Connect with us

Hi, what are you looking for?

Economy

Filinvest group allots P21-B capex this year

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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Post Office collection and cash delivery workers are to stage a one-day strike later this month in a dispute over pay. Members of the...

Investing

UK consumers cut back on credit card borrowing in May amid fears over rising interest rates and a slowing economy driven by a cost...

Investing

The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets....

Investing

Postmasters caught up in the Horizon IT scandal say that they are still being “left in the dark” about a compensation package after the...

Economy

Expenditures for environmental protection declined by 4.6% year on year in 2021, data from the Philippine Statistics Authority (PSA) showed. The statistics agency’s Compendium...

Investing

BT staff have voted for their first national strike in 35 years, which is expected to affect customers across the country having broadband services...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.