Monday, July 21, 2014
Hot on the heels of a strong performance in 2013, Filinvest Development Corp (FDC) has budgeted P38 billion in capital expenditure for all their businesses this year. According to FDC President and CEO, Josephine Gotianun-Yap, consolidated gross revenues for FDC reached P34.8 Billion, a 17 percent increase from 2010. Net income posted an 11 percent growth with P6.5 billion for 2013.
Gotianun-Yap says she is optimistic that the P38 billion in capital expenditure will be worth it. She says with the continuing strength of the Philippine economy and the recent ratings upgrade, they are optimistic that these investments will sustain FDC’s growth.
Among the projects being invested in, P9 billion is earmarked for the construction of a power plant in Misamis Oriental. The 405-MW coal-fired power plant is expected to be the biggest in Mindanao, and will be online by 2016.
P25 billion has been allocated to the real estate business, which includes Filinvest Land Inc (FLI) and Filinvest Alabang Inc, developer of Filinvest City in Alabang, Muntinlupa. FLI will be taking on a program of recurring investment properties over the next few years.
In Cebu, FLI is a major player in Cebu real estate with developments such as One Oasis, Corona del Mar, Aldea del Sol and Grand Cenia Residences. It is also the developer of Citta de Mare and Sanremo Oasis residences.
The rest of the capex will be allotted for its hotel, banking and sugar business.
Gotianum-Yap says EastWest Bank is expected to see its network become more mature and productive, as it is already at the apex of its aggressive store expansion in 2014.