We look back at 2022 as a period of recovery and taking deliberate measures to do well in our chosen segments and markets. As a conglomerate, Filinvest Development Corporation (FDC) specifically focuses on the middle market which we believe remains to be underserved but has tremendous growth opportunities in the Philippines. This strategy serves us well not only financially but also has positive social impacts on the customers we serve.
The Philippine macroeconomy provided a solid backdrop for FDC’s recovery, registering a 7.6 percent gross domestic product (GDP) growth in 2022. This surpassed the government’s own growth assumption of 6.5 to 7.5 percent. The expansion was broad based, with all the major production sectors registering positive growth, despite the increase in international and domestic commodity prices. Lifting the economy was a consistently high domestic demand, driven by strong household consumption that was fueled by improving labor and employment conditions, and stronger growth in overseas Filipino remittances.
We will strive for continued growth and value creation, anchoring ourselves on the strong foundation we have built over the years.
From very humble beginnings when our founders started the business in the 1950s, FDC has grown to become a major conglomerate with a diverse portfolio of profitable businesses.
Major milestones demonstrate our long history of business growth and ability to continuously build and cultivate new businesses.
In 2022, Filinvest developed a framework that articulates its key commitments to sustainability that will ensure its long term ability to create and deliver value to its stakeholders in the long term. It is a combination of corporate social investments, EESG (economic, environment, social and governance) practices as well as the delivery of innovative solutions that address social pain points, consistent with the Group’s purpose of “enabling Filipinos to achieve their dreams”.