MANILA - Metro Pacific Investments Corp. will spend an estimated P60 billion in capital expenditures this year to fund the growth of its core businesses, a company official said Wednesday.
Power distribution unit Manila Electric Co. (Meralco) will spend P15 billion while another P15 billion will be allotted for water utility Maynilad Water Services Inc., Metro Pacific chief finance officer David Nicol said.
Tollroad unit Metro Pacific Tollways Corp. will spend P10 billion to P12 billion while its railways business will spend P5 billion to P6 billion, he said.
Around P3 billion to P4 billion will be allocated for the company's hospital business while the remaining P4 billion will be spent for its newly acquired logistics business, he said.
The company has fully secured financing for this year's capital spending program from borrowings and internally generated cash, he said.
Metro Pacific shares were up 1.19 percent to P6.78 on Wednesday.