Ayala Corp. shakes off gloom, ramps up capital spending to P275.1B

The country’s oldest conglomerate is boosting its capital spending budget by almost a fourth to P275.1 billion, mostly to fund its real estate and telco ventures.

Of the P275 billion, 42 percent or P115.5 billion will go to the construction of new shopping malls, residential units, hotels, office buildings and other tourism-related ventures.

Around P63 billion will be channeled to Globe’s continues network expansion and upgrade and the rollout of its 5G service.

Another P44 billion has been allotted for the expansion of its energy business in line with the group’s goal to hit 5,000 megawatts of renewables by 2025.

Manila Water will get P24.7 billion while P20.8 billion has been earmarked under the parent firm to support the emerging businesses in its portfolio, which include infrastructure, electronics, automotive and healthcare.

Panguil Bay bridge now 61% complete

Construction of the 3.17-kilometer bridge that will reduce travel time between Lanao del Norte and Misamis Occidental is now 61 percent complete, according to the Department of Public Works and Highways (DPWH).