The COVID-19 pandemic has forced Philippine developers to rethink what they are doing, adjust to the market and explore new opportunities. One of the main takeaways for Filinvest over the past year has been the need to increase its agility so it is ready to act when an opportunity arises.
“Our business plans have taken a shorter and more agile approach in anticipation of possible curve falls,” Filinvest President and Chief Executive Officer Josephine Gotianun-Yap told BusinessWorld. “While we have been more selective in new property launches, we have accelerated the new facet of our business on environmentally sustainable investments.”
Filinvest recently announced that it was currently constructing solar rooftop projects for major industrial clients in the Philippines under its energy subsidiary FDC Utilities Inc. The developer has plans to expand these efforts moving forward.
“We definitely are pursuing renewable energy projects. We have about 56 megawatts (MW) of renewable energy projects that we are running after,” Gotianun-Yap during the during the Economic Journalists Association of the Philippines’ midyear economic forum.
Tapping into renewable energy will be important for the country as it looks to not only reduce emissions, but all also provide certain areas with more reliable electricity sources. It’s estimated that at least 300 islands in the Philippines are currently powered by diesel which is both expensive and harmful on the environment.
Filinvest prepares for REIT launch
Filinvest continues to gear up for the launch of its real estate investment trust (REIT) which is expected to happen during the third quarter. The REIT will contain 16 Metro Manila office buildings along with one in Cebu.
According to the developer, funds raised from the REIT will go towards financing projects and should allow it to return to pre-pandemic-level earnings within three years. Additionally, Filinvest could look to add more properties to the REIT in the future.
“We have always said Filinvest Land is undervalued,” Gotianun-Yap explained to The Business Times. “The market sometimes does not understand or appreciate when you mix a development and investment portfolio. This will give transparency to the real value of Filinvest Land.”
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