Cityland to renew P700M short-term commercial papers

Cityland Development Corp. said Monday it had secured board approval to file for the renewal of P700 million worth of short-term commercial papers. In a disclosure to the Philippine Stock Exchange, Cityland said the loan papers would be used to finance the firm's funding requirements. Cityland develops medium- and high-rise residential, commercial and office space. Its main projects are situated in the Ortigas and Makati business districts. Affiliate firm City & Land Developers Inc. said its board of directors had also approved the renewal of P140 million worth of short-term debt papers. - Patricia de Leon, GMANews.TV