* Philippines' largest REIT IPO to date

* RL Commercial plans to infuse more assets

* Outsourcing firms continue operations despite lockdowns

MANILA, Sept 14 (Reuters) - Shares in Philippine company RL Commercial REIT Inc closed flat on Tuesday, debuting on the stock exchange as the country's largest share sale of the real estate investment trust (REIT) asset class.

RL Commercial sold 3.6 billion shares, including an overallotment option, at 6.45 pesos each, with the initial public offering raising 23.5 billion pesos ($470.9 million). Its shares hit an intra-day high of 6.55 pesos at the opening, before ending at 6.46 pesos.

REITs manage real estate assets like office buildings and commercial centres that generate profits, and are attractive to investors seeking regular dividends.

The country's fourth REIT IPO received strong interest from institutional investors, showing the potential of the Philippines as a vibrant REIT market, RL Commercial Chairman Frederick Go said at the listing ceremony.

The firm's portfolio is composed of office buildings spanning 425,315 square metres (105.1 acres), equivalent to 60 soccer pitches.

Parent firm Robinsons Land Corp is looking to add one to two assets per year into RL Commercial, with firm plans to add 40,000 to 100,000 square metres of gross leasable area in the next 18 months, Go said.

The government last year relaxed rules https://www.reuters.com/article/philippines-property-idUSL4N29P1V2 in the creation of REITs, allowing issuers to maintain management control and enjoy tax breaks. It prompted Philippine property firms to generate fresh capital by selling income-generating assets through REITs.

Many outsourcing firms, the main clients of RL Commercial, have remained open during COVID-19 lockdowns.

($1 = 49.90 Philippine pesos)

(Reporting by Neil Jerome Morales; Additional Reporting by Anshuman Daga Editing by Ed Davies)