MAKATI CITY — PNB Holdings Corp. (PHC) officially entered the Philippine Stock Exchange on September 25, 2026, listing 46.93 billion common shares under the ticker symbol LTL. The company’s entry was completed through a listing by way of introduction, allowing its existing shares to become publicly traded without going through a conventional initial public offering. Unlike an IPO, the transaction did not generate fresh capital for PHC. Instead, the listing provides shareholders with greater liquidity and allows the market to establish a publicly traded value for the company. Philippine National Bank (PNB) remains PHC’s largest shareholder, holding a 49.75-percent stake.
Prime Properties Anchor PHC’s Portfolio
At the center of PHC’s portfolio are major commercial properties in Makati and Pasay, with an independently appraised value of approximately PHP88.8 billion, significantly above their carrying value. Among its key assets is the PNB Financial Center in Pasay City, which occupies nearly 100,000 square meters of land, with around 90 percent of the property available for leasing. In Makati, PHC owns the PNB Makati Center along Ayala Avenue as well as an 8,000-square-meter property in Buendia, located at the corner of Gil Puyat Avenue and Paseo de Roxas. These properties generated PHP634.3 million in revenues during the first half of 2026, representing a 26-percent increase year-on-year. Net income likewise climbed 85 percent to PHP209 million during the same period.
A Potential New Landmark on Buendia
Among PHC’s most closely watched assets is its Buendia property, which the company plans to transform into a high-end mixed-use development. PHC is exploring the possibility of developing an iconic high-rise that could potentially become the tallest building in the country. The proposal is supported by an increased allowable floor area ratio of 34, compared with the previous 16. At that ratio, the 8,000-square-meter site could accommodate approximately 272,000 square meters of floor area. Development could begin as early as late 2027, depending on market conditions. PHC also plans to pursue the eventual redevelopment of the PNB Makati Center along Ayala Avenue as part of its longer-term property strategy.
What PHC’s Expansion Could Mean for Makati
PHC’s stock market debut brings greater public visibility to a portfolio that includes several strategically located commercial properties in Makati’s central business district. As the company considers the phased redevelopment of its Makati assets over the next 10 to 15 years, its plans could introduce new mixed-use spaces combining offices, commercial establishments, retail, hospitality, and lifestyle components. These developments would add another layer to Makati’s continuing transformation from a traditional business district into a more integrated live-work-play environment. With major properties already positioned in some of the city’s most established commercial areas, PHC’s long-term redevelopment plans place its Makati holdings at the center of an evolving real estate landscape.
