MANILA - The Aboitiz Group has allocated P78 billion this year for capital expenditures as it focuses on renewable energy and new businesses, the conglomerate said on Thursday.
In a disclosure to the stock exchange, Aboitiz Equity Ventures said this was 10 percent higher than its 2022 capex and is part of “its portfolio diversification and innovation-driven growth ambitions.”
“Our investments in renewable energy and innovation are paving the way towards a brighter future, and we are excited to be leading the charge towards a more sustainable tomorrow,” said Aboitiz Group President and CEO Sabin Aboitiz.
AEV said its infrastructure unit will be spending almost P32 billion, or 42 percent of the conglomerate’s capex budget, to further expand Aboitiz InfraCapital’s economic estates, telco towers business, as well as new investments in digital infrastructure.
Aboitiz said it will develop solar, geothermal, hydro, and wind projects as it aims for a 50:50 balance between its renewable and thermal portfolios by 2030.
Part of the capex will also fund the completion and maintenance of Apo Agua bulk water project in Davao City.
The Aboitiz-led Union Bank of the Philippines meanwhile will spend P5 billion to migrate its acquired Citi consumer banking business, and enhance its digital channels.
AEV’s food and agribusiness units Pilmico and Gold Coin meanwhile will spend almost P5 billion for international feed mill expansions in Vietnam and China.
Aboitiz Land meanwhile will spend P3 billion for the construction and completion of its residential projects.