Big Philippine Businesses with debts due in 2nd Half of 2020

It is interesting to watch on how the biggest companies in the country are going to fund the debts due on second half of 2020 and on the year 2021. It is noteworthy that with the economy slowing or even shrinking these companies may see their internally generated funds weakened.

Whether they will be able to raise new funds or the banks will just roll them over, it is interesting to follow.

One such company, PLDT, announced that they have successfully priced their US$600 million 10-year and 30-year dual tranche senior unsecured fixed rate notes.

We will be evaluating PLDT’s (TEL) finances and shall make a report on it.

Comments

The Ayalas didn’t “lose” Alabang Town Center—They cashed out like disciplined capital allocators

We’ve been blogging for free. If you enjoy our content, consider supporting us! If you only read the headline—Ayala Land exits Alabang Town Center (ATC)—you might mistake it for a retreat, or worse, a concession to the Madrigal–Bayot clan. But the paper trail tells a more nuanced story: the Ayalas weren’t unwilling to buy out the Madrigals; they simply didn’t need to—and didn’t want to at that price, at that point in the cycle. And that’s exactly where the contrast with the Lopezes begins. In late December 2025, Lopez-controlled Rockwell Land stepped in to buy a controlling 74.8% stake in the ATC-owning company for ₱21.6 billion—explicitly pitching long-term redevelopment upside as the prize. A week earlier, Ayala Land (ALI) signed an agreement to sell its 50% stake for ₱13.5 billion after an unsolicited premium offer —and said it would redeploy proceeds into its leasing growth pipeline and return of capital to stakeholders. Same asset. Two mindsets. 1) Why buy what you already co...

From Meralco to Rockwell: How the Lopezes Restructured to Put Rockwell Land Under FPH’s Control

The Big Picture In the span of just a few years, the Lopez family executed a complex corporate restructuring that shifted Rockwell Land Corporation firmly under First Philippine Holdings Corporation (FPH) —even as they parted with “precious” equity in Manila Electric Company (Meralco) to make it happen. The strategy wove together property dividends, special block sales, and the monetization of legacy assets, ultimately consolidating one of the Philippines’ most admired property brands inside the Lopezes’ flagship holding company. Laying the Groundwork (1996–2009) Rockwell began as First Philippine Realty and Development Corporation and was rebranded Rockwell Land in 1995. A pivotal capital infusion in September 1996 brought in three major shareholders— Meralco , FPH , and Benpres (now Lopez Holdings) —setting up a tripartite structure that would endure for more than a decade. By August 2009 , the Lopezes made a decisive move: Benpres sold its 24.5% Rockwell stake...

From Gas Cash to Mall Control: Will the ₱50B Windfall Backstop Rockwell?

We’ve been blogging for free. If you enjoy our content, consider supporting us! There’s a certain poetic symmetry to the Lopez group’s year: on one hand, First Gen’s landmark ₱50‑billion sale of a controlling stake in its gas platform to Enrique Razon’s Prime Infra has been framed as a strategic pivot—cashing out of mature gas assets to fund a cleaner, geothermal-heavy future. On the other, Rockwell Land’s ₱21.6‑billion acquisition of control over Alabang Town Center reads like a bold bet on premium retail scale and long-horizon redevelopment. Put them side by side and a provocative question practically writes itself: Is this where the “₱50B windfall” will ultimately go—straight into a mega-mall acquisition that Rockwell can’t comfortably carry on its own? To be clear, the ₱50B is not Rockwell’s money . It’s First Gen’s proceeds from a transaction involving gas plants and an LNG terminal, with First Gen explicitly pointing to renewable energy expansion (notably geothermal) as ...

the Outsider - PSE Points to Ponder

Search This Blog