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Manila Bulletin devider Business devider The Stock Market devider Filinvest Land gains top credit rating for ₱11.6-billion bond

Filinvest Land gains top credit rating for ₱11.6-billion bond

Published Mar 16, 2026 12:00 am  |  Updated Mar 14, 2026 02:45 pm
Filinvest Land Inc., the real estate arm of the Gotianun family’s conglomerate, received the highest possible credit rating from Philippine Rating Services Corp. (PhilRatings) for its planned ₱11.57 billion bond offering.
PhilRatings said the property developer was assigned a PRS Aaa rating with a stable outlook for the proposed issuance. The offering consists of ₱9 billion in fixed-rate bonds with an oversubscription option of as much as ₱2.57 billion.
The debt, which carries a maturity of up to 10 years, represents the third tranche of the company’s ₱35 billion shelf-registration program previously approved by the Securities and Exchange Commission.
PhilRatings also maintained its PRS Aaa rating for the company’s ₱33.17 billion in outstanding bonds. Under the agency’s scale, a PRS Aaa rating denotes obligations of the highest quality with minimal credit risk, reflecting an “extremely strong” capacity to meet financial commitments. The stable outlook indicates that the rating is expected to remain unchanged over the next 12 months.
The credit assessor cited Filinvest Land’s established brand, diversified portfolio, and significant landbank as key drivers for the rating. It also noted the company’s sustained profitability, positive operating cash flows, and ample liquidity.
As of the end of 2025, the developer’s landbank spanned 1,774.78 hectares, including 196.51 hectares under joint venture agreements, providing a pipeline for future residential and commercial projects.
Tristan Las Marias, Filinvest Land president and chief executive officer, said the bond issuance would allow the firm to strengthen its capital structure while funding growth priorities. The company plans to use the proceeds to refinance existing debt and support capital expenditures across its various business segments.
Filinvest Land maintained robust earnings through 2024 and 2025, driven by its residential sales and leasing business.
While the company continues to expand, its financial statements showed a decline in investing outflows to ₱3.2 billion in 2025, compared with ₱4.8 billion a year earlier, due to lower capital spending. Financing outflows also narrowed to ₱3.4 billion from ₱4 billion in the same period.
The company has tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., Land Bank of the Philippines, RCBC Capital Corp., and SB Capital & Investment Corp. to manage the offering.

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Filinvest Land Inc. Tristan Las Marias Philippine Rating Services Corporation
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