AEV sets P48B capex, 69% higher vs 2020

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    Aboitiz Equity Ventures Inc. looks to spend P48 billion as capital expenditure this year, 69 percent higher than last year’s P29 billion.

    “We continue to invest in our country to support economic recovery and growth. Over the next 10 years, we commit to investing in capacities to advance business and communities in the nine Asia -Pacific countries where we operate,” said Sabin Aboitiz, Aboitiz Group president.

    Bulk of the budget or P23 billion was earmarked for its power strategic business unit (SBU) Aboitiz Power Corp. for the completion of GNPower Dinginin as well as the battery energy storage projects.

    The 1,336- MW GNPower Dinginin baseload power plant is being constructed in Mariveles, Bataan. AboitizPower is likewise adding to its portfolio battery energy storage system projects that will help ensure grid stability through sufficient ancillary services, starting with the installation of a 49-MW facility of business unit Therma Marine, Inc. in Maco, Davao de Oro.

    Aboitiz InfraCapital Inc. has set aside P13 billion to fund its various projects including its common towers project and for the construction of Apo Agua Infrastructura Inc.’s bulk water supply project with Davao City Water District and other water projects. About P2 billion will be earmarked for Republic Cement and Building Materials Inc.

    The company allocated P4 billion to the food business mainly for feedmill expansion. For 2021, two feed facilities in China, one fish feed line in Malaysia, and three meat distribution channels in the Philippines are slated for completion.

    Aboitiz Land Inc.has earmarked P3.1 billion for its land banking activities and completion of its residential projects.

    Union Bank of the Philippines allotted more than P2 billion in capex in 2021 primarily intended for continued enhancements on digital touch points, as well as constructing an innovation hub, to support customer needs during COVID-19.