News and Updates
AGI hikes capital by 33% to P60-B this year
#InTheKnow: “We are a conglomerate in motion. 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,” says Kevin L. Tan, chief executive officer, AGI.
Alliance Global Group Inc. (AGI) is allocating P60-billion for capital expenditures (CAPEX) this year, around 33% higher than last year’s CAPEX as it prepares for a further improvement in economic activity with the anticipated increase in mobility.
About P50-billion of this year’s CAPEX will be spent on Megaworld’s increased development and investment activities. AGI’s real estate arm, which recorded a 36% year-on-year jump in 2021 net income, 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 a fresh source of revenue for the company moving forward.