Filinvest holding firm allots up to P25 B for 2024 capex

Filinvest Development Corp. (FDC), the investment holding company of the Gotianun family, plans to invest as much as P25 billion this year to expand its presence in real estate and power generation, as well as support its ongoing digitalization efforts.

- RICHMOND MERCURIO

FDC president and CEO Rhoda Huang said the conglomerate is earmarking between P20 billion and P25 billion in capital expenditures for 2024.

Coming from a strong 2023, the company plans to sustain its momentum this year.

FDC chief finance officer Brian Lim said bulk or about 60 percent of this year's capex will be for developments under Filinvest Land Inc. (FLI).

Lim said 15 percent will go to power generation through FDC Utilities Inc. as the company pushes for more renewables.

The company currently has two ongoing solar projects, a 20-megawatt (MW) plant in Misamis Oriental and a 12MW project in Cebu.

Lim said another 15 percent of the group's capital spending this year is allotted for the hospitality sector to build additional hotels across the nation and in different cities.

The company is currently targeting to open a Grafik hotel in Baguio City by the first quarter of 2025.