Forest Lake builds legacy as premier memorial park developer

MANILA, Philippines —  Forest Lake continues to uphold its commitment to compassionate care, innovative services and customer-centric core values – factors that, to this day, help the industry pioneer sustain its position in the deathcare industry.

Established in 1997 with parks initially built in Zamboanga and Iloilo, Forest Lake now has 37 operational memorial parks across Luzon, Visayas and Mindanao.

Forest Lake subsequently demonstrated consistent growth, with significant expansions between 2005 and 2015, doubling its network from 2016 to 2020, and launching eight new parks from 2021 to 2023. To top this off, Forest Lake surpassed P3 billion in sales in 2023.

Holding the fort as frontrunner, Forest Lake’s total revenues in 2023 reached P2.47 billion, a 12 percent growth from its 2022 revenues of P2.17 billion, driven by a higher demand for memorial lots, the introduction of new parks, improved collection efficiency, increased development investments, and higher interment service revenues.

Sales revenues increased by 18.2 percent, rising from P1.73 billion to P2.04 billion, while interment revenues grew by 11 percent, from P190 million to P210 million.

Likewise, net income before tax increased by 15 percent to 607.2 million in 2023, with an EBITDA increase from P608 million in 2022 to P733.3 million in 2023.

Additionally, the company’s assets saw a 20 percent increase, including a 51 percent rise in cash reserves and a 31 percent increase in sales receivables. Total equity also grew by 18 percent, supported by a 48 percent rise in issued capital stock and a 25 percent increase in unappropriated retained earnings.

“We have our core values to thank for our stature in the industry: personalized service, value creation, teamwork, innovation and creativity, and professionalism,” said Alfred Xerez-Burgos III, president and CEO of Forest Lake Development Inc. “These values have always guided us in everything we do and have led us to provide the best kind of care to the families we serve.”

With these guiding principles, Forest Lake continues to expand its services and meet the evolving needs of its customers. It now offers a comprehensive array of products and services designed to provide a complete memorial experience. Lawn lots are available in standard, premium and special premium options, with prices ranging from P50,000 to P250,000. Estate lots, designed for above-ground interment, are priced between P720,000 and P3 million per block.

Forest Lake also offers a full range of interment and funeral services, including burial setup, funeral arrangements and preparation, all ensuring a seamless experience for memorial lot buyers. Forest Lake’s “Libing Anywhere” feature even provides customers the flexibility of using memorial lots at any Forest Lake park nationwide, while the “Libre Burol” feature grants free funeral services with each interment.