By Cris Larano
MANILA--Philippine conglomerate Aboitiz Equity Ventures Inc. (>> Aboitiz Equity Ventures Inc) said Tuesday it has budgeted 58.4 billion pesos ($1.22 billion) for capital expenditure this year, mostly for power expansion projects.
The company planned a capital spending of 60 billion pesos in 2015, also largely dedicated to power generation expansion.
Aboitiz Equity said 52 billion pesos will be spent on power generation and distribution projects this year, in line with the company's goal to double capacity to 4,000 megawatts by 2020. Aboitiz Power Co. (>> APC Group, Inc.), the group's power generation arm, inaugurated a 300-megawatt coal-fired power plant in January and is set to launch its first solar power project next.
Aboitiz Equity said its banking and financial services units will spend 968 million pesos this year while its food arm, Pilmico, allocated 2.3 billion pesos in capital expenditure to expand its reach in Southeast Asia and diversify its local operations.
The company said AboitizLand, its real estate arm, has set aside 2.7 billion pesos to acquire land for industrial and residential projects outside its home base of Cebu, a central Philippine island.
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