Capital spending at PHINMA Corporation is expected to moderate in 2026 as the group shifts its focus from launching new investments to completing and monetizing projects already in its pipeline.
“We expect capex this year to be lower than in past years because the focus now is on executing projects we’ve already greenlighted,” said EJ Qua Hiansen, senior vice president and chief finance officer of PHINMA, in an interview ahead of the company’s March 6 board meeting.
The conglomerate, which operates in education, construction materials, housing and health, is entering a phase where several investments approved in previous years are nearing completion.
According to Qua Hiansen, the priority now is to bring those projects online and begin recovering the capital already deployed.
“One, of course, there are the projects that are coming on stream,” he said. “We want to start operating them and recovering the capital we’ve invested there before we put more capital in.”
Among the initiatives nearing rollout is a new insulated panels manufacturing facility under the group’s construction materials arm. The plant—built with about P200 million in investment—will have capacity to produce roughly one million sheets annually and is expected to begin operations within the first half of the year.
PHINMA is also developing a cement terminal in Panabo through a joint venture with the Anflo Group, with operations targeted to start later this year.
The company’s cautious spending stance also reflects global economic volatility, Qua Hiansen said.
“Given the global uncertainty, it fits in with our plan to be a little bit more prudent right now,” he noted.
PHINMA previously raised its capital expenditure program to P5 billion from P3.8 billion in August 2025.
Despite the near-term moderation, the group remains optimistic about long-term demand, particularly in sectors tied to basic household needs—education, health, food and shelter—where PHINMA’s businesses are concentrated. Education remains its strongest segment, while construction materials felt the impact of slower government infrastructure spending late last year.
