The Philippines predicts "golden age of infrastructure" in 2017

Two Philippine companies involved in the property sector announced on Tuesday plans to raise a combined $358.7 million from the capital markets next year to fund expansion plans.

This comes at a time when President Rodrigo Duterte has vowed to raise infrastructure spending to boost growth, generate jobs and reduce poverty in the country. Already, higher private sector investment in construction has pushed up economic growth, to its fastest in three years in the third quarter.

Property developer Filinvest Land Inc said it planned to raise 10 billion pesos ($200.49 million) via bond sale in the first quarter of 2017 to kick off its 30-billion pesos three-year bond offer program, Chief Financial Officer Nelson Bona told reporters.

Proceeds will be used to pay debts and fund the construction of office towers and commercial space, said Filinvest Land President Josephine Gotianun-Yap.

Home improvement and construction supplies retailer Wilcon Depot Inc filed on Tuesday its prospectus for an up to 7.9 billion pesos IPO, higher than initially planned.

The retailer will sell as much as 1.39 billion shares at a maximum price of 5.68 pesos each in March.

"The company intends to use the net proceeds from the offer for store network expansion, debt repayment, general corporate purposes and fund strategic acquisitions," the prospectus read.

The Philippine stock market has been the worst performing in Southeast Asia so far this year, having dropped more than 2 percent, weighed down by foreign selling on uncertainties over the economic policies of U.S. President-elect Donald Trump.

But the outlook for the property sector seems bright with economic managers saying this will be the "golden age of infrastructure" in the country.

($1 = 49.8790 Philippine pesos)