MANILA - The Securities and Exchange Commission (SEC) has considered favorably the debt securities program of Cebu Landmasters, Inc., which looks to raise as much as PHP8 billion from the first tranche. In its Sept. 6 meeting, the commission en banc resolved to render effective the registration statement of Cebu Landmasters covering up to PHP15 billion of bonds, subject to the company's compliance with certain remaining requirements. Cebu Landmasters may offer the bonds in tranches within three years. For the first tranche, the listed property developer will offer to the public up to PHP8 billion of Series A bonds due 2026, Series B bonds due 2028, and Series C bonds due 2029. The company could net up to PHP7.9 billion from the offer, which will be used for project development or capital expenditures for various real estate projects and for general corporate purposes. The bonds comprising the first tranche will be offered at face value from Sept. 26 to 30, and will be listed on the