MANILA – Aboitiz Equity Ventures, Inc., together with its partners, has allotted PHP48 billion in capital expenditure (capex) for this year, 69 percent higher than the PHP29 billion spent in 2020, a year that saw unprecedented challenges due to the coronavirus disease 2019 (Covid-19).
The company, which supplies close to 20 percent of the country’s population through its critical businesses in power, banking and financial services, food, land, and infrastructure, including cement manufacturing, said it will continue to rise above the challenge and deliver on its commitments.
"We continue to invest in our country to support economic recovery and growth, as millions of Filipinos are relying on us -- families and communities. Our team members take this responsibility to heart. We simply cannot fail. 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,” Aboitiz Group president and chief executive officer Sabin Aboitiz said in a statement Tuesday.
Majority of the budget or PHP23 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-megawatt (MW) GNPower Dinginin baseload power plant is currently being constructed in Mariveles, Bataan.
AboitizPower is also 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.
Meanwhile, Aboitiz InfraCapital, Inc. (AIC) has set aside PHP13 billion to fund its various projects including its common towers project and for the construction of Apo Agua Infrastructura, Inc.’s (Apo Agua) bulk water supply project with Davao City Water District (DCWD) and other water projects.
About PHP2 billion will be earmarked for Republic Cement and Building Materials, Inc.
Its Food Group has allocated PHP4 billion 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 to support the group’s growth initiatives.
Aboitiz Land, Inc. (AboitizLand) has earmarked PHP3.1 billion for its land banking activities and completion of its residential projects.
AboitizLand is currently working on Seafront Residences and The Villages at Lipa in Batangas, Ajoya Capas in Tarlac, Ajoya Pampanga in Pampanga and Ajoya Cabanatuan in Nueva Ecija.
Union Bank of the Philippines, meanwhile, will sustain its investment efforts in its digital and branch transformation endeavors.
The bank allotted more than PHP2 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. (PR)