Daven Tamayo

Boardroom Tea: Have you heard of the 'Billionaires' Village' in Baguio?

Article (news)

Salve Ibaňez

ABS-CBN News

<div><strong>The Economy of Club Shares<br/></strong></div><p>Whispers about the Billionaires Village—also known as Alphaland Baguio Mountain Lodges—have been swirling through Manila&#x27;s executive circles, stirring my curiosity about the rarefied economy of exclusive club shares in the Philippines.</p><p>These memberships, alongside luxury choppers like AgustaWestland AW 139s and Bell 505s that shuttle VIPs to and from these exclusive sanctuaries, represent the ultimate Filipino status symbol—the unequivocal sign that, as we witty Filipinos say: “Look at me! I have arrived.”</p><p>The prices alone reveal the staggering wealth disparity in Philippine society. Not that the wealthy shouldn&#x27;t enjoy their fortunes—they absolutely should. But when those fortunes originate from taxpayer coffers? That&#x27;s an entirely different conversation.</p><div><br/></div><div><strong>Manila&#x27;s Crown Jewels</strong></div><p>Manila Golf and Country Club continues to reign supreme in this rarified marketplace. Recent data from Leechiu Property Consultants shows shares soaring to P195 million in the first quarter of 2025 before moderating to P193 million in the second quarter—a breathtaking 1,500 percent return since 2009. Have you heard about how someone willingly bought a share at P200 million? </p><p>Manila Polo Club shares now command approximately P58 million each, though someone whispered in my ear last night while we were ensconced among Patis Tesoro’s beautiful Filipiniana creations, that with ongoing developments and new construction, prices could breach the P60-100 million threshold in a year’s time. But here&#x27;s what sets the Polo Club apart from pure wealth accumulation: money alone won&#x27;t secure membership.</p><p>Every applicant endures a rigorous vetting process that scrutinizes everything from business ethics to social standing. The club&#x27;s inner sanctum operates with military-grade security—personal bodyguards remain firmly outside while members transition seamlessly from boardroom deals to equestrian pursuits, their children completing homework in designated study areas. “It is like a second home and we want to keep it that way,” they (so Gen Z) said.</p><div><br/></div><div><strong>The Numbers Game</strong></div><p>Wack-Wack Golf and Country Club holds the number two position with shares at P89 million—a modest 3% increase from the first quarter.  The pandemic&#x27;s wealth effect has largely stabilized, with some clubs experiencing price corrections as potential buyers gravitate toward annual memberships rather than outright ownership.</p><p>Not all clubs are riding the upward trajectory. Another news organization’s report stated that Manila Polo Club actually declined 14 percent during recent market assessments, while Sta. Elena Golf Club shed 6 percent to P25 million. Alabang Country Club retreated 3 percent to P19 million, and Baguio Country Club remained flat at P6.25 million. </p><div><br/></div><div><strong>Current Club Share Prices (2025) <br/></strong></div><table style="width:100%"><tbody><tr><td style="width:50.0000%"><strong>CLUB</strong></td><td style="width:50.0000%"><strong>SHARE PRICE</strong></td></tr><tr><td style="width:50.0000%">Manila Golf &amp; Country Club<br/></td><td style="width:50.0000%">P193 million<br/></td></tr><tr><td style="width:50.0000%">Wack-Wack Golf &amp; Country Club<br/></td><td style="width:50.0000%">P89 million<br/></td></tr><tr><td style="width:50.0000%">Manila Polo Club<br/></td><td style="width:50.0000%">P58 million*<br/></td></tr><tr><td style="width:50.0000%">Sta. Elena Golf Club<br/></td><td style="width:50.0000%">P25 million<br/></td></tr><tr><td style="width:50.0000%">Alabang Country Club<br/></td><td style="width:50.0000%">P19 million<br/></td></tr><tr><td style="width:50.0000%">Manila Southwoods Golf &amp; Country Club<br/></td><td style="width:50.0000%">P6 million<br/></td></tr><tr><td style="width:50.0000%">Baguio Country Club<br/></td><td style="width:50.0000%">P6.25 million<br/></td></tr></tbody></table><div><br/></div><p>*Expected to reach P60-100 million with new developments</p><div><br/></div><div><strong>Market Dynamics and Investment Philosophy</strong></div><p>Golf and country club shares operate independently of traditional yield-driven investments. The current high demand insulates these assets from short-term market fluctuations, with appreciation driven primarily by land value and surrounding development rather than operational returns. Don’t even compare it with stock market returns. Bloomberg just came out with reports that the Philippine stock market fell 20% over the past decade. It is now the worst performer among global benchmarks tracked by Bloomberg. </p><p>The pandemic initially triggered a 670 percent surge in golf membership prices as affluent Filipinos sought exclusive sanctuaries during lockdowns. However, the market has since stabilized, with many prospective members opting for annual rentals instead of outright share purchases—a trend that&#x27;s creating interesting arbitrage opportunities.</p><p>A thriving secondary market has emerged, facilitated by SEC-registered firms like GG&amp;A Club Shares, which has specialized in trading and leasing proprietary and non-proprietary club shares since 1995. The Securities and Exchange Commission has issued guidance emphasizing investor protections and the importance of verifying club finances before committing capital.</p><div><br/></div><div><strong>The Billionaires&#x27; Playground</strong></div><p>Beyond traditional golf memberships lies Roberto Ongpin&#x27;s Alphaland Baguio Mountain Lodges—a 100-hectare master-planned development that has earned the moniker &quot;Billionaires Village.&quot; Perched at 5,300 feet above sea level, the property features 300 lodge-style log homes with price points ranging from P45-55 million, plus luxury accommodation options reaching P75,000 per night. </p><p>The development includes two helipads SkyscraperCity—a practical necessity when your clientele arrives via private aircraft and luxury helicopters. This infrastructure underscores how the ultra-wealthy have essentially created their own transportation ecosystem, bypassing traditional travel constraints that bind ordinary Filipinos.</p><p>What makes these investments particularly intriguing from a financial analysis perspective is their function as both lifestyle assets and wealth preservation vehicles. Unlike traditional real estate, these memberships and properties often appreciate faster than inflation while providing immediate utility and social capital.</p><div><br/></div><div><strong>The Regulatory Landscape</strong></div><p>The Philippine Securities and Exchange Commission maintains oversight of the club shares market, particularly regarding investor protections and financial disclosures. Recent regulatory guidance emphasizes the importance of verifying share registration and club financial health before investment—crucial considerations given the illiquid nature of these assets.</p><p>Professional brokerage firms facilitate most transactions, providing market intelligence and handling complex transfer procedures. These intermediaries have become essential infrastructure in a market where informal networks and personal relationships traditionally dominated deal-making.</p><div><br/></div><div><strong>Final Thoughts</strong></div><p>These exclusive enclaves represent more than mere luxury—they&#x27;re tangible manifestations of wealth concentration in Philippine society. While the wealthy absolutely deserve to enjoy their success, the prices involved underscore the vast economic disparities that define our archipelago.</p><p>For those observing from the outside, these club shares serve as fascinating economic indicators—barometers of elite confidence and wealth accumulation patterns. They reveal how the ultra-wealthy construct parallel social and economic systems, complete with their own transportation networks, dining establishments, and recreational facilities.</p><p>Whether these valuations represent sustainable long-term growth or merely pandemic-era exuberance remains to be seen. But one thing is certain: in the Philippines, the price of admission to the highest echelons of society has never been higher. To my friend who sold his Manila Golf shares at P20 million, buddy let’s just move on. :)</p><p>Until next week, keep your ears open and your receipts ready.</p><div><em>Boardroom Tea comes out every Wednesday</em></div>

<p>Whispers about the Billionaires Village—also known as Alphaland Baguio Mountain Lodges—have been swirling through Manila's executive circles.</p>

Whispers about the Billionaires Village—also known as Alphaland Baguio Mountain Lodges—have been swirling through Manila's executive circles.