MANILA - Megaworld Corp. said Wednesday it would spend P60 billion this year as it continues to expand its townships across the country.

Eighty percent of the capital spending for 2017 will be used for the construction of new residential condominiums, office towers, commercial centers and hotels while 20 percent will be used for land acquisition and investment properties, the company told the stock exchange.

“Since our company’s cash position remains healthy, we will mostly utilize internally-generated funds to finance our capital spending for the year, and we will also tap the debt market through the proceeds of the first tranche of our P30 billion retail bond program,” said Francis Canuto, treasurer at Megaworld.

Megaworld is set to launch 20 residential projects as well as seven new office towers, and six new lifestyle malls and
commercial centers across the country.

The company earlier said it expects rental income to breach the P20-billion mark by 2020 as it completes nearly a million square meters of fresh rental space.

Megaworld shares were down 0.26 percent to P3.85 on Wednesday.