Aboitiz family sets 2018 capex at P78B
Aboitiz Equity Ventures Inc. has allocated P78 billion for capital outlays this year, with bulk of the amount going to its core power business as a vote of confidence in the local economy.
AEV said P62 billion of the programmed budget would go to Aboitiz Power, of which 82 percent has been earmarked for new thermal projects, 15 percent for exploratory and operating activities and three percent for renewable projects.
From only 2,999 megawatts last year, Aboitiz Power aims to increase total capacity to 4,000 megawatts by 2020.
For the property sector, P5 billion has been set aside for the construction of three residential projects as well as its largest commercial project to date, The Outlets at Lipa.
AboitizLand is confident these new projects will sustain the company’s growth towards becoming a competitive player in the industry.
Another P5 billion has earmarked for the food business. Pilmico plans to widen its reach in the ASEAN region with the export of its flour products. It plans to ramp up sow level to 20,000 sows and build a new meat processing plant. It also intends to grow its current monthly egg production from 4 million in 2017 to 15 million by quadrupling its current layers’ capacity.
For infrastructure, the Aboitiz group has budgeted P4 billion.
Around P2 billion has been set aside for the banking and financial services, mainly to build the necessary infrastructure to support digital initiatives.