First Philippine Holdings Corp. (FPH) is looking to spend P80 billion to expand its businesses this year.
The listed energy, property and construction holding firm of the Lopez Group said the planned spending is higher than last year’s P51-billion actual spending.
Emmanuel Antonio Singson, FPH chief finance officer, said about P60 billion of the spending will be allocated for unit First Gen Corp..
About P17 billion will go to the realty unit Rockwell Land Corp. and First Philippine Industrial Park.
The rest will be for the firm’s manufacturing-related operations, First Balfour and Therma Prime.
“Funding will be combination of debt and combination of internally generated funds,” Singson said at the sidelines of the company’s annual stockholders’ meeting.
Francis Giles Puno, FPH president, said First Gen is committed to expanding its clean energy portfolio to lead the country’s clean energy transition by delivering up to 13 gigawatts of new clean and renewable power by 2030.
“First Gen continues to build on the infrastructure that will allow our country to import enough liquefied natural gas and to assure the continued operations of the Philippines’ natural gas plants in the midst of the impending depletion of gas supply from the Malampaya field,” Puno said. – Ruelle Castro
