LISTED Aboitiz Equity Ventures Inc. (AEV) has allocated P73 billion in capital expenditure (capex) for this year, the bulk of which would go to its energy and infrastructure units. In a statement on Tuesday, the Aboitiz-led holding company said the amount was a 37-percent increase from the P53 billion it spent in 2019. Of the figure, P41 billion would go to energy arm AboitizPower. Eighty percent of the alloted amount — a 17-percent increase from the P35 billion spent last year — would be used for the “completion of GNPower Dinginin Power Plants, as well as other new businesses,” the firm said. Meanwhile, P16 billion is earmarked for infrastructure subsidiary Aboitiz InfraCapital for the construction of its water projects and its venture into the airport and common tower businesses. A total of P11 billion is allocated to real estate unit AboitizLand Inc., which it would use for its land banking efforts to expand its property developments in the country. Food arm Pilmico Food Corp. gets P3 billion for business expansion and operating expenses, while banking subsidiary Union Bank of the Philippines receives about P2 billion for its expansion or upgrading efforts and operating expenses.
