This year, the Filinvest company has set aside P21.2 billion in capital investments, the majority of which would be used for real estate ventures.
“The group’s overall cumulative capital expenditure budget for this year is P21.2 billion, with approximately a quarter earmarked for investments in new projects, including the eco-sustainable space. “The remainder is for the real estate business,” Filinvest Development Corp. (FDC) said on Friday.
The capital spending for this year is 32.5 percent more than the adjusted capex of P16 billion in 2020.
FDC stated that its real estate company, Filinvest Land, Inc., would receive P15.9 billion, or 75% of its capex this year.
FDC Utilities, Inc. would receive approximately P3.2 billion, while other companies will receive approximately P2.2 billion.
“We are looking for like-minded collaborations that will bolster our financial muscle, deepen our management bench, and broaden our technical expertise,” FDC President and CEO Lourdes Josephine Gotianun-Yap said in a virtual briefing on Friday.
FDC revealed its development plans, which include maximizing its “solid base,” developing an eco-sustainable structure, building alliances, and promoting digital transformation.
The Gotianun-led company stated that it has aligned its turnaround strategy with the UN (United Nations) Sustainable Development Goals (SDGs) in order to promote its task of concentrating on “underserved markets.”
“We want to create scale by leveraging our solid base, organisation, and franchise to provide more jobs across our ecosystem in key sectors that are critical to economic growth,” Ms. Gotianun-Yap said.
Banking industry EastWest Banking Corp. intends to include a broader variety of consumer offerings, including bancassurance and asset management.
FDC stated that it would continue to expand its investment portfolio and monetize its land subsidiaries.
“In electricity, our aim is to optimize returns from our 405-megawatt rotating fluidized bed coal thermal plant’s uncontracted capacity,” Ms. Gotianun-Yap said.
Via a fiber network platform, the company’s Filinvest City is striving to become a “Smart City.”
One of the most recent projects is the digital and creativity factory f(dev), as well as the crowdfunding platform Investree Philippines. EastWest Bank has recently launched Komo, a digital banking app.
“As we take FDC to greater heights through these tactics, we recognize our opportunity to do well in company while doing good for society,” said FDC Chairman Jonathan T. Gotianun.