Aboitiz Equity Ventures Inc. is looking to spend P69 billion as capital expenditures this year, 152 percent higher than the prior year’s, according to Manuel Lozano, chief finance officer.
About 42 percent will go to the group’s infrastructure-related business, land acquisition for property development and site developments for its economic estates , expansion of telco tower business, and other key digital infrastructure projects, said Lozano, on the sideline of the group’s shareholders meeting Monday.
Part of the amount will be used to complete the group’s bulk water project, Apo Agua.
Lozano said the capex spending for the year highlights the group’s new ventures like economic estates, common towers, bulk, water, and, other digital initiatives.
“This is in line with our long- term goal of balancing our portfolio by accelerating the growth of the non- power business units,” he said.
Sabin Aboitiz, Aboitiz president, earlier said the group is committed to invest in accelerated growth and diversification in the next 10 years.
“We will advance business and communities in the 9 Asia- Pacific countries where we operate by providing products and services that are not just life-essential but life-changing,” he said.
