Filinvest Development Corp., the listed holding company of the Gotianun family, has earmarked P45 billion in capital expenditures for 2018 to fund the expansion of the property and hotels businesses and potential acquisitions.
FDC said in a statement it was allocating over three-fourths of the budget to the property segment, including P5 billion for hotel expansion, and P10 billion on other potential investments.
“After reaching a record net income of P10.3 billion in 2017, we plan to build on our strengths by investing in new projects and expanding current projects within the group,” FDC chairman chairman Jonathan Gotianun said.
FDC said eight new hotels in the planning and construction stages would add 1,700 rooms to its existing portfolio of 1,591 hotel rooms.
The planned new hotels are in Boracay, Mactan, Cubao, Puerto Princesa, Tagaytay, Clark, Dumaguete and San Mateo, Rizal.
FDC president Josephine Gotianun-Yap said the conglomerate was positioning itself at the forefront of leisure and tourism-related developments. It sees tourism as one of the growth drivers of the economy.
FDC in partnership with property unit Filinves Land Inc. last month announced plans for an integrated resort and casino within the 201-hectare Filinvest Mimosa+ Leisure City, the former Clark Mimosa Estate.
The group, which received a provisional license from Philippine Gaming and Amusement Corp. for a casino integrated resort, plans to invest minimum of $200 million. The project will comprise of a casino, lifestyle mall, five-star hotel and events venue.
The project also includes the renovation of the existing Quest Hotel and Conference Center-Clark, two championship golf courses and villas.
The conglomerate’s banking unit EastWest Bank, meanwhile, recently increased its authorized capital stock to P50 billion in preparation for a planned stock rights offering.