Conglomerate PHINMA Corp. on Tuesday bared setting aside P3 billion in capital expenditures this year, which will mostly fund its core business of education, property development and construction.
Eduardo Sahagun, president and CEO of the company’s construction materials group, said the amount will go mostly to the company’s schools expansion plans, and PHINMA’s plan to set up an insulated panel plant in Pampanga capable of producing 1 million square meters annually.
Sahagun said more than P1 billion had been set aside for its schools division as facilities continue to expand.
“We plan five years ahead to ensure the ambitious enrollment that we (target actually) have classrooms for those. All of our schools from all the way to Cagayan de Oro actually have started construction as we speak,” Sahagun said.
This year’s capex is higher than the P1 billion capex it had last year.
PHINMA will also have its first township project in western Visayas that it hopes to start developing by next year.
“And at the same time, we are looking at exploring other properties in the Davao region where we already have a strong presence. Also in the Batangas area,” Raphael Felix, president and CEO of its property division, said.
PHINMA said the proposed insulated panel manufacturing facility should require funds worth P500 million that they hope to break ground by the end of the year and operational late 2024 or early 2025, according to Danielle Del Rosario, vice president for insulated panels division.
The factory will cater to the cold chain industry, residential owners, hospitals, operating rooms and data centers as computers need to be cooled down at certain temperatures, according to officials.
