways
• Public Estates Authority
• Public Estates Authority for the whole Roxas
  Boulevard Reclamation Project, etc.

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HOSPITALS

• Cebu Doctors Hospital
• Asian Hospital
• Chinese General Hospital
• Manila Childrens Laying-in Hospital
• Manila Doctors Hospital
• Medical Center Manila
• Medical City Hospital
• St. Agnes Hospital
• St. Lukes Hospital
• St. Martin de Porres Charity Hospital
• Sta. Teresita Hospital
• The Medical City
• United Doctors Medical Hospital

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HOTELS

• Agoo Playa
• Argao Beach Club
• Balesin Island
• Cebu Plaza Hotel
• Club Panoly
• Club Paradise
• Davao Insular Hotel
• Diamond Hotel
• Fantasy Island
• Fort Ilocandia and Paoay Sports Complex

• Philippine Village Hotel
• Puerto Azul Beach Resort (GSIS)
• Rafols Hotel
• Rembrandt Hotel
• Richmonde Hotel
• Santa Isabelle Corporation (Club Noah)
• Shangri-La Plaza Hotel
• Sulu Hotel
• Ten Knots Development Corp.
• El Nido Resorts
• The Presidential Bamboo House Ternate, Cavite
• White Rock and Beach Resort

• Grand Plaza Hotel
• Heritage Hotel
• Hotel Intercontinental
• Hotel Sofitel
• Hyatt Regency
• La Colina Resorts
• Mandarin Oriental Manila
• Manila Hotel
• Mariot Hotel
• Maya-Maya Beach Resorts
• Montemar Beach Club
• Park Place Hotel
• Philippine Plaza Hotel

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INDUSTRIAL GAS

• Cebu Oxygen Acetylene Co., Inc.
• Consolidated Industrial Gases, Inc.
• Industrial Gas Corp.
• Manila Gas Corp.
• Petronas Energy (Phils.), Inc.
• Pryce Gases, Inc.
• Superior Gas Equipment Co., Inc.

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INSURANCE

• American International Underwriters (Phils.),
  Inc.
• Anscor Insurance Brokers, Inc.
• Ayala Insurance
• Cigna Insurance
• Corporate Insurance Brokers, Inc.
• Dominion Insurance Corp.
• Jardine Davies Insurance Brokers
• Lincoln Philippine Life Insurance Co., Inc.
• Malayan Group of Insurance Companies
• Monarch Insurance Co., Inc.
• Netherlands Insurance, Inc.
• Philam Insurance Co., Inc.
• The Insular Life Assurance Co., Inc.
• Winternitz Associates Insurance, Inc.
• Zuellig Insurance Corp.

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LOGGING LUMBER

• Alcantara Sons
• Davao Timber Corp.
• EMCO Plywood Corp.
• Extensive Wood Processing Corp.
• Findlay Millar Timber Co.
• Great Pacific Timber Devt Corp.
• Industrial Timber Corp.
• Sta. Clara Lumber Co., Inc.
• Sta. Ines Melale
• Sirawai Plywood
• Top Forest Developers, Inc.
• Zamboanga Wood Products, Inc.

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MATCHES

• Eurasia Match, Inc.
• Philippine Match Co.
• Phimco Industries, Inc.
• Royal Match Co.

44
MINING

• Acoje Mining Corp.
• Apex Mining Corp.
• Atlas Consolidated Mining Development Corp.
• Banahaw Mining Development Corp.
• Benguet Corporation
• Benguet Exploration, Inc.
• Itogon-Suyoc Mines, Inc.
• Malangas Coal Corp.
• Marcopper Mining Corp.
• Maricalum Mining Corp.
• North Davao Mining Corp.
• Philex Mining Corp.
• PNOC Coal Corp.
• Semirara Coal Corp.
• Surigao Consolidated Mining Co., Inc.
• United Paragon Mining Corp.

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OIL MILLS COCO PRODUCTS

• Cainta Food Industries, Inc.
• International Oil Co. (Baguio Oil)
• Legaspi Oil Mills
• Lucena Dessicated Coconuts
• Lu do Lu Ym Corp.
• New Lucena Oil Products
• Primo Oleochemicals, Inc.
• Red V Coconut
• Sunripe, Inc.
• TongSan Industrial Devm. Corp.

46
PAINT INDUSTRY

• BASF Coating Phils., Inc.
• Fuller OBrien Paint Co., Inc.
• Pacific Paint Oil Mfg., Inc.

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PHARMACEUTICAL

• Abbott Laboratories (Phils.), Inc.
• Astra Pharmaceuticals (Phils.), Inc.
• Euromed
• Glaxo Phils., Inc.
• Hoechst Phils., Inc.
• Metro Drug Corp.

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POWER GENERATION DISTRIBUTION

• Pantabangan Hydroelectric Plant
• PNOC Energy
• PNOC Geothermal
• Quirino Electric Coop.
• San Fernando Electric Cooperative
• Southern Mindanao Power Corp.
• Subic ENERZON
• Sucat Thermal Plant
• Sunrise Power Corporation
• Tarlac Electric Coop II
• Tiwi Geothermal Plant
• Tongonan Geothermal Plant
• TRANSCO
• Visayan Electric Co.
• Western Mindanao Power Corp.

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PULP PAPER

• Chanmeco Paper Mfg., Inc.
• Dasmariñas Paper Mills, Inc.
• Isarog Pulp Paper Mill
• Johannesburg Packaging Corp.
• Kimberly-Clark Phils., Inc.
• Liberty Paper Mills, Inc.
• Mega Packaging Corp.
• Menzi Co. (Phils.), Inc.
• Oro Paper Mill
• Paper City Corp. of the Phils.
• Paper Industries Corp. of the Phils.
• Steniel Manufacturing Corp.
• Trans National Paper Corp.
• United Pulp Paper Corp.

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REAL ESTATE DEVELOPERS

• Active Realty
• Ayala Land, Inc.
• Fil-Estate Realty
• Filinvest, Inc.
• Household, Inc.
• Madrigal Company
• National Housing Authority Projects
• Ortigas Company
• Pag-Ibig
• Palmera Homes
• Planning Resources Operation System (PROS)
• Sta. Lucia Realty

51
REFRIGERATION AIRCONDITIONING

• Concepcion Industries, Inc.
• Daikin (Phils.), Inc.
• Koppel Industries, Inc.

52
RUBBER / SHOES

• Ascot Shoe Corp.
• Expo Rubber Industrial Corp.
• Gerry Alcantara Shoes, Inc.
• R. Bolito Shoes Sons
• Rubberworld Philippines
• Shoetown International Industrial Corp.

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EDUCATION

• Adamson University
• AMA Computer Colleges
• Angeles University
• Ateneo de Manila University
• Brent School
• Dominican College, San Juan
• Far Eastern University (FEU)
• International School
• Mapua Institute of Technology
• O. B. Montessori, Inc.
• Philippine School of Business Administration
  (PSBA)
• Philippine Womens University
• St. Columbians College
• St. Pauls College
• Technological Institute of the Philippines
• University of Baguio
• University of the Philippines
• Xavier University

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SEMI-CONDUCTOR INDUSTRY

• Amkor-Anam Pilipinas, Inc.
• Dae Duck Phils., Inc.
• Dae Kyung Industries, Inc. (Phils.)
• Dong Ho Electronics Phils., Inc.
• Dyna Sem Phils., Inc.
• Integrated Micro Electronics, Inc.
• Ionics Phils., Inc.
• Maxom System (Phils.), Inc.
• Philips Semi Conductor, Inc.
• Precision Electronics, Inc.
• Prime Microelectronics Corp.
• Stanford Microsystem, Inc.
• Sunward Technologies Phils., Inc.
• Temic Telefunken Microelectronic, Inc.
• Ultimate Electronics Component, Inc.
• Uniden Phils., Inc.

55
SHIP BUILDING INDUSTRY

• Philippine Shipyard Engineering Corp.
• Cebu Shipyard
• Keppel Shipyard
• Navotas Shipyard Fishing Corp.
• PNOC Dockyard Engineering Corp.
• Subic Shipyard

56
STEEL INDUSTRY

• Armco-Marsteel Alloy Corp.
• Benguet Corporation
• Cathay Metal Corp.
• Cathay Pacific Steel Corp.
• Cebu Steel Corp.
• Continental Steel Corp.
• Dwight Steel Corp.
• Dy Pico Steel Corp.
• First Tandem Steel Corp.
• Hooven Phils., Inc.
• J. S. Steel Corp.

• Laguna Steel Mills
• Ley Roc Steel Corp.
• Marsteel Corp.
• Metro-Alloy Corp.
• MKK Steel Corp.
• Myers Pipes Steel Corp.
• National Steel Corporation
• Pagasa Steel Corp.
• Philippine Associated Smelting Refining Corp.
• Phoenix Steel Mills

• Puyat Steel Corp.
• Reynolds Phils. Corp.
• Richardson Steel Corp.
• SKK Steel Corp.
• Steel Asia
• Steel Centre Philippines, Inc.
• Steel Corporation of the Phils.
• UNICAN
• Union Color Steel Corp.
• Universal Steel Smelting Corp.
• V. H. Manufacturing

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SUGAR INDUSTRY

• Aidsisa Sugar Milling Co.
• Arcam Co., Inc.
• Bogo-Medellin Milling Co., Inc.
• Bukidnon Sugar Co.
• Calinog-Lambunao Sugar Central
• Canlubang Sugar Central
• Central Azucarera de Don Pedro
• Central Azucarera dela Carlota
• Central Azucarera de Pilar
• Davao Sugar Central Co., Inc.
• Hawaiian-Philippines Co.
• Hilongos Development Corp.
• Lopez Sugar Milling Co.
• Pampanga Sugar Devt Co.
• Pasi Sugar Central
• Sagay Sugar Central Co.
• San Carlos Milling Co., Inc.
• United Planters Sugar Milling Co., Inc.
• Victorias Milling Co., Inc.

58
TEXTILE INDUSTRY

• Alliance Thread Co.
• Avantex Textile Mills
• Clement Textile and Intl Corp.
• Cleveland Textile
• Clover Mfg. Corp.
• DKC Industrial Corp.
• Evergreen Weaving
• Fibertex Corp.
• Filipinas Synthetic Fiber Corp.
• Filstar Textile Industrial Corp.
• General Textiles, Inc.
• GG Garments
• GTI Sportswear
• Jantex Phils., Inc.

• Jibtex Industrial Corp.
• JP Coats Garments, Inc.
• Knitjoy Manufacturing, Inc.
• Lakeview Industrial
• Manila Bay Hosiery Mills, Inc.
• Manila Bay Spinning Mills, Inc.
• Pacific Mills, Inc.
• Paradise Apparel Corp.
• Phil. Cotton Corp.
• Ramie Textiles, Inc.
• Rosario Textile Mills
• RPM Garments
• Solid Development Corp.
• Unidex Garments Phils., Inc.
• Yupangco Cotton Mills. Inc.

59
AIR TRANSPORTATION INDUSTRY

• Aboitiz Air Transport Corp.
• Air Ads Phils., Inc.
• Asian Spirit
• A. Soriano Aviation, Inc.
• Ayala Corp. Aviation Division
• C-Air
• Executive Tourist Aviation, Inc.
• Lufthansa Technik
• Manila Integrated Airport Svs., Inc.
• Phil. Aeronautical Devm. Corp. (PADC)
• Philippine Airlines, Inc.
• Skyssets. Inc.

60
LAND TRANSPORT INDUSTRY

• Batangas Laguna Tayabas Bus Co.
• California Bus Lines
• Dagupan Bus Company
• EDT Transit
• Inland Trailways
• Philippine Rabbit Bus Co.
• Philtranco
• Saulog Transit
• Tritran, Inc.
• Victory Liner, Inc.

61
MARINE TRANSPORT PORT INDUSTRY

• Asian Terminal, Inc.
• Basilan Lines, Inc.
• Central Shipping Co., Inc.
• Chemical Bulk Carriers, Inc.
• Chemoil Shipping Lighterage Corp.
• Fil-Japan Shipping Corp.
• Grand Asia Shipping Lines
• International Container Terminal Services, Inc.
• Loadstar Shipping Corp.
• Lorenzo Shipping Corp.
• Marina Port Services
• Metro Port Services
• PNOC Shipping Transport Corp.
• Southern Bicol Shipping
• W G A

62
WIRES CABLES

• American Wires Co., Inc.
• Associated Wires Cables
• Leader Rey Phil.
• Phelps Dodge Phils., Inc.
• Philflex Wire Cable

63
INTERNATIONAL CLIENTS

• Antara Steel Mills (Malaysia)
• Fuel Pipeline Transport Co. Ltd. (Thailand)
• Thappline (Thailand)
• Guangzhou Shipyard Co. (China)
• Lienmex Machinery Co., Ltd. (Taiwan)
• PT San Miguel Sampoerma Packaging (Indonesia)
• PT Ujatek Baru (Valuation of Petarmina Oil
  Refineries) - Indonesia
• TCT Furniture Industrial Corp. (Taiwan)
• Thai Melon Polyester Public Co. (Thailand)

• Lehman Brothers
• Goldman Sachs
• Merrill Lynch

64
OTHERS

• Lincoln (Phils.), Inc.
• Meralco Corporate Farms
• Metro Container Corp.
• Monterey Farms Corp.
• Nikon Industries, Inc.
• Oriental Tin Can Metal Sheets Mfg. Co., Inc.
• Phil. Explosives Corp.
• Philippine Export Foreign Loan Guarantee Corp.
• Philtread
• Planters Products, Inc.
• PNOC
• Premiere Financing Corp.
• Ramcar Tire Corp.
• Rota Mundial International, Inc.
• Sime Darby, Inc.
• Sterling Tobacco
• TA Phils., Inc.
• Tagnanan Estate
• Technology Livelihood Resource Center

• Alhambra Tobacco
• Armscor Corp. of the Phils.
• Asian Alcohol Corp.
• Atlas Fertilizer Corporation
• Canlubang Golf Country Club
• Cardinal Ceramics
• Cebu Property Ventures Development Corp.
• Cellophil Resources
• Chemphil Manufacturing Corp.
• Chemical Industries of the Phils., Inc.
• Colgate-Palmolive (Phils.), Inc.
• Filinvest Development Corp.
• First Pacific Capital Corp.
• First Pacific Davies
• First Pacific Land Phils., Inc.
• Gaisano Brothers
• Guevent Industrial Development Corp.
• International Rice Research Institute (IRRI)
• JAKA

65
BUSINESS VALUATION

• Uniwide Sales Realty Devm. Corp.- Project
  Evaluation
• Domestic Satellites Phils. (DOMSAT) - Business
  Valuation and Valuation of Franchise
• Asian SpiriT - Business Valuation
• National Electrification Administration (NEA) -
  Business Valuation
• Philippine Township, Inc. - Business Valuation
• Petrochemical Corp. - Valuation of Franchise
• Manila Broadcasting Co. - Valuation of Franchise
• P T T - Valuation of Franchise
• Capwire - Valuation of Franchise
• Pocket Bell - Valuation of Franchise
• Bright Star Broadcasting - Valuation of
  Franchise
• Phividec - Shares Valuation
• Filinvest - PEA Joint Venture - Shares Valuation
• Filinvest Alabang, Inc. - Shares Valuation

66
BUSINESS VALUATION

• Group Management, Inc. - Project Feasibility
  Study
• Oledan Building - Project Feasibility Study
• Heritage Hotel - Investment Evaluation
• Citytrust Banking Corp. - Real Estate Market
  Study
• Bungalow Food Services, Inc. - Valuation of
  Goodwill
• Solid Group of Companies - Valuation of Goodwill
• ARMS Corporation of the Phils. (ARMSCOR) -
  Valuation of Goodwill
• FR Cement Corp. - Quarry Reserve Valuation
• Premier Cement Corp. - Quarry Reserve Valuation
• Continental Cement Corp. - Quarry Reserve
  Valuation
• Asturias Cement - Quarry Reserve Valuation
• Atlanta Industries - Valuation of Trademark
• Laguna Property Holdings - Valuation of Trademark

67
THANK YOU VERY MUCH!
68
THANK YOU VERY MUCH!
THANK YOU VERY MUCH!