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Thursday, May 23, 2019

Aboitiz Group nearly doubles capex to P76.7B this year

ABOITIZ Equity Ventures, Inc. and its business units have set aside P76.7 billion in capital expenditures this year, particularly for the power and infrastructure sectors.

This year's capex is about 83 percent higher than the P42 billion spent by the company last year.

The company plans to further expand its core business of power generation to reach a total capacity of 4,000 megawatts (MW) by 2020.

It will also continue to implement open access through its gentailer (generator-retailer) strategy.

Officials announced the bigger capex during the holding company's annual stockholders' meeting Monday, May 15.

The company also launched Monday its Group Purpose “To Drive Change for A Better World” and refreshed brand positioning “Advancing Business and Communities.”

“Aligned with the country’s continued economic growth, the Aboitiz Group’s own growth journey remains promising and purpose-driven. We are going to drive change for a better world by advancing business and communities through the various products and services that our business units provide,” Erramon I. Aboitiz, AEV president and chief executive officer, said.

“We advance business and communities by powering progress, providing smart banking solutions, creating partners for growth, building infrastructure, and empowering communities. Through our core businesses, we contribute to nation building, helping uplift the lives of millions of Filipinos,” he added.

Among its business units, Pilmico will continue to expand its customer reach in the Asean region; expand its feed mill capacities in Iligan and Tarlac; export animal feeds to Vietnam, Indonesia, and the Pacific; and target 20,000 sow level for hog farms and one million birds for layer farms.

Aboitiz InfraCapital will continue to participate in public infrastructure projects while APO Agua is expected to break ground on its new water treatment plant.

AboitizLand, meanwhile, will fully transition to becoming a national player with the completion of its headquarters transfer from Cebu to Manila. (Marites Villamor-Ilano/SunStar Philippines)

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