Conglomerate Phinma Corp. of the family of bilyonaryo Ramon del Rosario Jr. has deployed P276 million to support the development of real estate projects.
In a regulatory filing, Phinma said the company has provided an advance from the proceeds of its bond issuance to its 35 percent owned affiliate Phinma Property Holdings Corp. (PPHC).
The advance in the amount of P276 million will be used by PPHC to fund its future development projects.
In 2021, Phinma sought to raise P3 billion from a bond offer to accelerate growth in strategic business units where the company has a competitive advantage.
PPHC develops vertical and horizontal housing units catering to the affordable market segment in Metro Manila, Davao City, Cebu City and Batangas.
The company, through its subsidiaries, also provides construction and property management services.
Phinma is a listed company with investments in education, production of construction materials, such as cement, steel, educational institutions, housing and hotels.