DoubleDragon secures SEC approval for PHP 10.9B bond

By Francis Allan L. Angelo

DoubleDragon Corporation has received the Securities and Exchange Commission’s Permit to Sell for its fixed-rate peso retail bond offering carrying a 7.7% annual interest rate.

The offering, amounting to up to PHP 10.9 billion, has been assigned a PRS Aaa (Triple A) issue credit rating by the Philippine Rating Services Corporation, the highest rating tier available.

The bonds will be offered from September 11 to 15, 2025, with listing on the Philippine Dealing & Exchange Corp. set for September 19, 2025.

The issuance includes tenors of 3.5 years and 5.5 years, with a minimum investment of PHP 50,000, and will be jointly managed by RCBC Capital Corporation and Unicapital Inc., alongside selling agents Landbank and EastWest Bank.

DoubleDragon described the “Double-Seven” 7.7% coupon rate as a symbol of good fortune, citing the cultural belief in the luck associated with the number seven and its resemblance to the form of a dragon.

The company first disclosed the planned issuance on August 11, 2025, when its board of directors approved the retail bond offering as part of a PHP 10.9 billion shelf registration cleared by the SEC in 2024.

On August 26, 2025, PhilRatings reaffirmed its PRS Aaa rating for the planned issue, prior to the SEC’s formal approval on September 11.

DoubleDragon said the timing of the bond sale aims to take advantage of September’s issuance window, during which it will be the only peso retail bond available in the market.

The company also expects the issuance to benefit from the Bangko Sentral ng Pilipinas’ anticipated interest rate cut this week, which could further support investor appetite.

As of 2025, DoubleDragon reported a net debt-to-equity ratio of 0.87x, one of the lowest among Philippine-listed firms, with total equity reaching PHP 102 billion.

The firm emphasized that its diversified portfolio of hard assets across Luzon, Visayas, Mindanao, and overseas provides a strong foundation for growth.

In addition, DoubleDragon highlighted its Hotel101 business model, which it described as “novel” and “asset-light,” designed to be exportable across continents and expected to generate significant future U.S. dollar inflows to the Philippine economy.

The company is co-chaired by Mang Inasal founder Edgar “Injap” Sia II and Jollibee founder Tony Tan Caktiong, who have positioned DoubleDragon as one of the few Philippine companies to consistently hold a PRS Aaa credit rating.