Aboitiz group sets P48-B capital spending for 2021 | Inquirer Business

Aboitiz group sets P48-B capital spending for 2021

By: - Business Features Editor / @philbizwatcher
/ 05:12 AM March 17, 2021

The Aboitiz conglomerate is jacking up capital spending this year by 69 percent to P48 billion to boost its power, infrastructure, property development, food and banking businesses amid a challenging period caused by the coronavirus pandemic.

In 2020, the year when the economy fell into an unprecedented recession due to the pandemic and consequent lockdown protocols, capital spending of Aboitiz Equity Ventures Inc. (AEV) amounted to only P29 billion.

AEV—which serves close to 20 percent of the country’s population through its critical businesses—vowed to rise above the challenge and deliver on its commitments.

Article continues after this advertisement

“We continue to invest in our country to support economic recovery and growth … Our team members take this responsibility to heart … 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 Aboitiz Group president and chief executive officer Sabin Aboitiz.

FEATURED STORIES

Some P23 billion of the group’s capital spending budget this year was earmarked for its power business under Aboitiz Power Corp., specifically for the completion of 1,336-megawatt GNPower Dinginin power plant in Bataan and the battery energy storage projects.

Aboitiz InfraCapital Inc. has set aside P13 billion for various projects.

Article continues after this advertisement

Some P2 billion was earmarked for Republic Cement and Building Materials Inc.

Article continues after this advertisement

Its food group has allotted P4 billion mainly for feed mill capacity expansion.

Article continues after this advertisement

Aboitiz Land Inc. has set aside P3.1 billion for landbanking activities and completion of residential projects.

Banking arm Union Bank of the Philippines earmarked P2 billion for the continued enhancements on its digital touch points and the construction of an innovation hub. —DORIS DUMLAO-ABADILLA

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link.

TAGS: aboitiz, Aboitiz Equity Ventures Inc. (AEV), coronavirus pandemic

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.