MANILA, Philippines — Telecom leader PLDT Inc. has deferred the launch of the Philippines’ first digital infrastructure real estate investment trust (REIT) to 2027, pointing to high interest rates and adverse market conditions that hinder its goal to raise as much as ₱24.2 billion.
In a regulatory disclosure filed Tuesday, October 6, the Manny V. Pangilinan-led firm announced that it is dropping plans to list its data center arm on the Philippine Stock Exchange within the fourth quarter, moving the initial public offering (IPO) target to next year instead.
“VITRO REIT will continue to coordinate with the SEC and PSE to complete the applicable requirements, with a view to completing the offering in 2027,” said PLDT.
The company’s initial application outlined an offer of up to 1.91 billion common shares alongside an option for an additional 286.96 million over-allotment shares, priced at ₱11 apiece. Full exercise of the over-allotment option would place roughly 48.95 percent of VITRO REIT’s equity in public hands.
Under local REIT regulations, the entity must allocate a minimum of 90 percent of its distributable earnings to shareholders, offering investors a predictable yield. The initial asset portfolio encompasses eight data facilities generating 24 megawatts across Makati, Pasig, Parañaque, Pampanga, Cebu, and Davao.
Parent company ePLDT intends to direct the net proceeds toward paying down existing debt and funding corporate expansion. PLDT emphasized that the listing remains vital to its overall framework, describing it as “an important part of the group’s asset monetization and deleveraging plans.”
Despite the setback, the company plans to continuously fund its data center infrastructure to keep pace with escalating computing demand. VITRO REIT President and CEO Victor Genuino previously noted long-term plans to scale capacity up to 100 megawatts to accommodate global hyperscalers.
High interest rates continue to create headwinds for REIT valuations by squeezing the yield premium they traditionally offer compared to bonds.
Combined with domestic and international economic pressures, overall market activity has slowed down, leaving only the ₱92.3-billion listing of GCash parent Mynt Inc. and the ₱737-million offering of Aznar Shipping Corporation on the IPO schedule for 2026.