P70M expansion eyed

The Islands Group of Companies has announced it will spend P50 to 70 million for 2011 to upgrade its product offerings and services to the growing tourism market.

Islands Group chief executive officer Jay Aldeguer said the capital expenditure (capex) budget is meant for the acquisition of more bancas for the company’s Islands Banca Cruises, construction of Phase II of the Talima Adventure Park in Mactan, additional Island Souvenir stores and the company’s new venture that will be announced early next year.

Aldeguer said in an interview last Monday that the aggressive expansion of the company’s products and services was buoyed by renewed market confidence and the growing tourism industry in Cebu.

He cited the “I love Cebu” campaign of Island Souvenirs, which has earned positive feedback and patronage among local and foreign tourists.

Aldeguer said that since its debut in the market last February this year, the company has sold close to 300,000 T-shirts nationwide. He added that they are now adding a new facet to the campaign, where consumers can customize their “I love T-shirts” to further sustain the campaign’s momentum.