Publicy-listed owner Boulevard Holdings Inc., led by businessman Jose Marcel E. Panlilio, said in its latest annual report the project was still undergoing design work as of May 31, 2026.
This was unchanged from a year earlier when it expected to finalize the design and secure permits by Jan. 2026 before starting construction shortly after.
Another timeline slips
That deadline has come and gone, but Boulevard is still targeting a 2028 reopening for the rebuilt resort, which will carry Radisson Hotels’ luxury Radisson Collection brand.
Friday’s Boracay has been closed since March 2020 and its old resort has already been demolished, leaving Boulevard a tighter window to finance and build the new property if it is to meet its 2028 reopening target.
The new Friday’s is planned with roughly 110 rooms, two to four restaurants and bars, an infinity pool with lap pool, jungle gym and beach wedding pavilion.
Boulevard's cash runs thin
Boulevard’s latest financial statements show a company still conserving cash rather than ramping up spending for a major construction push:
Boulevard’s revenue rose 36 percent to P36.9 million while its net loss narrowed 70 percent to P35.4 million, although the group continued to burn cash from operations.
Boulevard’s portfolio also includes the reopened Friday’s Puerto Galera and the Friday’s Siargao Beach Resort, where construction began in October 2024.
Apart from hotels and resorts, Boulevard invests in land and rental properties and manages the 3,000-hectare Puerto Azul resort in Cavite.
In 2022, it struct a deal to sell 280 hectares of land in Ternate, Cavite to tycoon Enrique Razon Jr.'s Bloomberry Resorts Corp.
No development timeline has been set for the Bloomberry project, even after the firm acquired 223 lots covering about 204 hectares as of end-2025, its annual report showed.
—Edited by Miguel R. Camus
