THE SECURITIES and Exchange Commission (SEC) has approved Cityland Development Corp.’s plan to issue P1 billion worth of commercial papers.

The issuance’s registration statement was approved on Oct. 17, Cityland said in a regulatory filing on Monday.

Cityland added that the certificate of permit to offer securities for sale and SEC order were issued on Oct. 18.

In August, Cityland’s board approved the application for the commercial paper issuance.

The proceeds will be used to finance the company’s funding requirements.

Cityland’s projects consist of medium- to high-rise office, commercial, and residential condominiums, residential subdivisions, and farm lots.

In March, the company launched the 50-storey City North Tower condominium project along North Avenue in Quezon City. The project will have commercial, office, and residential units.

For the first half, Cityland saw a 31.8% drop in its net income to P339.23 million from P497.56 million last year.

Total revenue fell by 30.5% to P1.18 billion from P1.7 billion last year. First-half real estate sales shrank by 40.4% to P767.33 million versus P1.29 billion in 2023.

On Monday, Cityland shares were unchanged at 69 centavos per share. — Revin Mikhael D. Ochave