First Philippine Holdings Inc. of the Lopez Group said it will spend P29 billion this year primarily to finance the expansion of its energy and real estate businesses.
FPH president Francis Giles Puno said during the virtual annual stockholders’ meeting the company would spend P14 billion for the development of an offshore liquefied natural gas terminal in Batangas.
It also allotted P11.4 billion for its real estate business under Rockwell Land Inc. and First Philippine Industrial Park. The balance would go for the construction sector and for FPH’s new businesses in healthcare and education.
Puno said despite the pandemic, the company remained open to new opportunities and continued to review and evaluate potential new projects.
Puno said the company would likely register lower recurring net income this year on the negative impact of the coronavirus pandemic.