Rockwell eyes P10 billion in bond market return

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January 7, 2026 | 12:00am

MANILA, Philippines — The Lopez family’s Rockwell Land Corp. is returning to the bond market to raise as much as P10 billion to fund its expansion pipeline, particularly in Metro Manila, Cebu and Pampanga.

Rockwell yesterday said it has obtained the highest credit rating of PRS Aaa from the Philippine Rating Services Corp. for its planned P10-billion bond issuance.

The issuance is made up of P7 billion in base offer and P3 billion in oversubscription option, and it is the initial tranche of the P20 billion that Rockwell has in shelf registration.

Obligations assigned with PRS Aaa means the issuer’s capacity to meet financial commitments is extremely strong. Further, the issuance was given a stable outlook, so the rating is likely to be maintained over the next 12 months.

Rockwell landed the best credit rating of PRS Aaa for its established brand name and reputable management team. The developer is also lauded for the sustained growth of its financials and the strength of its liquidity position.

Rockwell will spend the proceeds from the issuance on capital expenditures, especially as it is preparing to build new projects between now and 2027.

Before 2025 ended, Rockwell made one of the biggest moves in the property sector by acquiring a 74.8-percent stake in Alabang Town Center (ATC) for P21.6 billion.

The acquisition adds 137,000 square meters in gross leasable area to Rockwell’s portfolio, on top of becoming the majority owner of ATC, one of the most iconic malls in the southern Metro.

In 2027 Rockwell plans to start construction of its first full-service hotel in Cebu and launch the second Power Plant Mall in Pampanga. The builder’s future growth is supported by its land bank of roughly 500 hectares.

Rockwell has launched three upscale residential projects in the provinces since December 2024, a move that leans on the resilient demand from the wealthy class. Rockwell also expects to add more leasable spaces and residential units in its mixed-use communities.

Rockwell’s net income grew by 13 percent to P3.5 billion in the nine months to September 2025 on growing revenues from commercial leasing and project completion.

The company has gone a long way since its decline during the pandemic, as profit surged to P4.1 billion in 2024, from P1.3 billion in 2020.