Ty group budgets P50B for growth
TY FAMILY-LED conglomerate GT Capital Holdings has earmarked P50.08 billion for capital outlays this year, the bulk of which will go to power generation and property development businesses.
Power unit Global Business Power Corp. budgeted P20.5 billion for the second phase expansion of Panay Energy Unit 3 (P15.5 billion) and its biomass project (P5 billion). These big- ticket projects will be funded by a mix of debt and equity.
Panay Energy started a 150-megawatt clean coal-fired plant expansion in Iloilo City to complement its two existing units of 82-MW per unit coal-fire facility. Expected to be completed by June 2016, construction is now 40 percent complete.
Another big chunk of capital spending will be for property arm Federal Land, which is expected to spend P15 billion this year.
“This is for land banking as well as for completion of the projects,” Carmelo Bautista, president of GT Capital, said in an interview last week.
To date, Bautista said Federal Land had over 100 hectares of land in strategic areas such as Bonifacio Global City, Manila Bay and Ortigas.
The property arm is expected to spend for ongoing vertical residential condominium projects, retail and commercial developments.
For 2015, Federal Land aims to launch about 10 vertical residential condominium projects, two of which had already been rolled out: Six Senses Resort Tower 4 and Paseo de Roces Tower 2.
GT Capital has also spent P8 billion to participate in the recently concluded P32 billion stock rights offering of banking arm Metropolitan Bank and Trust Co.
For its part, Metrobank has budgeted P3 billion in capital outlays to pursue branch and ATM expansion and enhance IT systems this year. The bank plans to cover its outlays using internally generated funds.
Metrobank intends to grow its loan portfolio especially for the middle market, small and medium enterprises as well as the growing consumer sector.
In the meantime, Toyota Motor Philippines (TMP) has a P2.76-billion budget to fund the purchase of a dealership software, bring in new car models, open a new dealer outlet, expand its building and rehabilitate its plant.
Since the start of the year, two new dealer outlets had been inaugurated—one in Zamboanga and another in Roxas City, bringing the number of its dealers to 47. TMP plans to open 10 new dealer outlets this year. Bautista said the target would be to expand the network to 60 by next year.
