This story is part of Forbes’ coverage of Philippines’ Richest 2021. See the full list here.

After years in the doldrums, the Philippines’ stock market has become one of Southeast Asia’s hottest markets for IPOs in the past 12 months.

In June, instant noodle giant Monde Nissin raised $1 billion in the country’s biggest-ever listing and four other firms have gone public since August last year, raising over $2 billion.

Three were REITs, after new rules encouraged their creation. Three more REITs are expected to list by year-end, with all coming from the country’s richest: Lance Gokongwei’s RL Commercial, Andrew Tan’s Megaworld and Manuel Villar’s Vista Land. REITs are popular with investors seeking yield amid ultra-low interest rates worldwide.