Manila Heavy Equipment Corporation (MHEC)
was incorporated on September 10, 1996,
with authorized capital of $ 2.3 million.
Authorized and paid-up capital amounted to
$ 556,000 and $ 139,000 respectively.
Office is situated at the 2nd floor of Lite
Shipping Corp. building, at the corner of
14 G.L. Lavilles St. and MJ Cuenco Ave.,
Tinago, Cebu City.
MHEC's main business activity is to engage
in the importation, reconditioning,
rehabilitation and trading of heavy
equipment and trucks. Firm pioneered in
selling reconditioned heavy equipment in
Visayas and Mindanao areas. Commercial
operations started in October 1996.
Although newly organized, the firm asserted
its leading role in the industry within 6
months from start -up . In a very short
perod of time, the firm captured a good
share of the marekt - selling an average of
30 units per month.
When the Asian financial crisis struck in
the 3rd quarter of 1997, MHEC - like all
other construction related business,
floundered. its phenomenal rise was
arrested by the evaporating market,
extraordinary peso devaluation and sluggish
turnover of receivables. Firm was burdened
withforeign currency denominated bank
loans in the amount of US $ 8.0 million
with 8 banks, 300 units of inventory, and
over $ 2.2 million of problematic accounts
To remain viable, MHEC, changed tack by
focusing less on the private contractors
and concentrating its marketing efforts on
developing the local government market.
Cultivating the LGU market was a move in
the right direction, and was able to sell a
substantial number of equipment to 5
provincial governments, 7 cities and over
The company has weathered its huge financial problems with change in marketing thrust and the financial assistance from Lucio Roger E. Lim, Jr. and his group of companies. To-date bank obligation is only with Bank of the Phippine Islands in the amount of $ 490,000.
With the boom in mining industry in 2002-2006, Manila heavy Equipment is focusing not only in importation/trading but also in ownership of mining claims all over the Philippines, and in being a mining contractor for selected mining companies in Mindanao area.
The company has at present the following mining concessions/claims(Exploration permit applications with the Philippine Mines and Geoscience Bureau)
» Generoso and Mati, Davao, Oriental Nickel Claim 3,999 hectares
» Dinagat Island, Surigao Nickel claim 197 hectares
» Jose Abad Santos, Davao del Sur; copper/gold claim 15,000 hectares
» Tboli, South Cotabato copper/gold mining claim 3,229 hectares
» Gingoog, Misamis Oriental Nickel claim 4,000 hectares