Lopez-led First Philippine Holdings Corp. (FPH) said on Friday that it is allocating P50 billion for its capital expenditures (capex) this year, 72% higher than last year鈥檚 P29 billion as its business units pursue their planned projects.
鈥淢ajority of the capex for this year will be for the energy group, First Gen [Corp.], [with] P26 billion,鈥 FPH Chief Financial Officer Emmanuel Antonio P. Singson said during the company鈥檚 virtual stockholders鈥 meeting.
First Gen will be using the budget to pursue the development of its liquefied natural gas (LNG) terminal.
FPH allotted P14 billion for Rockwell Land Corp. while First Philippine Industrial Park, Inc. will get P1 billion.
鈥淭he balance is allocated for the construction sector in big businesses in healthcare and education, and was also used for FPH investments earlier this year,鈥 Mr. Singson said.
FPH said First Balflour Inc.鈥檚 projects will also continue its planned projects this year.
The Cebu-Cordova Link Expressway is said to be 60% complete, while the Novaliches-to-Balara Aqueduct tunneling project is 70% done. The company is eyeing to complete both in the first half of next year.
On Friday, shares of FPH at the stock exchange went up by 0.07% or five centavos to close at P70.05 each. 鈥 Keren Concepcion G. Valmonte
