Filinvest Development Corp., the holding firm of the Gotianun group, has set aside P35 billion in capital expenditures this year.
FDC president and CEO Josephine Gotianun-Yap said about half of the amount is for the real estate and hospitality businesses and the balance as investments in new ventures, particularly in renewables, water and other urban solutions.
“We look forward to 2023 with reasonable optimism as we take on new growth opportunities. We will maintain our strategic direction towards establishing synergies across our different business units and explore new but allied to the segments where we are currently invested in,” Yap said.
FDC has appointed key executives to occupy the most senior posts in its subsidiaries in 2022 as a signal of the change in the company’s management.
In EastWest Bank, a new leadership team was formed with the appointment of Jerry Ngo as CEO and the promotion of Jacqueline Fernandez to president.
In Filinvest Land Inc., the position of president and CEO was handed over to Tristan Las Marias, an organic and veteran talent.
“For our engines, we have an extensive residential land bank of 1,866 hectares and commercial land bank which can produce 1.2 million square meters gross leasable area going forward. This will provide the fuel to grow and ensure the continuity of the property business,” Yap said.
“Our investments in the Clark Corridor, where we have first mover advantage, have regained traction. In 2022, the industrial and logistics unit of FLI held a groundbreaking ceremony in New Clark City for its ready-built facilities while the newest co-living facility, The Crib, started its operations within the Mimosa complex. Both present new business models for the Filinvest group,” she said.
The company is lining up a number of hotel projects in Baguio, Mactan, Bohol and five other major tourist destinations.
FDC also announced the election of two new board members, Antonio C. Moncupa Jr. and Isabelle Therese G. Yap, during its annual stockholders meeting.
Moncupa is joining the FDC board from his over 16-year stint at EastWest Bank where he served as president, CEO and vice chairman until his retirement in December last year.
Therese Yap is a director of East West Bank and concurrently a special projects officer at the bank’s executive management office which developing and reviewing strategies and handling the bank’s various projects.
The new board members is part of FDC’s commitment to expand its leadership for better synergy and collaboration across its various subsidiaries, the company said.
