Ayala Land allots P80-P90B yearly capex
Property giant Ayala Land Inc. of Bilyonaryo Fernando Zobel de Ayala is spending P80 billion to P90 billion in capital expenditures annually to achieve the target of growing the company’s net income to P40 billion by 2020, according to a top official of the company.
“The capex number will be within vicinity to P80 to P90 billion every year through 2020. That is pretty much the level we are looking at,: Ayala Land chief finance officer Jaime Ysmael in an interview at the sidelines of the company’s annual stockholders meeting.
Ayala Land president Bernard Vincent O. Dy said the company is on track with the 2020 plan as the company remains aggressive with its expansion plans.
“We feel the economy remains supportive of the property industry across the board, namely residential, retail, hotels and offices. We feel confident that in 2016 make progress in achieving our 2020 plan,” Dy said.
Dy said the company will remain focus in the Philippines even as it company has made initial investment in Malaysia via MCT Bhd and continues to explore investment opportunities Myanmar.
“We are focused in Philippines because we have quite number of projects here and as we continue to build up our leasing assets,” Dy said.