MANILA - The Securities and Exchange Commission has approved a plan of Filinvest Land Inc. to issue P5 billion worth of 3- and 5-year fixed rate bonds within this month.

The real estate arm of the Gotianun family intends to use proceeds from the issuance to fund its capital requirements this year and next.

It has tapped BDO Capital and Investment Corp., BPI Capital Corp., and First Metro Investment Corp. as joint lead managers and underwriters for the bond issue, with China Banking Corp. and RCBC Capital Corp. acting as co-lead underwriters.

Filinvest Land, which is primarily into development of low to middle income residential units and medium rise buildings, earlier earmarked a budget of P5.3 billion for 2009, up 29.3% from P4.1 billion in 2008.

On top of 6 mid-rise condominiums to be completed this year, Filinvest Land would be launching 29 new projects, with an estimated sales value of P7.4 billion. The projects would include additional phases in the company's mid-rise developments in the cities of Mandaluyong and Pasig, as well as in Davao and Cebu.

Also in the pipeline are a high-rise residential condominium in Makati City and a 50.6-hectare mixed-use development in Cebu.

Filinvest Land's profits grew 6% to P759 million for the first half of the year, while its total assets stood at P53 billion. The company's total residential sales, on the other hand, rose by 14% during the 6-month period.