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WSJ: How important do you think it is for the Philippines to build new
infrastructure?
Mr. Razon:Theres no choice. It is a structural constraint. Were still growing at
about 6.5% to 7% but well hit a ceiling very shortly I think. The single most
Mr. Razon has a net worth of US$5.2 billion, according to Forbes, and is chairman
important thing for the Philippines right now is a new airport at Manila. This
administration has the most liquidity of any ever. The government has a lot of
Both companies are expanding rapidly. ICTSI already has an international footprint
WSJ: There is some speculation that ICTSI is negotiating with Hutchison Port
but has its sights on Africa and Latin America, where it is finding growth despite
global trade remaining lackluster. Bloomberry subsidiary Solaire Resort & Casino
Mr. Razon: Weve been talking but nothing has come of it yet. There is some logic
has doubled in size this year and opened its doors Nov. 22.
for the three terminals having a tie-upSydney, Melbourne and Brisbanebut its
Mr. Razon left school when he was 17 years old to take a minimum-wage job at the
not a necessity for us. The talks are more or less between me and the CEOits a
familys cargo-loading business, where he worked his way through the ranks and
eventually joined and became chairman of ICTSI, which was founded in 1987 with
WSJ: What kind of growth do you think is likely for your gambling business,
Mr. Razon as executive vice president. The port empire now extends from Asia to
Solaire Resorts, given that the gambling market in Asia is increasingly crowded and
In a recent interview at the Forbes Global CEO Conference 2014 in Singapore, Mr.
Mr. Razon:We are where Singapore was four or five years ago. Revenue will start
Razon, 54 years old, spoke about his companies expansion plans and the need for
growing in both segments [the VIP and mass markets] but we are coming from a
much lower base. Now the Manila market is worth about $2.5 billion-$2.8 billion.
That could be $4 billion in about two years. At some point youll have some
Mr. Razon:Not democratic. Things filter up to me and I make decisions right away.
saturation but were still way off that. Other Asian countries are going to start going
Managing the resort is much more complicated from a headquarters point of view
because youre dealing with people. In the port business youre dealing with
Mr. Razon:I say ICTSI is my day job and Solaire is my night job. I shuttle between
containers and ships. Containers dont complain even if you drop them. Theres
the two offices. I travel extensively, maybe around 200 days a year. I have family in
only two kinds [of people]those who have suggestions and those who complain.
the Philippines. I have kids, yeah. Thats about as far as Im going to go.
Rsum
Mr. Razon:We are looking to expand on our [Manila] yard capacity by 10%-15%.
We need to store more containers. On the berth side if its a normal situation we
Africa is a very good place for us. There is very little competition and they need the
Education: Mr. Razon left school at 17 and began working in several locations in
investment badly. Bottom line: Returns are best there with high yields in the
the Philippines and Saudi Arabia for his fathers cargo-loading business.
about $45-$50. The same container in Africa easily goes for $200-$250.