Property giant Ayala Land Inc. has raised P2.38 billion from the issuance of fixed rate corporate notes for capital expenditures.

Ayala Land signed an agreement on Tuesday to secure the financing facility, its chief finance officer Jaime Ysmael told the Philippine Stock Exchange.

The facility, in the form of privately placed notes, had three tranches with maturities of five, seven and ten years.

"The proceeds are intended for general corporate purposes, including capital expenditures," said Ysmael.

Joint lead managers for the issue were Insular Investment and Trust Corp., First Metro Investment Corp. and BPI Capital Corp.

Earlier, Ayala Land president Jaime Ayala said they would spend a budget of over P20 billion for residential and office building projects this year.

"We have a lot of projects underway. We are making some adjustments but we are moving forward with the projects. Like the business process outsourcing segment is a continuing one. And I think during times of crisis, people would like to put their money in land so we are pushing on the subdivisions. In all of our segments, we have products that can cater more for the value and lower price points," he said.

The company earmarked about P24.3 billion for developments last year but was estimated to have spent lower in light of the economic downturn.