Filinvest Development Corp. (FDC) is looking to spend as much as P25 billion in capital spending this year to drive growth.
Rhoda Huang, FDC chief executive officer said the company is targeting an annual growth of 20 percent for the medium term.
Bryan Lim, FDC chief finance officer, said bulk of the spending will go to real estate, 15 percent for power projects, another 15 percent for the hospitality business, and the remaining 10 percent for other businesses and digitalization.
Lim said FDC is developing a 20-megawatt (MW) solar power facility in Misamis Oriental.
Unit FDC Utilities Corp. is developing another 12MW in Cebu.
FDC is looking to beef up its portfolio of hotels that include Crimson Resort and Spa in Mactan and Boracay, Crimson Hotel in Alabang, Quest Hotel and Conference Centers in Cebu and Clark.
FDC is building the 240-key Grafik Baguio, the latest brand under the FDC portfolio, eyed for opening by the first quarter of next year.
FDC is also renovating its Crimson Clark Hotel and is eyeing to expand Crimson Resort and Spa in Mactan.
Ysmael Baysa, FDC chief operations officer, said the group is looking to consolidate the various enterprise resource plan into one as part of the digitalization while enhancing the purchasing, project management system and the management report and analysis and planning system.
Huang said the capex will be funded by a mix of debt and internally generated funds.
FDC reported a 46- percent to P12.1 billion in 2023 from the prior year’s P8.3 billion. Revenues hit P71.1 billion, up 31 percent from P92.8 billion.
