Conglomerate eyes power generation biz in Visayas

CEBU, Philippines - Apart from its investments in Cebu, Gotianun-led conglomerate Filinvest Development Corporation (FDC) is now seriously considering to invest into power generation business in Visayas.

FDC executive vice president and chief operating officer (COO) Eleuterio D. Coronel told The Freeman yesterday that following its involvement in the 40-megawatt  Unified Leyte Geothermal power plant program, the company is also interested in investing into a power plant facility within the Visayas area, if there is a good opportunity.

Part of the group's P39 billion capital expenditure for this year is allocated to its current power generation project in Phividec, Misamis Oriental in Mindanao. About P9 billion will be spent in completing the 405-megawatt coal-fired power plant in Mindanao that is slated to be operational soon.

 FDC, the company which is also one of the contenders of the Mactan Cebu International Airport (MCIA) rehabilitation project, is more active in its real estate and hotel developments in Cebu in the recent yeras.

Coronel said the Gotianun family, being from Cebu, is looking at more investment opportunities here including infrastructure projects, aside from expanding further its footprint in the real estate development both in commercial and residential segments.

Through its real estate arm Filinvest Land Inc., (FLI), the company is building a 50-hectare integrated development at the South Road Properties (SRP), along with its series of residential and BPO projects around Metro Cebu.

The P35 billion SRP project is divided into commercial, retail, and residential developments.

The Group’s banking arm, East West bank also plans to expand in Cebu, Coronel said.

Likewise, FDC's hotel arm through the presence of Crimson Resort and Quest Hotel are also eyeing to expand their operations here.

Crimson Resort & Spa on Mactan Island, recently announced  its  P1.1 billion expansion project that will be completed before the end of 2017.

FDC, a publicly-listed company, recorded P250 billion asset base and networth of P84 billion. (FREEMAN)