First Philippine Holdings Corp. said Friday it budgeted P50 billion for 2021 capital expenditures to support the expansion plans of energy and real estate businesses.
FPH chief finance officer and treasurer Emmanuel Antonio Singson said during the annual stockholders’ meeting a little more than half of this year’s capital spending or P26 billion would be earmarked for power generation unit First Gen Corp.
First Gen is developing a liquefied natural gas terminal that will pave the way for decarbonizing the country’s entire energy system and reducing coal dependence toward cleaner and renewable resources.
The project’s offshore terminal is on track for completion by the third quarter of 2022 after the Department of Energy granted the company a permit to construct. First Gen awarded the turnkey construction contract to McConnell Dowell of Australia.
Meanwhile, property firm Rockwell Land Inc. allotted P14 billion to P17 billion in capital expenditures in 2021 for the completion of projects.
Rockwell Land last year completed three projects, including the Lorraine Tower at The Proscenium, Edades Suites in Rockwell Makati and Stonewell Acacia in Batangas. It generated robust residential lot sales in its first upscale horizontal development community called Rockwell South at Carmelray.
It also established its presence in the north with a joint venture of a prime property in Angeles, Pampanga, intended for a mixed-use residential project and the likely site for the second Power Plant Mall.
First Philippine Industrial Park will also spend P1 billion this year for the expansion of its economic zone in Batangas.
FPIP last year completed 30,000 square meters of new ready-built factories, which were fully leased. The new locator is fitting-out the factory to provide a thousand meaningful jobs in the next twelve months.
Despite halting operations due the pandemic, the group’s construction unit First Balfour picked up the pace with outstanding construction projects.
The Cebu–Cordova Link Expressway project is already 60-percent complete, with target completion in the first half of 2022 while the Novaliches-to-Balara Aqueduct tunneling project is 70-percent complete, with target completion in the first half this year.