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.

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