Phinma Corp. to Launch Socialized Housing in Early 2025

Phinma Corp., a property developer led by the Del Rosario family, is gearing up to enter the socialized housing market in early 2025. The move follows the company’s successful P1-billion stock rights offering, which will partly fund the new initiative.

Expansion into Socialized Housing

Phinma CEO Ramon del Rosario Jr. expressed enthusiasm for the project, identifying Davao as the pilot site for the housing development. The initiative will initially operate under a division of the company but may later evolve into a separate subsidiary.

“The one I’m more excited to get into is more socialized housing. That’s the area I want to get into,” del Rosario said during an event.

Funding Allocation

A portion of the proceeds from the recent stock rights offering—amounting to P239.56 million—will be allocated to socialized housing, as well as food security, healthcare, and green industry initiatives. The remaining funds will support general corporate purposes.

Ongoing Projects

In addition to the upcoming socialized housing initiative, Phinma has several active property developments:

• A 21-hectare township project in Bacolod City launched in October with a P12-billion investment.
• Projects in Davao, Batangas, and Metro Manila, including the Metrotowne development.

Financial Performance

Phinma reported a net income of P438.203 million in Q3 2024, down from P880.291 million in the same period in 2023. Revenues increased slightly to P6.608 billion from P6.576 billion, while costs and expenses rose to P5.495 billion from P5.366 billion.

For the first nine months of 2024, net income stood at P609.132 million, a decline from P1.337 billion in 2023. Despite higher revenues at P16.982 billion (up from P15.463 billion), rising costs and expenses—reaching P15.104 billion—impacted profitability.

Outlook

Phinma’s foray into socialized housing highlights its commitment to addressing critical needs in housing and other key sectors, positioning itself as a socially responsible developer while continuing its growth across various regions in the Philippines.