Property giant Ayala Land Inc. is beefing up its warchest with plans to raise as much as P30 billion from the issuance of debt securities to partly cover its aggressive expansion program.

In a stock exchange filing, ALI said its board of directors approved a proposal to raise up to P20 billion through retail bonds, corporate notes and bilateral loans with a term of a maximum 10 years.

The retail bonds will be issued under ALI?s P50 billion debt securities program registered with the Securities and Exchange Commission in March last year.

ALI?s board likewise approved the issuance of P10 billion worth of short-dated notes with a tenor of up to 21 months to refinance short-term loans.

Also approved was the declaration of cash dividends of P0.24 per outstanding common share. This first half regular cash dividends, together with the planned second semester cash dividends, will bring ALI?s annual dividend payout ratio to 34 percent of prior year?s earnings.

The cash dividends will be payable on March 22, 2017 to stockholders as of record of March 6.