The country's biggest conglomerates have allotted P200 billion for capital expenditures as a “show of confidence” in the Philippine economy, a report by an investment analyst showed.

Astro C. del Castillo, managing director at stock brokerage First Grade Holdings, Inc. said Metro Pacific Investments Corp., Ayala Corp., JG Summit Holdings, Inc., SM Investments Corp., San Miguel Corp., Lopez Holdings Corp., and Aboitiz Equity Ventures, Inc. have committed to pour in money in telecommunications, public infrastructure, and real estate to strengthen their hold in their respective markets.

The figure is understated because there are no figures yet for San Miguel’s energy ventures this year, he said.

The biggest spending will be in the telecommunication sector, which accounts for P60 billion. Public infrastructure follows at approximately P57 billion, while real estate spending was pegged at P24 billion, the report said.

Metro Pacific, led by businessman Manuel V. Pangilinan, is spending the biggest amount of P49.52 billion to expand its operations in utilities, toll roads, health care, telecommunication, and mining, it noted. Read more...

By Jo Javan A. Cerda (www.bworldonline.com)