Two Philippine property firms to raise US$359m in 2017

Manila

TWO Philippine companies involved in the property sector announced on Tuesday plans to raise a combined US$358.7 million from the capital markets next year to fund expansion plans.

This comes at a time when President Rodrigo Duterte has vowed to raise infrastructure spending to boost growth, generate jobs and reduce poverty in the country. Already, higher private sector investment in construction has pushed up economic growth to its fastest in three years in the third quarter.