MANILA, Philippines — Filinvest Development Corporation (FDC) is picking up the pace toward becoming one of the fastest-growing conglomerates in the Philippines. As the parent company of diverse businesses contributing to key sectors driving economic progress, FDC is focusing on new strategies to ensure growth and excellence, showcasing a remarkable mid-year financial performance for 2024.
In the first half of 2024, FDC’s net income attributable to equity holders grew by 41% to P5.5 billion, compared to last year’s P3.9 billion net income for the same period. The bottom-line growth was driven by strong contributions from its subsidiaries: banking with 38% of the total profit mix, power at 31%, property business (including real estate and hospitality) at 22% and sugar milling at 9%, respectively.
According to FDC president and CEO Rhoda Huang, the company aims to sustain its upward trajectory in the second half of the year with all of its subsidiaries launching new products and services.
“We look forward to sustaining our robust growth as we refine our strategies and operations while implementing critical capital investments for long-term expansion,” she said.
EastWest Bank, Filinvest Land Inc. (FLI), Filinvest Alabang Inc. (FAI), FDC Utilities Inc. (FDCUI) and Filinvest Hospitality are building on their core strengths to propel the parent company’s growth. FDC has likewise identified the hospitality business and renewables as new growth engines.
Banking sector's consumer growth
EastWest Bank remains a strong pillar within the Filinvest Group, accounting for 38% of the conglomerate’s total net income. This was driven by the consumer loans, which remain the Bank’s core product. Celebrating its 30th year, it renews its commitment to further innovate its banking services, honoring the trust of its customers and continuously finding ways to create simple and secure banking solutions.
East West Banking Corporation has launched its new mobile banking app, EastWest EasyWay, as it accelerates core digital and physical initiatives, which EastWest CEO Jerry Ngo said is “just the beginning of many developments to come.”
The EasyWay app was designed to seamlessly integrate into Komo and ESTA, offering a comprehensive suite of digital solutions for the bank’s diverse consumer needs.
EasyWay allows users to make quick and secure payments, transfers and transactions, enhancing the convenience of banking. Komo was designed for individuals who prefer managing their finances digitally, complementing the services provided by EasyWay.
Meanwhile, EastWest System Tech Assistant (ESTA), the only locally known customer-facing electronic platform with AI capabilities, was designed to streamline various credit card services, from balance transfers to accessing Insta-Cash, providing users with a seamless and secure banking experience.
A commitment to energy security
The power subsidiary, FDCUI contributed significantly to FDC’s mid-year growth trajectory, accounting for 31% of its bottom line. This was driven by higher energy sales from its fully contracted 405-MW plant in Misamis Oriental in Mindanao.
FDCUI recently started the construction of its 20.75-MW Misamis Solar Power Project within the PHIVIDEC Industrial Estate in Misamis Oriental, which has the potential to inject 30,450 MW-hours of clean energy annually into the grid.
“This significant milestone marks the beginning of a transformative journey toward achieving a balanced energy portfolio for the Filinvest Group," said president and CEO of FDCUI, Juan Eugenio Roxas.
Additionally, through its subsidiary, FDC Renewables Corporation, it was recently awarded by the Philippine Board of Investments (BOI) with a Green Lane Certificate of Endorsement to fast-track the development of its 33.4 MW Pampang Hydroelectric Power Project located in the municipalities of Santa Fe, Nueva Vizcaya and San Nicolas, Pangasinan.
FDCUI is committed to empowering communities by providing reliable and affordable electricity nationwide.
Expanding in next-wave cities
On a stand-alone basis, FLI reported a consolidated net income attributable to the parent of P1.54 billion for the first half of 2024. This was bolstered by a double-digit rise in residential real estate sales and increasing revenues from retail and leasing.
As a full-range developer, FLI has launched ten new projects in next-wave cities and fast-growing suburbs close to underserved populations, including Davao City, Naga, Dumaguete, Cavite, Laguna, Batangas and Rizal.
These are estimated to be worth P14.7 billion, which is already halfway through its target of launching P25 billion worth of residential projects by the end of 2024.
FLI’s retail business officially opened Filinvest Malls Dumaguete, while a new mall within Filinvest Mimosa Plus Leisure City is expected by 2025.
Continuing to provide value-for-money homes, and future-ready townships, FLI was recently named Developer of the Year at the FIABCI Philippines Property and Real Estate Excellence Awards.
FLI was also honored by the Dot Property Philippines Awards 2024 with the titles of Best Developer Luzon, Best Developer Mindanao and a Special Recognition Award for Corporate Social Responsibility (CSR).
FLI president and CEO Tristan Las Marias said the company is delivering strong growth and is optimistic with its plans.
“Propelled by new confidence and drive, we move forward in providing the market with more innovative and value-enhancing residential products, alongside improved retail offerings and functional leased spaces at a faster pace for the Filipino,” he said.
FLI-sponsored, Filinvest REIT Corp. (FILRT) continues to sign new leases. FILRT recently signed a lease expansion contract with a leading New Zealand-based engineering and architectural solutions firm based in Auckland, NZ and entered a lease agreement with a Singapore-based BPO company.
Meanwhile, Filinvest City stays committed to exemplifying the group’s commitment to offer a diverse range of parks and recreational areas that are tailored to various leisure activities through its expansive park system that integrates nature into urban life.
Accelerating hospitality
Filinvest Hospitality Corporation (FHC), leveraging its diverse hotel portfolio, is a new engine of growth for the Filinvest group. Its revenues increased in the first half of 2024 by 49% year-on-year with the strong resurgence in domestic and international arrivals.
“We are exploring growth opportunities in key leisure destinations across the Philippines. Leveraging the strength of a robust economy, we are expanding our portfolio to drive both tourism and local development, while showcasing the country’s beauty and unique Filipino hospitality,” said Francis Gotianun, first senior vice president of Filinvest Hospitality.
As a testament to Filinvest's commitment, FHC continues enhancing guest experiences at their well-established hotel brands—Crimson Hotels & Resorts, Quest Hotels & Resorts, Mimosa Plus Golf Course, Timberland Highlands Resort and Timberland Mountain Bike Park in San Mateo, Rizal.
Additionally, Mimosa Plus Golf Course in Clark Pampanga has become the first golf course in the Philippines to achieve a GEO-certified status.
FDC remains focused on its vision of enabling Filipino dreams with a long-term growth strategy underpinned by a commitment to sustainability, agility and customer excellence.
Editor’s Note: This press release is sponsored by Filinvest. It is published by the Advertising Content Team that is independent from our Editorial Newsroom.
for Filinvest