MANILA - Ayala Land Inc. said Tuesday it would raise up to P30 billion in debt to fund its spending program.

The company told the stock exchange that its board of directors has approved the issue of P20 billion in retail bonds,corporate notes or bilateral loans with a term of up to 10 years

The board also approved another P10 billion in short-dated notes with a tenor of up to 21 months, the company said.

The borrowings will be made under the company's P50 billion debt securities program, Ayala Land told the stock exchange.

Ayala Land earlier said it planned to spend a record P88 billion in capital expenditures this year to finance its residential and commercial projects.

Shares of Ayala Land were up 0.41 percent to P36.35 on Tuesday.