THE Filinvest Group is set to inject P20 billion worth of investment into all its projects in Clark City in Central Luzon over the next five years.
“With this project, together with the Filinvest Mimosa Plus Development and the Clark International Airpot, the Filinvest Group expects to invest over P20 billion in the next five years,” Filinvest Land, Inc. Chief Executive Officer and President Josephine Gotianun- Yap said Wednesday at the groundbreaking ceremony for the first phase of the group’s township development in New Clark City (NCC).
The initial development of 64 hectares, targeted for completion by 2020, is part of its 288-hectare logistics, industrial park, and mixed-use project in NCC which it will co-develop with the Bases Conversion and Development Authority (BCDA).
BCDA President Vivencio B. Dizon told reporters on the sidelines of yesterday’s event that the first phase will also establish “light and medium” manufacturing facilities catering to industries such as semiconductors and information technology.
The Filinvest Group’s other projects in Clark include the Clark International Airport, the company being part of the consortium that will handle its operations and maintenance alongside JG Summit Holdings, Inc., Philippine Airport Ground Support Solutions, and Changi Airport Philippines Pte. Ltd.
For the 201-hectare Mimosa+ Leisure City, FLI has two office buildings, a lifestyle mall, four residential towers, a retail strip, and a high-end residential project in the pipeline this year.
Filinvest Development Corp. (FDC), the parent firm of FLI, has earmarked P38.9 billion in capital expenditure this year with expansion plans in Clark accounting for a large part of the budget.
Ms. Gotianun-Yap told reporters that the Filinvest Group’s overall investments in the NCC “will definitely bring in a lot of employment” that will benefit even residents outside the Clark corridor.
FLI shares fell 1.27% to P1.56 Wednesday. Shares of parent FDC declined 6.32% to P14.24.
Aside from property, FDC has interests in hospitality, power, banking, and sugar. — Janina C. Lim