MANILA -- The Aboitiz Group is allocating P153 billion this year for capital expenditures, mostly for its power business.

In a press briefing, Aboitiz Equity Ventures Chief Finance Officer Toto Hilado said this is more than double the P65 billion they spent in 2023.

The group originally allocated P78 billion for capital expenditures in 2023.

Speaking with reporters, Hilado said P73 billion will be earmarked for their power arm.

"The parent will spend another P40 billion for the acquisition of Coca-Cola Philippines," he said.

Aboitiz Equity Ventures has jointly acquired Coca-Cola Beverages Philippines, Inc. with Coca-Cola Europacific Partners Plc.

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Another P26 billion will be used to fund Aboitiz InfraCapital's ongoing tower acquisition and development of its economic estates.

The rest meanwhile, will be for airports, the enhancement of banking arm UnionBank's digital infrastructure, the completion of the food group's capacity expansion projects, and maintenance of businesses.

The executive told journalists Monday that he "cannot identify a specific asset at this point" when asked if the company plans to buy another asset after its Coca-Cola purchase.

"But suffice it to say that as part of our diversification strategy, we will continue to pursue opportunities as they come. Our objective is to have at least 50 percent of our EBITDA (earnings before interest, tax, depreciation, and amortization) coming from the non-power business," he said.

"Of course, it is easier said than done, considering that our power business also continues to grow," he noted. "The consumer market I think is where we see more opportunities simply because we have a young population and hence strong consumer consumption. And this will continue to anchor economic growth in the Philippines."

For his part, AboitizPower president and CEO Manny Rubio said their minority stake in the first integrated liquefied natural gas facility in the country will allow them to diversify away from risks associated with other assets and technologies, and create a more resilient portfolio for their investors.

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"We still have a significant coal percentage, you know, in our portfolio and we would like to actually shift to a cleaner technology, which after this will actually allow us to do that," he said.

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He added, however, that this collaboration among the three largest power players in the Philippines will boost the nation's energy security. 

"First, it's a reliable source of power in the context of depleting Malampaya reserves and the moratorium on greenfield coal-fired power generation," he said.

"Second, it acts as a viable energy transition fuel with around half of the greenhouse gas intensity than coal in the combustion of the fuel. And lastly, LNG power turbines provide more flexible power, providing stability to the grid, when there is intermittency from solar and wind power," he explained.

Aboitiz InfraCapital president Cosette Canilao, meanwhile, said their unit is focused on completing the turnover of towers they bought from telco giants Smart and Globe. 

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She noted, however, that they are always on the lookout for towers that are "strategic to what we have right now."

"Strategic in terms of collocation potentials, and at the same time, strategic with respect to where most of our towers are located and how we can deploy resources to rehabilitate or build new towers," she said.