Alliance Global Group Inc. (AGI), the investment arm of tycoon Andrew Tan, is increasing its capital expenditure budget by 33 percent to P60 billion this year.

The firm said in a disclosure to the Philippine Stock Exchange that the higher capex budget is in preparation for a further improvement in economic activity with the anticipated increase in mobility.

“We believe that with the sectors we are in, we will very much benefit from pent-up spending resulting from the further reopening of the economy,” said AGI Chief Executive Officer Kevin L. Tan.

About P50 billion of this year’s capex will be spent for Megaworld’s increased development and investment activities as it plans to offer to the market 14 new projects this year valued at P30 billion.

The company also intends to launch about four townships during the year -- covering some 500 hectares of land in Metro Manila, Calabarzon and Mindanao – which will provide the fresh source of revenue for the company moving forward.

Another P4 billion will be allocated for Travellers International’s ongoing expansion projects, mainly in leisure and entertainment amid eased quarantine restrictions.

Meanwhile, around P3 billion will be set aside for Emperador’s ongoing expansion projects overseas. The firm’s growth has continued to be driven by its international operations.

Finally, another P3 billion will be spent by McDonald’s franchisee Golden Arches which is looking to further expand its store network as it plans to launch 45 stores this year, after opening 36 new stores in 2021.

“Our group anchored itself on stability and recovery over the last two years of grappling with the impact of the pandemic. We have since focused on renewal and revitalization — both pointing to our upbeat, more confident view of the future,” said Tan.

He added that, “from where we are now, there is no other way to go but move forward, laying out the foundations of a better tomorrow.”