Filinvest Development Corporation (FDC) was incorporated on April 27, 1973 and has evolved from businesses established by Mr. Andrew L. Gotianun Sr. since 1955. Originally engaged in the small-scale financing of second-hand cars, the Gotianun Family later expanded into consumer finance in partnership with foreign institutions, such as Chase Manhattan Bank, Westinghouse Electric Corporation and Ford Philippines. By the early 1980s, the Gotianun Family’s Filinvest Credit Corporation had become one of the leading consumer finance companies in the Philippines in terms of assets.
FDC entered the real estate business in 1967 through the incorporation of Filinvest Realty Corporation which engaged in the development of residential subdivisions. Since then it has grown into one of the country’s foremost real estate developers with a diverse property portfolio catering to all markets. Over time, the “Filinvest” name has become established and well recognized in the Philippines.
FDC coordinates several administrative functions among its subsidiary companies, including project development, financing, evaluating potential acquisitions by its constituent companies, land acquisition and construction services, among others.
Real Estate Development
Filinvest Realty Corporation marked the entry of FDC into the real estate arena in 1967. From its first middle-income residential subdivision in Cebu, the company expanded steadily into various locations all over the country. In the mid-80s, the Gotianun Family consolidated their real estate interests in FDC after divesting their shares in two family-owned banks, Family Bank and Trust Company and the Insular Bank of Asia and America. By 1990, FDC expanded its product line to include the development and sale of low-cost and medium-cost housing units.
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 in FLI. FLI was listed on the Philippine Stock Exchange (PSE) on October 25, 1993. FDC remains FLI’s largest shareholder.
Filinvest Alabang, Inc. (FAI) was incorporated on August 25, 1993 in connection with the development of Filinvest Corporate City (FCC) in Alabang, a joint venture with the government’s Public Estates Authority. FAI is 80% owned by FDC and 20% owned by FLI.
FDC diversified its business interests by incorporating East West Banking Corporation (EWBC) in March 1994. The decision was based on 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 through its ownership of Family Bank and Trust Company, a universal bank, and Insular Bank of Asia and America.
Wholly owned by FDC, EWBC is a medium-sized commercial bank in the Philippines that provides a range of services to consumer and corporate clients.
FDC recently expanded into the hospitality industry through the management of hotels, resorts and private membership clubs.
In 2008, FDC entered into a joint venture with Archipelago International Pte. Ltd. (AIPL) for the formation of Filarchipelago Hospitality, Inc. (FHI) in which FDC owns 60% interest. FHI is responsible for managing the Grand Cenia Condotel and Residences which is under development by FLI in Cebu, FAI’s planned hotel at its Entrata Complex in Alabang, and the Crimson Resort and Spa in Seascapes Resort Town. AIPL is an affiliate of Aston International, which manages hotels, resorts, residences, spas and villas under Crimson and other hospitality brands.
In 2007, FDC further diversified its business by acquiring a 100% ownership interest in Pacific Sugar Holdings Corporation (PSHC) from ALG Holdings.
PSHC wholly owns three Mindanao-based sugar companies, namely Davao Sugar Central Company (DSCC), Cotabato Sugar Central Company (CSCC) and High Yield Sugar Farms Corporation (HYFSC).
DSCC and CSCC both own and operate a sugar mill and refinery while HYSFC develops owned or leased farmland into corporate sugarcane farms.
Utilities and Infrastructure
In 2010, FDC continues to diversify its businesses with the incorporation of FDC utilities. The company is presently prioritizing a 300MW power plant in Mindanao and a total of 190MW of power plants spread across the Visayas employing the latest in clean fuel technology. It is also conducting a feasibility study with respect to a potential water desalination facility.