MANILA (Reuters) - Philippine conglomerate Ayala plans to lift business investment 44 percent to a record 249 billion pesos ($4.8 billion) this year, seeking to expand its real estate, telecommunications and water utilities businesses.
Ayala Land Inc will spend 112 billion pesos, Globe Telecom Inc will spend 45 billion pesos, while Manila Water Co Inc will spend 22 billion pesos and AC Energy Holdings Inc will invest 20 billion pesos, Ayala CFO Jose Teodoro Limcaoco told Reuters in an email.
The company’s flagship firm Ayala Corp has earmarked 51 billion pesos in capital spending this year to fund its purchase of more shares in Bank of the Philippine Islands as well as investment in the education, industrial and health sectors.
Ayala Corp is targeting annual net income of 50 billion pesos in 2020. Its profit rose 16 percent to 30.3 billion pesos last year, driven by its real estate and power businesses.
Reporting by Neil Jerome Morales; Editing by Edwina Gibbs