Conglomerate Aboitiz Equity Ventures Inc. earmarked P69 billion in 2022 capital expenditures, a 155-percent increase from P27 billion it spent in 2021.
AEV said in a presentation during a recent analysts briefing it expects 2022 to be a growth year with new businesses ramping up operations.
It said of the P69-billion programmed spending, P28 billion was allotted for its power generation business under Aboitiz Power Corp. The remaining P41 billion will be spent by non-power businesses including banking, real estate, infrastructure, water and agriculture businesses.
“We approach the coming year with balance optimism, as short term inflationary headwinds are exacerbated by the ongoing Ukraine conflict, and can only be partially mitigated by risk management,” AEV said.
“We look forward to working closely with the new administration in keeping our country on the steady path of economic development as our new strategic partnership with JERA kicks in, our Citibank acquisition is completed, and as we double-down on investments to transform and modernize our business,” it said.