Globe, ALI to get bulk of Ayala capex
MANILA, Philippines–LISTED conglomerate Ayala Corp. is spending bulk of its capital expenditures this year on its telecommunications arm Globe Telecom Inc. and property unit Ayala Land Inc.Ayala chief finance officer Rufino Luis Manotok said that while the company has yet to consolidate its capital expenditures for 2008, the Ayala group was expected to spend more this year.
For one, the Ayala Group is setting aside P16 billion for capital spending on ALI this year.
Ayala Land chief finance officer Jaime Ysmael said the company was likely to spend more than P16 billion this year, mainly for its residential projects, with some going to shopping centers and office buildings catering to business process outsourcing firms and the building of the merged stock trading floors at the Fort Bonifacio Global City in Taguig City.
Early last year, Ayala president and chief operating officer Fernando Zobel de Ayala said the Ayala group has allocated P47 billion in capital expenditures in 2007, higher than the P42 billion spent in 2006.
Elizabeth Sanchez-Lacson
Source: http://business.inquirer.net/money/breakingnews/view_article.php?article_id=112099