FILRT chairman Joseph Yap named president and CEO as Brion-Lirio retires
FILINVEST REIT Corp. chairman Joseph M. Yap will take over as president and CEO from Oct. 15, replacing Maricel Brion-Lirio who is retiring. The leadership change comes as the REIT reports higher revenue and net income for the first half of 2026.
FILINVEST REIT Corp. (FILRT) chairman Joseph M. Yap will take over as the company's president and chief executive officer (CEO) effective 15 Oct., replacing Maricel Brion-Lirio, who is retiring from the post and resigning as a director. The board also appointed Treasurer and Chief Finance Officer Ana Venus A. Mejia as a director effective 15 Oct., filling the seat to be vacated by Brion-Lirio.
Brion-Lirio had served as FILRT's president and CEO since February 2021 after holding several senior positions within the Filinvest group. During her tenure, FILRT became a publicly listed real estate investment trust and expanded its property portfolio.
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. He has more than four decades of experience in real estate, banking, finance and government service, and served as Philippine ambassador to Singapore from 2018 to 2022. His private-sector experience includes a stint as first vice-president of Family Bank & Trust Co. and financial management roles at Nestlé in New York, Switzerland and Manila.
The leadership transition comes as FILRT reported higher revenue and earnings for the first half of 2026. Gross revenue rose 31 per cent to P2.05 billion from January to June, while net income increased 34 per cent to P874 million. Average occupancy across its portfolio stood at 87 per cent during the period, unchanged from the previous quarter but six percentage points higher than a year earlier.
FILRT said it plans to focus on improving occupancy, maintaining tenant relationships and raising the performance of its properties while evaluating opportunities to expand its portfolio. In a separate statement on Monday, FILRT said MIT International School (MITIS) had leased nearly 900 square metres of ground-floor space at the iHub 2 building in Northgate Cyberzone, Filinvest City, Alabang.
MITIS, an 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. The company said the lease forms part of efforts to diversify the tenant mix of its office properties beyond multinational business process outsourcing companies and traditional corporate tenants.
"MIT International School's decision to locate Northgate Cyberzone reflects the district's continued appeal as a strategic business address," 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." 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.
