GOTIANUN-LED Filinvest Land, Inc.’s (FLI) executive committee has approved the issuance of up to P12 billion in bonds as part of the property developer’s fundraising plans, the company said on Monday.

The issuance will consist of peso-denominated fixed-rate bonds with a maturity period of up to ten years, FLI said in a regulatory filing.

FLI said the issuance will be the second tranche of its P35 billion shelf-registered peso-denominated bonds that was approved by the Securities and Exchange Commission in October last year.

In December last year, FLI raised P11.4 billion from the issuance of 3.5-year retail bonds with an interest rate of 6.983% per year. This was the first tranche of the P35-billion bonds program.

The proceeds from the issuance were earmarked for the property company’s capital expenditure program as well as to repay existing debts.

For the first nine months, FLI saw an 8% increase in attributable net income to P2.65 billion as total consolidated revenue and other income grew by 17% to P18.44 billion, led by higher booked residential real estate sales.

FLI shares were unchanged at 76 centavos apiece on Monday. — Revin Mikhael D. Ochave