MANILA - Gotianun-led Filinvest Land Inc. said it will issue P5 billion worth of debt securities to finance its capital requirements for this year and for 2010.

In a disclosure to the Philippine Stock Exchange on Wednesday, Filinvest Land said its executive committee has approved the company's plan to issue and float 3 and 5-year fixed rate debt securities via a public offering.

The issue date is targeted within the fourth quarter of the year, subject to the approval of the Securities and Exchange Commission.

Earlier, Filinvest Land said it plans to spend P5.5 billion this year for its various property projects. The company is set to launch 29 new projects and phases this year, mostly low to middle-income housing units, with an estimated value of P7.4 billion.

Filinvest Land is also constructing 5 to 6 new medium-rise buildings in Sta. Mesa, Manila, Ortigas Extension, Marcos Highway, Davao, and Cebu. The company will also build a high-rise residential condominium project in Makati City.

Early this year, Filinvest Land signed a joint venture agreement with the local government of Cebu to develop 50.6 hectares of the South Road Properties, which forms part of the 300-hectare reclaimed land project.

Of this property, Filinvest Land will develop 40 hectares over 20 years under a revenue-sharing agreement with the local government, while the remaining 10.6 hectares will be purchased by the company.