The board of directors of D.M. Wenceslao & Associates Inc. in a regular meeting on March 15, 2023 declared cash dividends amounting to P0.07 per share, or a total of P254.6 million, representing an increase of 23 percent from a year ago.

DMW said it would pay the cash dividends on April 5, 2023 to all stockholders on record as of March 30, 2023.

This is the company’s fifth consecutive annual cash dividend and its highest since it publicly listed in June 2018. DMW said its continuously growing earnings and robust financial standing enabled it to sustain cash dividend growth while simultaneously being in a hyper-growth stage.

“Since our IPO, we have notched a long list of milestones including, among others, the completion of 8912 Asean Ave, our largest office development yet; our successful diversification to Makati City with 58 Jupiter; the successful turnover of our fully sold Pixel Residences, the signing of major land-lease locators, and the substantial progress in the construction of our flagship commercial development Parqal and our second residential project MidPark Towers,” said DMW chief executive Delfin Angelo Wenceslao.

“While executing on all these expansion initiatives, we simultaneously distributed consistent and growing annual cash dividends. This is a testament to the strength of our financial position, and it demonstrates our steadfast commitment to improving shareholder value,” he said.


FILIPINOS in Institutional Real Estate (FIIRE) held a 5-day conference in the Philippines for a delegation coming from the United States in mid-February.

FIIRE initially planned an inaugural event in the Philippines to commemorate the beginning of the Manila Chapter in February 2020, eventually pivoting to a virtual launch due to COVID-19.

The recent conference served as an opportunity to celebrate the inauguration of the Manila Chapter of FIIRE while allowing visiting FIIRE members the opportunity to explore the Philippines first-hand as originally intended.

Through launching a Philippines Chapter, FIIRE intends to do the following:

  • Assist in attracting large institutions to invest in the Philippines;
  • Cultivate a pipeline of talent by sharing best practices of the US specific to the commercial real estate industry;
  • Create an exchange program that will bring Filipino students/professionals to train with institutional commercial real estate companies.

Buds Wensceslao hosted FIIRE USA delegates for a private tour of Aseana City.

The event included a welcome dinner hosted at a private estate in Forbes Park hosted by Monocle Group and Longview, a market introduction by AyalaLand, and real estate tours in various areas of BGC, Makati, Pasay City, and Aseana City hosted by NEO, AyalaLand, SM, and DM Wenceslao.

The main event was held on Friday, February 17 at the Shangri-La in Bonifacio Global City. Speakers included board members from the U.S. – Gloria Browning Gil, Jennifer del Rosario Taylor, Huber Bongolan, Barbara Faylona-Jesuele, and Ernie Ocampo. Economic and real estate updates were presented by Victor Calanog/Moody’s Analytics and David Leechiu/Leechiu Property Consultants. A keynote presentation was provided by Wick Veloso/GSIS.

Raymond Ruffino, Rene Benitez, Jennifer Taylor, Eric Manuel and Loy Umali attend a private reception hosted by Monocle Group and Longview.

The first panel discussion with Sheryll Verano/Arthaland Corporation, Mike Rodriguez/Macquarie Asset Management, and RB Roa/ATRAM touched on the growth of the Philippine real estate sector, highlighting how unprecedented capital is being sourced from both equity and debt markets.

Another panel featured Barbara Faylona-Jesuele/J. Paul Getty Trust, Jonathan “Loy” Umali/Arch Capital, and Paul Gately/EQT Exeter who all came in from different countries to discuss the key components institutional real estate investors analyze when entering new markets and potential partners. They also highlighted how institutional capital can provide advantages for local real estate developers to grow and scale their businesses.

A FIIREside chat moderated by Eric Manuel/Arch Capital and featuring Gloria-Browning Gil, co-founder of FIIRE, concluded the program. Through this chat, the audience discovered how FIIRE started, the importance of mentors, the rise of Gloria’s career, and her outlook on the industry.

Panelists Mike Rodriguez, RB Roa and Sheryll Verano in a discussion with moderator Jean De Castro.

Over the weekend, a Poblacion food and pub crawl was coordinated by Poblacion Land and Urban Development for the attendees to get a taste of the nightlife in the vibrant area that has rapidly been transforming over the past few years. The National Parks Development Committee hosted a tour of Intramuros and its rich history. The last day of the conference, delegates were invited to visit the Philippine Stock Exchange.

The conference concluded with a master class in collaboration with Urban Land Institute (ULI) Philippines, with speakers from the U.S. discussing real estate topics such as an introduction to institutional investing, debt market, underwriting, fund management, asset management, and much more.

Raymond Rufino welcomes his guests to Manila House at a private lunch hosted by NEO.

The events were made possible through the generous sponsorship of Arch Capital Management, D.M. Wenceslao and Associates, Manulife Investment Management, EQT Exeter, NEO, Leechiu Property Consultants, Monocle Group, Arthaland Corp, AyalaLand, Santos Knight Frank, CebuLand, Corebuilt, Grow Capital Partners, Romulo, KMC Savills, Colliers, Catellina Property Consultants.

FIIRE, or Filipinos in Institutional Real Estate, is a 501c3 trade organization started in the United States of America that focuses on networking, educating and mentoring Filipinos in institutional real estate. The organization was established in 2009 and has chapters throughout the US in Chicago, Honolulu, Las Vegas, Los Angeles, Mid-South, New York City, New England, San Diego, San Francisco, Pacific Northwest and internationally in the Philippines.



To be considered for inclusion in the PSEi, a listed company should be among the top companies in terms of liquidity and market capitalization. It should also have a free float level of at least 20 percent of its outstanding shares. Relevant financial criteria as well as eligibility for early inclusion are also considered by the PSE in the index review.

“The 20 percent minimum free float requirement was implemented for all indices starting with this index review. We hope to see improved liquidity in the stock market with more shares available from companies that want to remain or qualify for future inclusion in any of the indices,” said PSE President and CEO Ramon S. Monzon.

In terms of sectoral indices, PSE will replace East West Banking Corporation (EW) in the Financials index. Basic Energy Corporation (BSC) and The Keepers Holdings, Inc. (KEEPR) will be added to the Industrial index while Vitarich Corporation (VITA) will be removed. The Property index will have four new constituents namely D.M. Wenceslao & Associates, Incorporated (DMW), Filinvest REIT Corp. (FILRT), MREIT, Inc. (MREIT), and RL Commercial REIT, Inc. (RCR). Meantime, Philippine Infradev Holdings, Inc. (INFRA) and Philippine Estates Corporation (PHES) will be excluded from the said index. AllDay Marts, Inc. (ALLDY) and Medilines Distributors Incorporated (MEDIC) will both become part of the Services index, which will also see the removal of Metro Retail Stores Group, Inc. (MRSGI) and Philippine Seven Corporation (SEVN). Finally, the Holding Firms index will see the addition of Lopez Holdings Corporation (LPZ) while the Mining and Oil index will see the removal of Benguet Corporation (BC).

The PSE MidCap index will have a number of changes. The new index members are China Banking Corporation (CHIB), FILRT, MEG, MREIT, RCR, RLC and Synergy Grid & Development Phils., Inc. (SGP). The seven new PSE MidCap index constituents will take the place of AllHome Corp. (HOME), DDMP REIT, Inc. (DDMPR), DMC, Philex Mining Corporation (PX), Philippine National Bank (PNB), UBP and Vista Land & Lifescapes, Inc. (VLL).

For the PSE Dividend Yield index (PSE DivY index), Citicore Energy REIT Corp., (CREIT), UBP and Security Bank (SECB) will replace Bank of the Philippine Islands (BPI), DDMPR and FILRT.

From its March 28, 2022 launch to January 26, 2023, the PSE MidCap index has gained 4.5 percent while the PSE DivY index has lost 1.1 percent. In the same period, the PSEi was down 1.3 percent.

In August 2022, the Securities and Exchange Commission included securities that make up the PSE DivY index among the eligible Personal Equity and Retirement Account (PERA) investment products.


DMW Group of Companies continues to make strides in the real estate industry as it celebrates big wins in the recently concluded 10th Philippine Property Awards.

DMWAI’s subsidiaries – Aseana Residential Holdings, Corp. (ARHC) and Aseana Holdings Inc. (AHI) bagged the Best Completed Condo Development for Pixel Residences and the Highly Commended Award for 8912 Asean Ave. for the Best Office Architectural Design.

The awards night was organized by PropertyGuru, the leading property technology company in the region. The program awarded the leading property developers in the Philippines across 62 categories, and DMWAI’s architectural vision of a livable and sustainable city clinched two awards from two categories.

Pixel Residences is the first residential project of ARHC with construction commencing in 2019 and was fully turned over in 2021. The 15-story residential estate has 170 generous-sized units ranging from 36 to 88 square meters and offers hotel-like amenities such as fitness gym, kid’s daycare, swimming pool, and function hall.

DMWAI’S VERY OWN: Aseana Residential’s first residential estate, Pixel Residences bags the Best Completed Condo Development award in the recent 10th Philippine Property Awards.

Meanwhile, 8912 Asean Ave. is the biggest office development of DMWAI to date with approximately 69,000 sqm of leasable office and retail spaces. Its façade boasts of insulated glass units accentuated by orange vertical fins that allow its tenants to have an unobstructed view of Manila Bay while working.

REDEFINING WORKSPACE: Aseana’s 8912 Asean Ave office development bags the Highly Commended citation in the Best Office Architectural Design category at the 10th Philippine Property Awards.

“Filipino architecture has gone a long way from bahay na bato and bahay kubo, but what makes DMWAI’s architectural trademark completely grounded to our roots is because: it integrates sustainable living to heart. When we created our masterplan for Aseana City, we followed our vision of creating a breathable city that looks back on our Filipino architectural heritage of a sturdy, reliable yet livable community,” CEO of DMW Group of Companies Buds Wenceslao shares.

DMWAI wins at the 10th Philippine Property Awards strengthen the company’s commitment in creating a city that Filipinos can truly call home. DMWAI’s most anticipated residential and mixed-use developments – MidPark Towers and Parqal, are also set to open by 2023.

Paranaque City, Philippines, September 9, 2022 – D.M. Wenceslao & Associates, Inc.’s (DMW) wholly-owned subsidiary Aseana Residential Holdings topped off the fourth and final tower of its second residential project, the MidPark Towers.

Slated for completion in 2023, MidPark Towers is a modern architectural masterpiece perched on a highly coveted location in close proximity to Ayala Malls Manila Bay and DMW’s own 5-hectare mixed-use green development – Parqal.

MidPark Towers’ unit layouts are 40 sqm+/- studio unit, 52 sqm+/- one-bedroom unit, 80 sqm+/- two-bedroom unit, and a 120 sqm+/- three-bedroom unit. 

“We remained all systems go in our expansion projects despite the pandemic. Very soon, the residents of MidPark Towers will be able to enjoy the complete community of Aseana City; from the lush green landscapes and first-rate commercial outlets in Parqal just beside MidPark Towers to all the best-in-class locators in Aseana including the biggest Ayala Mall in the country, the soon-to-rise St. Luke’s Medical Center Aseana City, major warehouse shopping chains, top-grade offices, and major integrated resorts in Entertainment City,” said Mr. Delfin Angelo ‘Buds’ Wenceslao, Chief Executive Officer. “Residents will also enjoy ease of access and abundant means of transport through NAIA Expressway, Paranaque Integrated Terminal Exchange, the future LRT Line-1 extension, elevated walkways, and bike lanes across the estate,” Mr. Wenceslao highlighted.

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