Filinvest REIT Corp. (FILRT) has announced a major executive reshuffle, naming current Chairman Joseph M. Yap as its new President and Chief Executive Officer, effective October 15. The appointment follows the decision of outgoing chief Maricel Brion-Lirio to retire from her executive roles and board directorship on the same date. To complete the leadership transition, Chief Financial Officer and Treasurer Ana Venus A. Mejia will step into the board seat vacated by Brion-Lirio. The board-approved board overhaul consolidates top-tier oversight as the company navigates its next growth phase.
This leadership consolidation carries strong strategic weight for the real estate investment trust as it seeks to maintain momentum in a expanding portfolio. Yap, who took over as chairman in April 2024, brings over four decades of private and public sector leadership to the executive post. Having previously led parent firm Filinvest Land Inc. as CEO from 2007 to 2012, along with serving as the Philippine Ambassador to Singapore, his deep institutional knowledge and extensive background in banking and corporate finance offer strong operational continuity for shareholders.
The management transition comes at a time of strong financial health for the Gotianun-led firm. Filinvest REIT reported gross revenues of P2.05 billion in the first half of 2026, marking a 31 percent increase year-on-year, alongside a 34 percent rise in net income to P874 million. Average portfolio occupancy stood firm at 87 percent, reflecting a six-percentage-point gain compared to the previous year. Yap’s dual mandate as Chairman and CEO will focus on expanding this asset base, driving property yields, and reinforcing long-term shareholder value.
The shift marks the end of a pivotal chapter under Brion-Lirio, who has led the company since February 2021. Throughout her tenure, she steered the organization through its public debut as a listed REIT and guided the expansion and diversification of its real estate assets. With Yap now combining board leadership and executive direction, Filinvest REIT aligns its top governance directly with its ongoing expansion strategy.
