manila feb 20 reuters philippine property developer cebu landmasters inc on monday said it has applied to list its shares on the local bourse to raise as much as 38 billion pesos 7546 million to fund land purchases and real estate projectscebu landmasters in a statement said it plans to sell 580 million common shares or 34 percent of the company for up to 656 pesos each through an initial public offering ipo in mayit said it has hired bdo capital investment corp and bpi capital corp as joint lead underwriters for the salethe developer is based in central city of cebu and engages in residential commercial hospitality and industrial projectscebu is a major growth centre for the retail and outsourcing sectors showed a report last month from real estate firm colliers international group incthe ipo would come after philippine president rodrigo duterte pledged to increase infrastructure spending outside of the capital manila to create jobs and spread wealth more evenlycebu landmasters application brings the number of potential ipos this year to five last year four firms raised a combined 49 billion pesos through iposthe benchmark philippine stock exchange index has risen 644 percent yeartodate second only in southeast asia to the 80 percent of the hanoi stock exchange index1 503590 philippine pesos reporting by neil jerome morales editing by christopher cushing