It was registered with the Board of Investments in 1969 with a preferred and pioneer status. It went full-scale  
commercial operation in November 1971. The company changed its name to Filsyn Corporation in 1987 to reflect its wider range of activities.

To date, it has investments in Island King Aquaventure Corporation, an aquaculture company, and SRTC Development Corporation, as real estate company. In August 1989, Filsyn concluded and Investment Agreement with Far Eastern Textile Ltd. (FETL), a leading polyester manufacturer in Taiwan. The Agreement was not only limited to equity
investment but also covered technical assistance, cooperation and marketing support.

The company changed its name to Filsyn Corporation in 1987 to reflect its wider range of activities. To date, it has investments in Island King Aquaventure Corporation, an aquaculture company, and SRTC Development Corporation,
as real estate company.

In August 1989, Filsyn concluded and Investment Agreement with Far Eastern Textile Ltd. (FETL), a leading polyester manufacturer in Taiwan. The Agreement was not only limited to equity investment but also covered technical
assistance, cooperation and marketing support.

The Company undertook various modernization programs and product development over the years. However,
development related to domestic textile industry was not encouraging. 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. Filsyn suffered great financial turmoil aggravated by a labor strike in October 1996. Even after the settlement of the strike in September 1997, production has not resumed. The company's
operations since then, were limited to the disposal of old inventories, machineries and equipment, as well as sale of scrap materials and parts, plus acting as sales agent for FETL and other entities in the support of textiles in the
Philippines. At present the Company's sources of funds still consist mainly on proceeds from sale of old machinery, equipment and parts and warehouse rental lease income.

On December 14, 1998, Filsyn Corporation entered into an agreement with its various bank creditors and a
supplier/shareholder to restructure its overdue and outstanding unsecured obligations totalling to P988 Million that included interests accrued up to April 30, 1998.