The Lopez Group’s First Philippine Holdings Corp. has set aside 57 percent more capital spending this year to P80 billion from only P51 billion last year.
Emmanuel Antonio P. Singson, company treasurer and chief finance officer, said the bulk of some P60 billion is for First Gen Corp.
Another P17 billion is set aside for its real estate assets as Rockwell Land Corp. and First Philippine Industrial Park and the balance for its manufacturing assets such as First Balfour and Therma Prime.
“Funding will be combination of debt and internally generated funds,” Singson said at the sidelines of the company’s annual stockholders’ meeting.
Francis Giles B. Puno, company president and chief executive officer, said First Gen is committed to expanding its clean energy portfolio and lead in the country’s transition with the delivery of up to 13 gigawatts of renewable power by 2030.
“Through this endeavor, we will significantly contribute to the country’s decarbonization targets.”
Francis Giles B. Puno, company president and chief executive officer
“First Gen continues to build on the infrastructure that will allow our country to import enough liquefied natural gas and to assure the continued operations of the Philippines’ natural gas plants in the midst of the impending depletion of gas supply from the Malampaya field,” he said.
First Philec, its electrical manufacturing and energy solutions provider, continues to deliver efficient transformers to the market as it continues to grow its order book.
Some of its innovations include the super green transformers made of recyclable materials.
First Holdings is also expanding its business that now include medical services with the P420.83 million purchase the local subsidiary of Medical Services of America, a provider of a comprehensive range of cardio-pulmonary services and equipment for hospitals and home-care patients.
