Joseph M. Yap, chairman of Filinvest REIT Corp. (FILRT), will take over as president and chief executive officer effective Oct. 15, succeeding Maricel Brion-Lirio, who is retiring from the post and resigning as a director.

In a statement on Monday, the company said its board also appointed Treasurer and Chief Finance Officer Ana Venus A. Mejia as a director effective the same day, filling the seat to be vacated by Ms. Brion-Lirio.

Outgoing and incoming leadership

Ms. Brion-Lirio has led FILRT as president and CEO since February 2021, capping several senior positions she held within the Filinvest group. Her tenure saw the company become a publicly listed estate investment trust and expand its property portfolio.

Mr. Yap has chaired FILRT since April 2024. He previously served as president and CEO of Filinvest Land, Inc. from 2007 to 2012 and sat on its board from 1997 to 2015.

His career spans more than four decades across real estate, banking, finance, and government service, including a term as Philippine ambassador to Singapore from 2018 to 2022. FILRT said his private-sector record also includes time as first vice-president of Family Bank & Trust Co. and financial management roles at Nestlé in New York, Switzerland, and Manila.

Strong first-half results

The leadership handover comes as FILRT reported higher revenue and earnings for the first half of 2026. Gross revenue rose 31% to P2.05 billion from January to June, while net income increased 34% to P874 million.

Average occupancy across the portfolio stood at 87% during the period — unchanged from the previous quarter but six percentage points higher than a year earlier. Occupancy is a closely watched measure for an office landlord such as FILRT, since rental income depends on how much of its portfolio is leased out.

The company said it plans to focus on lifting occupancy, maintaining tenant relationships, and improving the performance of its properties while evaluating opportunities to expand its portfolio. "FILRT remains focused on strengthening occupancy, deepening tenant relationships, enhancing asset performance, and pursuing disciplined opportunities that support sustainable, long-term shareholder value," it said. Those stated priorities now fall to the incoming leadership, with the changes taking effect on Oct. 15.

New educational tenant at Northgate Cyberzone

In a separate statement on Monday, FILRT said MIT International School (MITIS) had leased nearly 900 square meters of ground-floor space at the iHub 2 building in Northgate Cyberzone, Filinvest City, Alabang.

The American-curriculum K-12 school is relocating from its former site along Alabang-Zapote Road and will become the first international school in Northgate Cyberzone, according to the company.

FILRT said the lease forms part of efforts to diversify the tenant mix of its office properties beyond multinational business process outsourcing firms and traditional corporate tenants — a common strategy among office landlords seeking to reduce reliance on any single tenant category.

"MIT International School's decision to locate Northgate Cyberzone reflects the district's continued appeal as a strategic business address," Ms. Brion-Lirio said. "As we continue to strengthen our office portfolio, we also see opportunities to welcome complementary institutions that contribute to a more dynamic and well-rounded community," she added.

MITIS President Dae Kwan Chung said the school chose the site as it expands while continuing to serve families in Southern Metro Manila. "FILRT's Northgate Cyberzone offers the exact blend of modern infrastructure, accessibility, and security we envisioned," he said.

The school will operate within the Philippine Economic Zone Authority-accredited district, FILRT said, giving Northgate Cyberzone an educational tenant alongside its existing office and business process outsourcing occupants.

FILRT shares rose 0.37% to P2.74 each on Monday. — Alexandria Grace C. Magno