Ayala Group Earmarks P174B for Capex

AYALA CORP. is beefing up its war chest this year to support the growth of its core and new businesses after net profit in 2015 breached the P20-billion mark a year ahead of target, as its diversification to power generation started to bear fruit.

The Philippines’ oldest conglomerate is setting aside P174 billion in combined capital expenditures (capex) this year — higher than the P130 billion spent last year — mainly to support the growth of its real estate and telecommunications subsidiaries, Ayala said in a disclosure to the stock exchange.

Source: BusinessWorld