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FLI to temper 2012 capex

Published : Wednesday, November 30, 2011 00:00
Written by : Krista Angela M. Montealegre

Filinvest Land Inc. expects no increase in capital expenditures next year as the company sees steady growth in 2012.
Joseph Yap, FLI president, told reporters the company may keep its capex for 2012 at the same level as this year’s P10 billion to P12 billion.

“We’re still finalizing but it may be about the same or a bit higher,” he said.

Value of project launches may grow between 15 percent and 20 percent next year, compared to the projected 17 percent rise to P12.1 billion in 2011.

Next year’s target is lower than the original P13.2 billion announced at the start of 2011 because of the delay in loan take-outs at state-run Pag-IBIG Fund.

“What we’ve done is slow down in the socialized segment. We’re selling more the affordable and middle-income projects,” said Yap, adding that Pag-IBIG vowed to speed up the process of obtaining loans.

The Subdivision and Home Developers Association had attributed the lower take-outs to Pag-IBIG’s stringent loan rules coupled with the Land Registration Authority computerization project, which has prolonged transactions.

FLI earlier intended to introduce 17 projects and 24 additional phases of existing projects, equivalent to over 14,000 units, almost double the close to 7,300 units launched last year.

Sales take-up generated in the first nine months reached P8.43 billion, 21 percent higher than the P6.99 billion last year.

On Tuesday, FLI listed P3-billion bonds at the Philippine Dealing and Exchange Corp. The bonds due 2016 have a fixed interest rate equivalent to 6.1962 percent per annum.
Its shares were unchanged at P1.09 each on Tuesday.
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