ALI eyes P50 billion from debt market

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February 22, 2026 | 12:00am

MANILA, Philippines — Property giant Ayala Land Inc. (ALI) is looking to raise as much as P50 billion from the debt market through a fresh shelf registration program.

ALI said its board approved the filing with the Securities and Exchange Commission of a new five-year shelf registration for debt securities of up to P50 billion.

The company likewise secured board approval to raise up to P40 billion with tenor of up to 10 years through the issuance of retail bonds or corporate notes for listing on the Philippine Dealing and Exchange Corp., as well as bilateral term loans.

Proceeds of the planned capital raising will be used primarily for debt refinancing and to partially finance general corporate requirements.

ALI chief financial officer Jose Eduardo Quimpo II said the shelf registration would give the company “flexibility to tap the capital markets when we look to do it.”

For the P40 billion funding program for 2026, Quimpo said P25 billion would be used primarily to refinance maturities this year, with the balance of P15 billion for debt liability management.

“Debt liability management is we’re looking at our overall debt profile and where we find that there is an opportunity to refinance with better interest rates, we will do that,” Quimpo said.

“So the P40 billion, a portion will be done on the capital markets, on the bond side, a portion will be done, most likely, on the private market side or on the bank loan side,” he said.

ALI president and CEO Anna Ma. Margarita Bautista-Dy said the company is allocating P70 billion to P80 billion in capital expenditures this year.

She said about 38 percent of the budget would be used for its leasing projects.

“The balance is really for residential and whatever land acquisition that we still need to be paying for,” Bautista-Dy said.

A total of P92.9 billion in capex was deployed by ALI in 2025, of which 38 percent was spent on property development projects, 29 percent for the completion and expansion of the leasing portfolio, 18 percent for estate build-out and the balance of 15 percent for land remaining acquisition commitments.

For 2025, ALI posted a net Income of P39.1 billion, 39 percent higher than the previous year’s P28.2 billion as a result of the company’s expanding leasing and hospitality segment and gains from portfolio management initiatives.

Net income from core operations rose by eight percent year-on-year to P30.6 billion on the back of robust fourth-quarter earnings from estate lots, leasing and hospitality businesses.

ALI generated revenues of P190.2 billion in 2025, up by five percent from the previous year.

Notwithstanding market sentiment headwinds, ALI’s property development business delivered P113.9 billion in revenue, driven by robust estate lot and office-for-sale bookings.

Leasing and hospitality revenues improved by seven percent year-on-year to P48.7 billion, driven by broad-based growth across all segments.

“Our business delivered healthy growth in 2025 despite a challenging environment, underscoring the strength of our portfolio and execution,” Bautista-Dy said.

“As we enter 2026, we focus on benchmark residential launches that emphasize quality and long-term value. Our leasing portfolio continues to expand with a banner year of more than 250,000 square meters of leasable space coming online in our estates,” she said.