Metro Manila (CNN Philippines, March 16) — The Aboitiz Group will be making bigger investments this 2021.
In a statement Tuesday, the group said it has allotted ₱48 billion in capital expenditure this 2021—a 69% jump from the ₱29 billion it spent a year ago.
Aboitiz Power gets the biggest chunk of the amount at ₱23 billion. This has been set aside for the completion of GNPower Dinginin, along with battery energy storage projects that will “help ensure grid stability through sufficient ancillary services.”
GNPower Dinginin is a joint venture of Aboitiz Power subsidiary Therma Power with Ayala-owned AC Energy and Power Partners. The 1,336-megawatt power plant is currently being constructed in Mariveles, Bataan.
Aboitiz InfraCapital, meanwhile, has earmarked ₱13 billion to finance endeavors such as common tower and water projects. Among its water projects is the construction of Apo Agua Infrastructura’s bulk water supply project with the Davao City Water District.
The group likewise set aside ₱4 billion for its food business unit Pilmico Foods, particularly for feedmill expansion efforts.
“For 2021, two feed facilities in China, one fish feed line in Malaysia, and three meat distribution channels in the Philippines are slated for completion in order to support the group’s growth initiatives,” Aboitiz added.
The group’s real estate arm Aboitiz Land has allotted ₱3.1 billion for land banking activities alongside the completion of its residential projects.
Banking unit UnionBank shall invest over ₱2 billion this year to support anew digital and branch transformation efforts, Aboitiz said. The amount shall be spent mainly on “continued enhancements on digital touch points, as well as constructing an innovation hub, to support customer needs during COVID-19.”
Main company Aboitiz Equity Ventures reported a core net income of ₱15.9 billion in 2020, down 26% from 2019.
