Filinvest group to allow ₱21.2 billion CapEx this year, unveils new growth strategies and latest projects at virtual briefing

The Filinvest Group is allowing ₱21.2 billion in capital expenditures this year, 32.5% higher than their adjusted CapEx of ₱16 billion in 2020.

“For this year, the group’s total combined capital expenditure budget amounts to ₱21.2 billion, about a quarter of which is slated for investments in new ventures including the eco-sustainable space. The balance is for real estate business,” said Filinvest Development Corp. (FDC) on Friday via virtual briefing.

FDC also unveiled its growth strategies of “maximizing its strong foundation, creating an eco-sustainable platform and forming partnerships, and embracing digital transformation” and detailed the alignment of its recovery plan with the United Nations’s Sustainable Development Goals in order to support its mission of focusing on “the underserved markets.”

Their banking arm, EastWest Banking Corp. is planning to offer a wider range of customer services, including bancassurance and wealth management. In power, they are aiming to tap into the uncontracted capacity of their 405-megawatt circulating fluidized bed coal thermal plant.

Some of its newest ventures include digital and innovation factory f(dev) Venture Studio, crowdfunding portal Investree Philippines, and digital banking service Komo via EastWest Bank. Moreover, the company’s Filinvest City is working on becoming a “Smart City” through the development of its fiber network platform.

“We are in pursuit of like-minded partnerships that will bolster our financial muscle, deepen our management bench, and widen our technological expertise,” said FDC President and Chief Executive Officer Lourdes Josephine Gotianun-Yap.

FDC shares at the stock exchange closed at ₱8.20 each on Friday.

SOURCE: Business World