FDC entered the real estate business in 1967 through the incorporation of Filinvest Realty Corporation which engaged in the development of residential subdivisions. From its first middle-income residential subdivision in Cebu, the company expanded steadily into various locations all over the country. It has since grown into one of the country’s foremost real estate developers with a diverse property portfolio catering to all markets.
In 1967, the Gotianun Family entered the real estate business through the incorporation of Filinvest Realty Corporation, which was engaged in the development of residential subdivisions. 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 the construction and sale 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 Land Inc. (“FLI”) was incorporated on November 24, 1989 as Citation Homes, Inc. and changed its name to FLI on July 12, 1993. FLI 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. FDC remains FLI’s largest shareholder. As of December 31, 2018, FDC beneficially owned approximately 59.2% of FLI’s outstanding common shares and all of FLI’s issued and outstanding preferred shares, such that FDC has an effective 69% voting ownership in FLI.
Filinvest Alabang, Inc. (“FAI”) was incorporated on August 25, 1993 in connection with the joint development of Filinvest City in Alabang. With its 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. As of December 31, 2018, FDC directly owns 80% of FAI’s issued and outstanding shares and FLI owns the remaining 20%.
FDC incorporated East West Banking Corporation (“EW”) in March 1994. 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. As of December 31, 2018, FDC beneficially owns 77.3% of EW’s issued and outstanding shares.
FDC branched 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.
To diversify its business and position, in 2007, FDC acquired 100.0% of the issued and outstanding shares of Pacific Sugar Holdings Corporation (“PSHC”) from ALGI. 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”).
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, Mindanao. 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 is also involved in the development, operation, and management of hotels and resorts that cater to various market segments. In 2008, FDC entered a joint venture 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. 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.
Following the award of a provisional gaming license to MCI by the Philippine Gaming and Amusement Corporation (“PAGCOR”) in April 2018, the Group is considering extending its hospitality offering to include an integrated resort and casino within the Filinvest Mimosa+ Leisure City development. The Group intends to outsource the operation of the casino to an established third-party gaming operator. The construction of the integrated resort is still in the planning stage and the timing of the development is yet to be finalized.
As part of the Group’s continued expansion, in January 2019, FDC entered into 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.
