This report does not constitute a rating action. The top four property developers in the Philippines are leading their sector out of a post-pandemic hangover. The entities are pivoting to more high-end projects where demand has been resilient. While the firms' leverage is higher than pre-pandemic, their presales are expanding. The investment positioning for growth should prove constructive, in our view. The real estate sector is a cornerstone of the country's economy. It contributes about 11% of GDP and comprises about 17% of the total market capitalization of companies traded on the Philippine Stock Exchange. The top four property developers are Ayala Land Inc., Megaworld Corp., Robinsons Land Corp. and SM Prime Holdings Inc. Together, they account for 60% of
