Ayala Corporation, in a disclosure to the Philippine Stock Exchange, announced that it is earn marking P70 billion for its capital expenditure (CAPEX) this 2010.
Jaime Augusto Zobel de Ayala, the group’s chairman, said the amount is the highest on record for the conglomerate.
The P70 billion CAPEX will be used in investments across the real estate, telecommunications, and water utilities sectors.
Zobel de Ayala said, “We see room for growth moving forward as our businesses expand into new markets and geographies.”
Ayala is increasingly combining its competencies across its core businesses as it seeks to address the needs of a much broader consumer base.
“It is part of our long?term growth strategy to find innovative and creative ways of serving the needs of a much larger segment of our population.
“We are increasingly aligning our business models across the group to be responsive and relevant to our commitment to provide sustainable growth and development to a broader and more diverse community,” the Ayala chairman further said.
Ayala recently formed BPI Globe BanKO, a joint venture with its banking unit and telecom unit to develop microfinance services in which Ayala Corporation has a 20 percent stake.