Conglomerate Aboitiz Equity Ventures Inc. has earmarked P73 billion in capital expenditures for 2020 as the group continues to invest in the expansion of core businesses.
This year’s programmed capital spending is 38 percent higher than last year’s P53 billion.
Aboitiz Equity said earlier during a recent investors’ briefing the power generation business would continue to account for the bulk, P41 billion or 56 percent, of the total investment
It will spread the balance to non-power businesses, namely banking, real estate, food and infrastructure.
Aboitiz Equity continues to invest heavily in various businesses despite the current market uncertainly brought about by the outbreak of coronavirus (COVID-19).
The COVID-19 crisis has created a lot of uncertainty.
Aboitiz Equity president and chief executive Sabin Aboitiz believes the Philippine economy can be shielded from further disruptions if the government and private sector focus on two areas of collaboration—keeping the economy moving and supporting the government’s COVID-19 information campaign.
“There is no question of the coronavirus’ impact on the economy,” Aboitiz said, sreessing “it is during these times when the government and private sector must work closer together—really together to effectively mitigate the crisis.”
Aboitiz noted the implementation of both government- and private sector-led infrastructure projects can counter the economic impact posed by the COVID-19 crisis.
“One sure way to keep the economy stimulated is the immediate implementation of the government’s infrastructure program—especially the projects of national significance,” Aboitiz said. “It generates jobs, it triggers economic activity, and there is definitely no question about the long-term benefits.”
“We in Aboitiz have always been ready to invest time and money to build the infrastructure we Filipinos deserve,” Aboitiz added.
Another way the government can further bolster the economy is by adopting policies that give preference to goods produced and services provided by Philippine manufacturers and companies, he said.