Robinsons Land Corp. (RLC), the property development arm of Gokongwei flagship JG Summit Holdings Inc., has forged a strategic alliance with JPMorgan Chase Bank NA to strengthen its fund management services for the international market.
In a disclosure to the Philippine Stock Exchange, RLC vice president for operations Kerwin Tan said the company is tapping the cash management services of the New York-listed global financial services company.
“The increased efficiency brought about by JPMorgan’s cash management services will expedite clearing periods for international checks, resulting in much-quicker turnaround time and convenience for Robinsons Land’s growing number of buyers based in the US, Europe and Asia,” he said. No other details were given by the company.
JPMorgan is a leading global financial services firm with assets of $1.6 trillion and operations in more than 50 countries. It is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity.
A component of the Dow Jones Industrial Average, JPMorgan has its corporate headquarters in New York and its US retail financial services and commercial banking headquarters in Chicago. Under its JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients.
Tan said by partnering with JP Morgan, RLC will be able to leverage on JP Morgan’s economies of scale, global reach and expertise to help grow their global past print and thus deliver greater efficiencies to their businesses and clients.
“The move is a forward looking approach to meet the demands of the international markets,” Tan said. At present, PLC’s recently launched projects have overseas Filipinos workers (OFWs) and balikbayans as primary target buyers.
According to the National Statistics Office, there are approximately eight million OFWS around the world, comprising nearly 10 percent of the Philippine population, and an estimated 4,500 Filipinos leave daily to work abroad.
Zinnia B. Dela Peña
January 29, 2008
http://www.robinsonsoffices.com/jan-mar2008.html
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