Phinma looking to launch socialized housing early 2025

Listed property developer, Phinma Corp., led by the Del Rosario family, is looking to expand into socialized housing by early 2025, after raising P1 billion from its successful stock rights offering.

According to Phinma Chief Executive Officer Ramon del Rosario Jr., the company is looking to expand its offerings to socialized housing which is targeted to be launched early in 2025.

“The one I’m more excited to get into is more socialized housing. That’s the area I want to get into,” he told GMA News Online on the sidelines of a recent event.

Del Rosario said the company is looking at Davao as the pilot area for the socialized housing development, which will initially be under a division in the company, but eventually be under a separate subsidiary.

Phinma last week completed its P1-billion stock rights offering, in line with the group’s 68th anniversary. It said P239.56 million of the proceeds will be used for investments in areas of socialized housing, food security, healthcare, and the green industry, along with general corporate purposes.

It launched its first township development in Bacolod City in October, with a P12-billion investment for the 21-hectare project.

“That’s a big project for us. We’re not a very large property development company, so that’s the one we’re focusing on, but we have other ongoing projects outside Metro Manila. We’re in Davao, we’re in Batangas, and we’re continuing a project in Manila called Metrotowne, so those are our main property development projects,” del Rosario said.

Phinma reported a P438.203-million net income in the third quarter of the year, down from P880.291 million the same period in 2023, as revenues grew to P6.608 billion from P6.576 billion, while costs and expenses climbed to P5.495 billion from P5.366 billion.

Its nine-month net income declined to P609.132 million from P1.337 billion, as revenues rose to P16.982 billion from P15.463 billion, and costs and expenses to P15.104 billion from P13.410 billion. — BAP, GMA integrated News