PNB Holdings makes PSE debut, eyes tallest PH building in Makati lot

Taipan Lucio Tan-backed PNB Holdings Corp. makes its Philippine Stock Exchange debut on Friday, opening the market to a property portfolio anchored by some of the group’s biggest real estate holdings in Makati and Pasay.

The company will list under the ticker LTL at P1.20 per share, with its three major properties carrying a combined estimated market value of P85.6 billion as of end-2025.

The debut is a listing by way of introduction, meaning PNB Holdings is joining the stock exchange without selling new shares to the public, unlike a traditional initial public offering.

Lucio Tan 

PNB Holdings chair 

Prime property takes center stage

At the heart of the company are three properties that PNB Holdings has been preparing to redevelop, upgrade or extract more income from:

• PNB Financial Center — a 99,999-square-meter (sqm) Pasay property with 88,519 sqm of gross leasable area, currently housing Philippine National Bank, government agencies and international organizations.
• PNB Makati Center — an Ayala Avenue property opposite Ayala Triangle with 36,677.64 sqm of gross leasable area, with tenants including Allianz, Asia Brewery and Emapta Philippines.
• PHC Buendia Property — an 8,000-sqm lot at Gil Puyat Avenue and Paseo de Roxas envisioned for a single mixed-use tower with luxury offices, a branded hotel, branded residences and an upscale retail podium.

Buendia lot redevelopment 

The Buendia property represents the company’s most ambitious development plan, potentially turning the Makati site into a major new source of office, hotel, residential and retail income, its annual report showed.

“This iconic superstructure will not only redefine the Makati skyline but also bring immense pride to the Philippines,” PNB Holdings said. 

“It promises to be a premier destination for those seeking a luxurious lifestyle, high-end workspaces, and elite living spaces. This project is set to become a beacon of innovation and elegance, attracting top-tier businesses and individuals who value excellence and sophistication,” it added. 

Unlocking old assets

PNB Holdings is also advancing redevelopment plans for the nearly 100,000-sqm PNB Financial Center site while upgrading its Makati and Pasay buildings to attract higher-quality tenants and improve their competitiveness.

That property push comes after revenue declined to P1.21 billion in 2025 from P1.39 billion in 2023, while net income fell to P401.68 million from P609.52 million over the same period.

PNB eyes ‘strategic’ partners

The listing itself raises no fresh capital, but gives PNB Holdings a publicly traded platform as it looks for partners to help develop its prime properties.

“As part of its overall business strategy, PHC seeks to partner with strategic investor(s) who can contribute their property development expertise and track-record, as well as financial resources to develop and transform these prime properties to their potential highest and best use,” the company said in its annual report. 

—Edited by Miguel R. Camus