Filinvest Land to issue retail bonds

Gotianun-owned property developer Filinvest Land Inc. is set to raise fresh capital via the issuance of debt papers, the company told the Philippine Stock Exchange on Thursday. In a statement, the property company said its executive committee approved its plan to issue and float via public offering of five years and three months unsecured fixed-rate peso denominated debt securities worth P3 billion. "Proceeds from the retail bonds issuance will be used by the corporation to additionally finance capital requirements for 2011," the company said. Filinvest Land added that the retail bonds will be issued this month, subject to SEC approval. The retail bonds were given the highest rating of PRS Aaa by Philratings. The company earlier said it plans to launch P13.2-billion worth of projects and more than double its capital expenditures to P12 billion. For the year's first three months, Filinvest Land reported its earnings jumped 14 percent to P1.36 billion as revenues rose by a fifth. -- CMA/OMG, GMA News