LISTED LT Group Inc. has increased its capital expenditure (capex) for this year by 73 percent to P19 billion from P11 billion in 2018 to help its banking subsidiary get more funds.

At a briefing in Manila on the sidelines of the Tan-led holding company’s annual stockholders’ meeting in Manila on Tuesday, LT Group Chief Finance Officer Jose Gabriel Olives said the increase was due to the higher capital requirement for Philippine National Bank (PNB), which was looking to conduct a P12-billion stock rights offer this year.