AEV allots up to P50 B for capex

MANILA, Philippines — Aboitiz Equity Ventures (AEV), the Cebu-based conglomerate, is allotting up to P50 billion in capital expenditures as it continues to grow its different businesses.

“Overall, it will probably be P40 to P50 billion. It will not just be for power, but power will be the main,” said AEV chief financial officer Manuel Lozano.

The company has several ongoing power projects in partnership with other players such as Pagbilao, Therma South in Cebu and Manolo-Fortich in Bukidnon.

Lozano said the projects would bring the company’s capacity close to 3,500 MW.

Outside power, the company is also expanding is water projects including one in Davao. “We are transporting water that would supply the Davao City water district. Water supply in Davao hasn’t been enough for a long time, because all of Davao’s water comes from the ground,” he said.

AEV is also joining the super consortium of seven conglomerates that is preparing to submit an unsolicited proposal for the development of the Ninoy Aquino International Airport (NAIA).

But Lozano said details have not been firmed up.

“It’s really early days, but I think everybody wants to do it. It’s benefitting the country if we’re able to upgrade NAIA. We have been interested in airports for some time. We wanted to bid for Cebu, and the bundled regional airports as well,” he said.

AEV is into power, banking, food, real estate and infrastructure.