PUBLICLY LISTED Philippine Realty and Holdings Inc. is set to exit from its decade-long rehabilitation program this year, by which time it would have already paid its remaining liabilities to creditors.

According to Philrealty president Amador Bacani, the firm has only ?less than P50 million? in debt to ?small, non-bank creditors? like suppliers and small contractors.

?This is an amount that we can pay with our current cash levels,? he told reporters during the property developers? annual stockholders? meeting in Quezon City on Tuesday.

Philrealty?once a high-flying real estate firm before the 1997 East Asian financial crisis?was brought to its knees by the spike in interest rates in the late 1990s, which killed speculative buying of condominium units on which it thrived.

Amador said the firm?s exit from its rehabilitation program would commence sometime in the fourth quarter of 2010. It will apply for an exit with corporate regulators once its remaining obligations are settled.

In 2006, the company had a debt level of P829 million. It managed to bring this down steadily through a series of debt-for-asset settlement deals with creditor banks.

?We are down to zero bank debt as of the second quarter,? Bacani said, as company officials showed off its nearly completed high-rise condominium project in New Manila, Quezon City, dubbed the Skyline Tower of its Andrea North complex.

?All the cash we have now is free cash.?

The Skyline Tower?a hulking, unfinished eyesore for the last 10 years?is now receiving its finishing touches and will be ready to accept tenants and owners in the coming weeks, company officials said.

Bacani noted that Philrealty also stands to gain substantial revenue from the project, given that some 200 of the building?s 340 units were still on the market when the company relaunched it.

?Since we relaunched the building, about one-third of this number has already been sold,? he said.

Going forward, the Philrealty chief said the firm would bank on the second tower of the complex, as well as a mixed use project near De La Salle University in Manila, for its future revenues.

?We expect P500 million to P600 million in development profits for the second Tower (of the Andrea North complex) and P300 million to P400 million from the (Ivy League Square) project in La Salle,? he said.