MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, is allotting P262 billion for capital expenditures this year. Bulk of the amount has been earmarked for Ayala Land Inc. (ALI) and Globe, which have set aside P130 billion and P63 billion for capital expenditures this year, respectively. The company reported a net income of P31.8 billion last year, up five percent on strong earnings contribution from its real estate, telecommunications, and power businesses. Ayala president and chief operating officer Fernando Zobel de Ayala said the conglomerate’s aggressive growth strategy initiated over a decade ago is paying off. Data-driven demand across its business segments, meanwhile, bolstered Globe’s net income, which reached P18.6 billion or an increase of 22 percent.

Source: Philippine Star March 13, 2019 16:57 UTC