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Rockwell Land opts to refinance old debt

By Jenniffer B. Austria

Rockwell Land Inc., the real estate arm of the Lopez Group, said it will refinance old debts to take advantage of low interest rates.

Rockwell Land chief finance officer Ellen Almodiel said during the annual stockholders’ meeting  the company already refinanced P4 billion worth of debts at lower interest rates.

Almodiel said the company in late 2019 also put in place facilities to finance capital spending requirements for the year.

He said because of the pandemic, the property firm deferred project launches this year and instead focused on construction of ongoing projects.

“We will continue to build beyond ordinary communities. The shift in market behavior because of the crisis has led to make changes in our plans to deliver more exciting developments. This includes a new 30-hectare self-contained inner city mixed-used development in Bacolod set to launch in 2021,” Rockwell Land chief revenue officer Valerie Soliven said.