Manila: Risk aversion on account of the impact of the Middle East crisis on investment decisions has resulted in the drop of D.M. Wenceslao and Associate Inc.'s net income in the first half of 2026. In a news release Friday, the developer of Aseana City in Para±aque City said net income in the first six months this year reached PHP865 million, down from PHP936 million in the same period last year.

According to Philippines News Agency, the leasing segment drove income, with recurring revenues from rentals of land, commercial buildings, and other ancillary services providing 92 percent of total revenues at PHP1.6 billion. It said revenues from the residential segment reached PHP129.4 million, helped by the inauguration of the Midpark Towers, a condominium building in Aseana, last May.

'Continuing global conflicts and geopolitical tensions have contributed to an increase in economic uncertainty which has affected consumer confidence and investment decisions. The resulting volatility in fuel prices and cost of goods and services have led to a wait and observe approach, with market research pointing towards deferred leasing decisions and slower residential unit take-up,' the company said.

Amidst the challenges, the company said it 'aims to continue to evolve despite the current environment, with the Department of Tourism awarding Parqal as a Tourism Recreation Center and Gallio Events Hall as a MICE (meetings, incentives, conferences and exhibitions) Accredited facility.' The company also aims to have Aseana City fully renewable energy-powered in 'the foreseeable future.'

'As we manage current market conditions, we lean on the constant development of Aseana City's ecosystem, efficiently managing and optimizing returns for all our stakeholders,' Benigno Tatunay, chief finance officer, said.