Filinvest to invest P35B for real estate, hotel push
The Gotianun family conglomerate Filinvest Development Corp. (FDC) is keeping a positive outlook for 2023 with plans to deploy P35 billion in groupwide spending, mainly to expand its real estate and hotel segments.
“We look forward to 2023 with reasonable optimism as we take on new growth opportunities,” FDC president and CEO Josephine Gotianun Yap said in a statement last week.
During its recent annual meeting, FDC underscored the strength of its business portfolio, which also spans banking and power.
Net income last year hit P5.7 billion, lower by 6.6 percent due to the absence of pandemic-era tax benefits.
Revenues in 2022 rose 13 percent to P71.1 billion while earnings before interest, taxes, depreciation and amortization—a key measure of profitability—climbed 5 percent to P21 billion.
For 2023, the holding company said it would also expand new ventures in “renewables, water and other urban solutions.”
Article continues after this advertisementFDC named two new board members during its annual meeting.
Article continues after this advertisementFormer East West Banking Corp. president Antonio Moncupa and EastWest director and Therese Yap were elected directors of FDC.
“The election of new board members is part of FDC’s commitment to expanding its leadership and nurturing the organization for better synergy and collaboration across its various subsidiaries,” the conglomerate said.
Moncupa led EastWest for 16 years, serving as president, CEO and vice chair until his retirement last December.
Yap is concurrently special projects officer at the bank’s executive management office, which develops and reviews top level strategies and handles the bank’s various projects.
FDC also announced new sustainability goals during the meeting.
“The framework is centered around three core principles: Being green, inclusive and resilient. The Filinvest group is committed to developing green communities and infrastructure, maximizing opportunities for a circular economy and achieving net-zero emissions in its value chain,” FDC said.
