Vista Land and Lifescapes Inc..plans to raise up to P20 billion from the sale of fixed-rate retail bonds. In a stock exchange filing, Vista Land said its board approved a three-year debt securities program with an initial issuance of fixed-rate bonds of up to P5 billion The program will use the shelf registration window of the Securities and Exchange Commission which allows issuers to register and sell under the same prospectus a certain number of securities over a three-year period. The bonds have a maturity of seven and 10 years.