Philippine Realty Holdings Corp. is shifting to a perpetual corporate life, 10 years before its existing incorporation hits the previous limit of 50 years.
The company said its board of directors decided to shift to the perpetual corporate life after a referendum yesterday.
This is after the Securities and Exchange Commission released the guidelines for the implementation of the revised Corporation Code of the Philippines which provides for a perpetual life of firms.
Established in 1981, Philrealty is one of the biggest developer in Manila in the early 1990s but fell into debt trouble later in the decade when the Asian financial crisis hit. eaving it under rehabilitation for over 10 years, and servicing obligations through dacion en pago.
The company incurred a total debt of P2.2 billion in a number of banks.
In 2014 it officially moved out of rehabilitation.