The Gotianun Family first established the family business in 1955 and first engaged in the small-scale financing of second-hand cars, later expanding into consumer financing of second-hand cars in partnership with foreign institutions. In 1967, Filinvest Development Corporation (FDC) entered the real estate business through the incorporation of Filinvest Realty Corporation. The company was then incorporated in the Philippines on April 27, 1973.
In 1984, the Gotianun Family divested its interests in its financial businesses, Family Bank and Trust Company, and the Insular Bank of Asia and America, and consolidated its real estate interests in FDC. By 1990, FDC expanded its product line to include constructing and selling of low-cost and medium-cost housing units. Thereafter, the product line was further expanded to include the development of commercial districts, leisure projects such as farm estates and sports clubs, and the construction of residential and office condominiums.
Filinvest became established in the Philippines over time, not only in financing and banking, but also in real estate. FDC has since grown into one of the country’s foremost real estate developers, having invested in two real estate companies, with a diverse property portfolio catering to all markets.
Real Estate Development and Leasing
Filinvest Land Inc. (“FLI”) was incorporated on November 24, 1989, as Citation Homes, Inc. and changed its name to FLI on July 12, 1993. It began commercial operations in August 1993 after FDC spun off most of its real estate operations and transferred all related assets and liabilities to FLI in exchange for shares of FLI. FLI’s shares were listed on the PSE on October 25, 1993.
Currently, FDC remains FLI’s largest shareholder, owning approximately 65% of FLI’s outstanding common shares and all FLI’s issued and outstanding preferred shares. FLI has established itself as a full-range property developer involved in diverse projects, building townships, mid-rise and high-rise condominiums, BPO hubs, office buildings, shopping centers and leisure developments. In 1998, FLI opened its commercial leasing segment, Festival Mall in 1998 in Filinvest City. It is dubbed as one of the largest malls in the country spanning 400,000 sqm.
Driven by the group’s successful efforts to boost international and local sales network, FLI at present has over 250 ongoing developments in areas across the country. One of the group’s most recent ventures, with FLI as its sponsor, is the launch of the initial public offering (IPO) of Filinvest REIT Corp. (FILRT) in 2021. It is the flagship commercial real estate investment trust (REIT), and one of the pioneers in the Philippines.
FILRT has marked a big achievement for the Group’s sustainable development after securing the Excellence in Design for Greater Efficiencies (EDGE) certification for six of its properties in 2023. In the recent 2022 annual report, it was indicated that 17 Grade A office buildings were transferred from FLI to FLIRT portfolio.
Filinvest Alabang, Inc. (“FAI”) was incorporated on August 25, 1993, in connection with the joint development of Filinvest City in Alabang. With the development of Filinvest City, the Group started as a central business district developer and has successfully ventured into retail, office, high-rise residential and leisure club development.
has 93% effective ownership over FAI, where 80% is directly owned by FDC and the other 13% through FLI. Leadership in Energy and Environmental Design (LEED) v4 Gold for Neighborhood Development certification, making it the first CBD in the Philippines and the largest neighborhood development in Southeast Asia to achieve such recognition.
Banking and Finance
In 1994, the Group decided to re-enter the banking and financial services business based on the strengthening fundamentals of the Philippine economy and the Gotianun Family’s prior experience in this business in the 1970s and 1980s.
Come March of 1994, FDC incorporated East West Banking Corporation (“EW”). The group continued to branch out by incorporating East West Banking Corporation (EWBC) in July 1994. This marked the group’s re-entry into the financial and banking services industry, an area in which FDC had gained previous experience in the 1970s and 1980s with its ownership of Family Bank and Trust Company, a universal bank, and Insular Bank of Asia and America.
On May 7, 2012, EW was publicly listed on the PSE and issued common shares amounting to ₱2,609.6 million. FDC remains EW’s largest shareholder and beneficially owns 78% of EW’s issued and outstanding shares (2022 Annual Report). The aggressive buildup of EW’s strong consumer banking franchise allowed EW to grow, now having 392 branches and 76 subsidiary rural banks with 468 branches at the end of 2022.
Sugar
As a part of Filinvest’s step to diversify its portfolio, in 2007, FDC acquired 100% of the issued and outstanding shares of Pacific Sugar Holdings Corporation (“PSHC”) from ALGI. Currently, PSHC owns three Mindanao-based sugar companies, Davao Sugar Central Company, Inc. (“DSCC”), Cotabato Sugar Central Company (“CSCC”), and High Yield Sugar Farms Corporation (“HYSFC”).
Hospitality
Filinvest Development Corporation entered a joint venture in 2008, with Archipelago International Pte. Ltd (“AIPL”) and created Chroma Hospitality, Inc. (formerly Filarchipelago Hospitality, Inc.) (“CHI”) to manage and operate the Group’s hospitality projects. FHC develops, operates, and manages hotels and resorts catering to various market segments.
CHI is 60% owned by FDC and 40% owned by AIPL. In August 2011, FDC formed its wholly-owned subsidiary Filinvest Hospitality Corporation (formerly FDC Hotels Corporation) (“FHC”) to serve as the primary developer and owners’ representative of Group-owned properties.
Ever since FHC’s first hotel was opened in 2010 via the Crimson Resort and Spa Mactan on Mactan Island in Cebu, by the end of 2022, the management has now grown into seven hotels including two 18-hole golf courses, Quest Hotels, and the soon to rise Grafik Hotel in Baguio City. Baker J, which is also managed by FHC continues its expansion in the Philippines, serving Parisian favorites and other French-inspired dishes using locally sourced ingredients to a wider audience, now having 4 branches in Luzon.
Power and Utilities
The Filinvest Group has also been involved in the water supply business since 2012 through its subsidiary Countrywide Water Services, Inc. (“CWSI”), which provides maintenance, operation, management, and rehabilitation of the waterworks sewerage and sanitation system and services for the distribution, supply, and sale of potable water to domestic, commercial and industrial.
In 2009, the Group re-entered the power generation business through FDC Utilities, Inc. (“FDCUI”). FDC’s prior experience in the power industry was through its ownership of East Asia Power Corporation and, later, the Cebu Private Power Corporation in the mid-90s. Shares of both firms were sold in 1998. FDCUI operates a 405 MW (3 x 135 MW) power plant with circulating fluidized bed (“CFB”) clean coal technology in the PHIVIDEC Industrial Estate, Villanueva, Misamis Oriental, in Mindanao.
FDCUI started developing the power plant in 2013 and received the certificate of completion (“COC”) for the first two units of the plant in October 2016 and the COC for the third unit in May 2017. The group has always been focused on diversifying FDCUI’s portfolio. New wins in recent years include the 3.4-MW biomass contract under the government’s Green Energy Auction Program, in close coordination with the Cotabato sugar plant.
Infrastructure
In January 2019, as part of the Group’s continued expansion, FDC entered a 25-year contract for the operation and maintenance of the existing passenger terminal of Clark International Airport existing passenger terminal and the fit-out and operation and maintenance of a new terminal building as part of the North Luzon Airport Consortium. The consortium members then incorporated Luzon International Premier Airport Development Corporation (LIPAD) in February 2019 to act as the consortium’s joint venture entity.
With over 50 years of experience in an industry that is highly sensitive to financial crises, market downturns, and political upheaval, the Filinvest Group has emerged as one of the few survivors in the country and its subsidiaries have carefully built and nurtured a distinguished performance record.
Filinvest’s real estate development has grown into a full-range property development, and recently sponsored the initial public offering (IPO) of Filinvest REIT Corp. (FILRT). In terms of banking and finance, EastWest is now one of the fastest-growing banks in the country, having more than 400 banks nationwide. Filinvest continues to diversify its portfolio through sugar, power and utilities impacting communities of the mass affluent while the group is also committed to help build the tourism sector driven through Crimson Hotel, Quest Hotel and soon to rise Grafik Hotel. As part of FDC’s continued expansion, the group entered a 25-year contract for the operation and maintenance of the existing passenger terminal of Clark International Airport through LIPAD.
FDC’s principal corporate office is located on the 6th Floor, The Beaufort, 5th Avenue corner 23rd Street, Bonifacio Global City, Taguig City, Philippines. FDC common shares were listed in the PSE on December 22, 1982.
