“The steady increase in the levels of loans and securities has increased the earning capacity of the Bank to almost back to pre-pandemic levels.”
EastWest Bank delivered a net income contribution to FDC of P4.4 billion in 2022, higher than the P4.3 billion the previous year. Net income surged by 42 percent excluding the one-time gain from the sale of its hold-to-collect investments in 2021.
“One of Filinvest’s key engines of growth is its extensive residential land bank of almost 1,900 hectares and commercial land bank of 574 hectares.”
FDC’s real estate business contributed P4.9 billion in net income before tax to the group in 2022. Revenues from the residential segment rose by 11 percent to P13.3 billion due to accelerated construction progress. Reservation sales grew by 13 percent to P18.0 billion as new projects were launched. Revenues from malls and office rental improved by 15 percent to P6.7 billion. FLI launched seven new residential projects in 2022, valued at P5.9 billion.
“FDC is also focusing on expanding and diversifying the portfolio to strengthen the renewable energy offerings.”
FDCUI contributed P2.2 billion to FDC’s net income in 2022, growing by 6 percent from the previous year. The net income growth was driven by the rise in revenues by 37 percent to P12.9 billion on account of higher pass-through cost of fuel.
New wins in 2022 include the 3.4-MW biomass contract under the government’s Green Energy Auction Program, in close coordination with the Cotabato sugar plant.
“FDC remains committed to help build the tourism sector driven by the belief that the Philippines has so much to offer in natural beauty, experiences and hospitality.”
Hotel operations saw a rebound in revenues of 60 percent to P1.9 billion in 2022 buoyed by the steady resurgence of tourism. Average room rates increased across all the properties while occupancy rates were higher for Crimson Boracay as well as Quest in Cebu and Tagaytay.
“Our vision is to transform Clark Airport City - a complete urban destination where people can work, eat, shop and stay within a five-minute distance from the airport.”
FDC’s ownership interest in LIPAD is 42.5 percent while the other consortium members are JG Summit Holdings Inc., Philippine Airport Ground Support Solutions Inc. and Changi Airports Philippines (I) Pte. Ltd., a wholly owned subsidiary of Changi Airports International. Together with FDC’s vast experience in property development, the consortium members bring their expertise in air transportation and airport operations.