The Filinvest group is setting aside P21.2 billion in capital expenditures this year, the bulk of which will be used for its real estate projects.
“For this year, the group’s total combined capital expenditure budget amounts to P21.2 billion, of which about a quarter is slated for investments in new ventures including the eco-sustainable space. The balance is for the real estate business,” Filinvest Development Corp. (FDC) said on Friday.
This year’s capital budget is 32.5% higher than the adjusted capex of P16 billion in 2020.
FDC said the P15.9 billion or 75% of this year’s capex will go to its real estate business under Filinvest Land, Inc.
Around P3.2 billion will be used for the company’s power segment FDC Utilities, Inc., while P2.2 billion will be used for other businesses.
“We are in pursuit of like-minded partnerships that will bolster our financial muscle, deepen our management bench, and widen our technological expertise,” FDC President and Chief Executive Officer Lourdes Josephine Gotianun-Yap in a virtual briefing on Friday.
FDC unveiled its growth strategies of maximizing its “strong foundation,” creating an eco-sustainable platform and forming partnerships, and embracing digital transformation.
The Gotianun-led firm said it aligned its recovery plan with the UN (United Nations) Sustainable Development Goals (SDGs) to support its mission on focusing “the underserved markets.”
“We want to leverage on our strong foundation, our organization, and franchise, building scale to provide more employment through our ecosystem in key industries that are crucial to economic growth,” Ms. Gotianun-Yap said.
Banking segment EastWest Banking Corp. is planning to offer a wider range of customer services, which includes bancassurance and wealth management.
For its property subsidiaries, FDC said it will continue building its investment portfolio and monetizing its assets.
“In power, our objective is to maximize returns from the uncontracted capacity of our 405-megawatt circulating fluidized bed coal thermal plant,” Ms. Gotianun-Yap said.
The company’s Filinvest City is working on becoming a “Smart City” through a fiber network platform.
Some of its newest ventures include digital and innovation factory f(dev) and crowdfunding portal Investree Philippines. EastWest Bank also recently introduced its digital banking service Komo.
“As we bring FDC to new heights with these strategies, we recognize our ability to do well in business while doing good for society,” FDC Chairman Jonathan T. Gotianun said.
FDC shares at the stock exchange closed unchanged on Friday at P8.20 each. — Keren Concepcion G. Valmonte