MANILA - Ayala Land said Wednesday it has set P88 billion in capital expenditures this year and will launch P100 billion worth of residential projects, as it seeks to bounce back from the impact of the COVID-19 pandemic.
Recovery will be "led by our biggest businesses, mainly estate development and residential," said Ayala Land president and CEO Bobby Dy during the company's virtual annual stockholders' meeting.
"Our target is to get back to our 2019 performance in the next two to three years," Dy said.
"To kick off our V-shaped recovery, we're allocating P88 billion in capital expenditures in 2021 and P100 billion in residential launches this year," he added.
Estimates are, however, anchored on the assumption that the COVID-19 pandemic will be addressed and that the vaccination plan will be effective.
The property developer is also streamlining and digitalizing its operations as well as implementing new technologies in its construction sites to offset reduced workforce due to pandemic restrictions.
It has imposed measures such as building on-site living quarters for workers, using technology as well as giving out productivity-based incentives to enhance output, said Ayala Land's construction arm Makati Development Corp's president and CEO Dante Abando.
"To improve our speed of execution and reducing manpower requirements, we are increasing the use of highly mechanized methods and ramping up on our offsite prefabrication capabilities for our building systems and components," Abando explained.
Ayala Corp also plans to focus on inoculating workers, chairman Fernando Zobel de Ayala said.
Ayala Corp is among private firms that have been crucial in ramping up isolation, testing and vaccine capacity of the government through various donations and facility builds.
RELATED VIDEO:
ANC, ANC Top, Ayala Land, ALI, property, residential, commercial, malls, capital expenditures, capex, COVID-19, pandemic, health crisis, economy, construction, delays estate development