About
Filsyn Corporation (FYN) was originally organized in 1968 as Filipinas Synthetic Fiber Corporation to promote and support the polyester fiber and yarn requirements of the Philippines' textile industry. The Company was registered with the Board of Investments in 1969 with a preferred and pioneer status and began full-scale commercial operations in November 1971.
FYN changed to its present name in 1987 to reflect its wider range of activities. To date, it has investments in FYN Green PET Corporation, a manufacturing company, Island King Aquaventure Corporation, an aquaculture company, and SRTC Development Corporation, a real estate company.
Since the implementation of the import liberalization program of the government in 1995, the textile industry experienced excess capacity coupled with high production costs and financing costs. Since then, FYN's operations were limited to the disposal of old inventories, machineries and equipment, as well as sale of scrap materials and parts, as well as acting as sales agent for Far Eastern Textile Ltd. and other entities in the support of textiles in the country. At present, the Company's sources of funds consist mainly of proceeds from warehouse rental lease income.
Source: SEC Form 17-A (2024)