the Outsider - PSE Points to Ponder

How the country’s largest developer is using AREIT capital recycling to fund the next generation of malls, offices and hotels — while quietly directing a slice back into residential development. Ayala Land Inc. has long sold investors a simple proposition: it owns the land, builds the districts, matures the assets, and then finds ways to recycle capital into the next growth cycle. With AREIT Inc., that machine has become more visible — and more financialized. In its latest reinvestment plans, Ayala Land maps out how it intends to redeploy ₱7.87 billion in net proceeds from two recent AREIT share sales: ₱4.18 billion from the sale of 100 million AREIT shares at ₱41.90 per share, received on Nov. 28, 2025, and ₱3.69 billion from the sale of 88 million AREIT shares at ₱42.00 per share, received on Mar. 3, 2026. The proceeds are required to be reinvested in Philippine real estate and/or infrastructure projects under REIT rules, but Ayala Land’s plans make clear it does not intend to ...

  In Q1 2026, Philippine National Bank won the low-provision race, setting aside far less than China Bank and helping both banks keep profits in the ₱6bn club. In Philippine banking’s first quarter of 2026, the race was not merely to lend more, widen margins or charm depositors. It was also to provision less. On that track, Philippine National Bank crossed the line ahead of China Banking Corporation. PNB set aside just ₱225.7m for impairment, credit and other losses, down 18.6% from a year earlier, saying the decline reflected improved credit portfolio performance . CBC, by contrast, booked a still-modest but larger ₱683.8m provision, up from ₱285.1m a year earlier.  The prize was visible in the bottom line. PNB’s net income reached ₱6.37bn , while CBC’s was ₱6.78bn . In both cases, small credit charges helped keep earnings comfortably in the ₱6bn range , despite a quarter marked by market volatility, bond-price pain and noisy treasury results.  Yet the two banks arri...