Aboitiz Equity Ventures Inc. (AEV) is increasing massively its capital expenditure budget by 152 percent to P69 billion this year as it focuses more on expanding its infrastructure business amid the reopening of the domestic economy.
In a virtual press briefing, AEV Chief Finance Officer Manuel Lozano said that of the budget, P29 billion or 42 percent was set aside by our infrastructure arm.
This portion, he said, has allotted for for land acquisition, and new site developments for its economic estates segment, expansion of its telco tower business, and other key digital infrastructure projects as well as for the completion of its apple agua bulk water project in Davao City.
“What's quite exciting for me is that this is probably the first time that our biggest capex component will be in our new sector, which is infrastructure, to help boost the growth of our newest endeavors, namely economic estates, common towers, bulk water and, of course, other digital initiatives,” Lozano noted.
He explained that, “This is in line with our long term goal of balancing our portfolio by accelerating the growth of the non-power business units.
The Aboitiz Group continues to look toward its future with balanced optimism and a revitalized mission to transform itself amidst changing national and regional business landscapes.
With a strong commitment to accelerating growth and diversification, the Group is gearing up to become a transformative force in the industries it operates by providing “not just life-essential, but life-changing” products and services too, said Aboitiz Group President and Chief Executive Officer Sabin M. Aboitiz.
“Our Great Transformation into a start-up conglomerate driven by transformed Aboitiz team members—our A-People— will propel our company to the frontlines of modern innovation and beyond, in order to ensure and accelerate our continued growth and success, and to advance business and communities faster, better, and stronger than we ever did in the past or could have ever imagined,” he noted.
Aboitiz added that all Aboitiz business units are exploring and implementing fresh innovation initiatives. As they take advantage of strategic partnerships, the benefits of data science and artificial intelligence (DSAI), and upskilled team members, Aboitiz business units are poised for a revolutionary leap forward in their respective industries.