Filinvest Land raises P9 billion from third bond tranche
What's the deal? Filinvest LandDealroom has a profile for this one. Try Dealroom → Inc. (FLI), the real estate arm of the Philippines' Gotianun family, has raised P9 billion from the third tranche of its P35 billion shelf-registered bond programme. The Series E three-year bonds, due 2029 and carrying an interest rate of 7.3993% per annum, were listed on the Philippine Dealing and Exchange Corp. on June 2.
FLI previously raised P11.4 billion from the first tranche in December 2023 and P12 billion from the second in March 2025. That brings the total issued under the programme to P32.4 billion — leaving just P2.6 billion of headroom.
Why now? FLI posted a solid first quarter, with profit up 3.5% to P1.1 billion and revenues rising 4.5% year-on-year to P6.31 billion. The company also cut its unsold residential inventory by P4.1 billion, driven by record ready-for-occupancy sales of P1.7 billion — a sign of improving demand.
Locking in a three-year fixed rate now lets FLI secure financing while conditions are favourable, supporting a portfolio of more than 280 projects spanning residential communities, condominiums, offices, retail, mixed-use estates, and industrial parks.
What could go wrong? Rising interest rates or a slowdown in Philippine property demand could pressure FLI's ability to service its growing bond obligations. The company is also nearing the ceiling of its shelf-registered programme, which may require a new filing to sustain future fundraising.
The signal: Filinvest Land's ability to place P32.4 billion across three tranches in under three years underscores sustained domestic investor appetite for Philippine property-backed debt. As a mature developer with more than 280 projects nationwide, FLI's near-exhaustion of its P35 billion shelf programme — with just P2.6 billion of headroom remaining — suggests the company will need to file a fresh programme soon if it wants to maintain this fundraising pace.
Read more: The Philippine Star
Image: Filinvest City, Muntinlupa — Ralff Nestor Nacor, CC BY-SA 4.0 via Wikimedia Commons.
