By James A. Loyola
Amid the disruptive effect of the COVID-19 pandemic, Filinvest Land, Inc. (FLI) will be depending more on earnings generated by its P190 billion worth of leasing assets.
During the firm’s virtual Annual Stockholders Meeting, the company bared its business continuity plans for the remainder of the year in the light of the current COVID-19 crisis.
“Close to half of our revenues come from our rental or investment properties. We will continue to grow this segment,” said FLI President and CEO Josephine Gotianun Yap.
She noted that, “Based on an international appraisal company, our existing investment portfolio and those under construction are valued at P190 billion.”
On the financial side, FLI has reassessed and revisited project launches and capital expenditure programs and pushed back launches supposedly for the second half to early 2021.
The company will closely observe sales demand and can easily accelerate projects should a “V” shape recovery occur since the project plans and permits will be ready and in place.
For 2020, FLI is planning to invest approximately P16 billion for capital expenditures, with P7.3 billion earmarked for investment properties, the balance for its residential trading business. In 2019, FLI spent P20 billion across its various businesses.
“We remain committed to address the demand for properties, whether it is residential housing, office space, logistics lots or warehouse/factory buildings, or co-living dormitels,” added FLI President and CEO Josephine Gotianun-Yap.
FLI has been increasing its investments outside of Metro Manila, most notably in Cebu, Davao, Dumaguete and North Luzon, primarily through Clark Mimosa and New Clark City in Pampanga and new developments in Dagupan, Pangasinan.