29.2 C
Sunday, May 26, 2024

Aboitiz Group spending P48B in ‘21 to expand business units

- Advertisement -

Conglomerate Aboitiz Equity Ventures Inc. said Tuesday it will spend P48 billion for its business units to support economic recovery this year.

It said the amount represents a 69-percent increase from P29 billion in capital expenditures in 2020.

AEV said in a disclosure to the stock exchange it would continue to rise above the challenge brought about by the coronavirus pandemic and deliver on its commitments. The Aboitiz Group supplies close to 20 percent of the country’s population through its critical businesses in power, banking and financial services, food, land and infrastructure and cement manufacturing.

“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,” said Aboitiz Group president and chief executive Sabin Aboitiz.

It said bulk of the budget amounting to P23 billion would be earmarked for Aboitiz Power Corp. for the completion of GNPower Dinginin coal plant project and the battery energy storage projects.

The 1,336-megawatt GNPower Dinginin baseload power plant is being constructed in Mariveles, Bataan.

Aboitiz Power is 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.

Aboitiz Power, in partnership with Wartsila Corp., a global leader in smart energy technologies, recently started the installation of its first BESS project in its Therma Marine Inc. facility with a capacity of 49 MW in Maco, Davao de Oro.

Meanwhile, Aboitiz InfraCapital Inc. budgeted P13 billion to fund various projects including its common towers project and for the construction of Apo Agua Infrastructura, Inc.’s bulk water supply project with Davao City Water District and other water projects.

About P2 billion would also be earmarked for Republic Cement and Building Materials Inc.

AEV is allocating P4 billion for its food group mainly for feed mill expansion. Two feed facilities in China, one fish feed line in Malaysia and three meat distribution channels in the Philippines are slated for completion this year to support the group’s growth initiatives.

Aboitiz Land Inc. earmarked P3.1 billion for landbanking activities and the completion of residential projects.

Aboitiz Land is 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 digital and branch transformation endeavors.

The bank allotted more than P2 billion in capex in 2021 primarily for continued enhancements on digital touch points and constructing an innovation hub to support customer needs.


Popular Articles