LT Group Inc., the listed holding company of tycoon Lucio Tan, said it is nearly doubling its 2021 capital expenditures to P9.7 billion from P5 billion in 2020 primarily to support the expansion of business units.
LT Group said nearly half of this year’s programmed spending or P4.6 billion would be used for the digitization program of banking unit Philippine National Bank. It budgeted P3 billion for construction of real estate projects of property unit Eton Properties Philippines Inc. and equity contribution to the joint venture project with Ayala Land Inc.
The balance was allotted for beer and liquor units Asia Brewery Inc. and Tanduay Distillers Inc.
LT Group president and chief operating officer Michael Tan said during the annual stockholders meeting that while 2021 would be tough, the year would hopefully be better than 2020.
Tan said the slow opening-up of the economy in 2021 should bode well for businesses in general.