The Market Monitor Minding the Nation's Business
For 2023, the Aboitiz Group is powering its Great Transformation to become the Philippines’ first Techglomerate with an allocated capital expenditure (CAPEX) of almost Php 78 billion, together with its partners. This is a 10% increase from the Php 70 billion utilized in 2022. The Aboitiz Group is focused on investing in renewable energy and new businesses for its portfolio diversification and innovation-driven growth ambitions.
“By embracing a bold vision of sustainable progress, we are not only transforming our business but also making a positive impact on our country. Our investments in renewable energy and innovation are paving the way towards a brighter future, and we are excited to be leading the charge towards a more sustainable tomorrow,” said Aboitiz Group President and Chief Executive Officer (CEO) Sabin M. Aboitiz.
It is worth noting that last year the largest capital investment of the Group was by a non-power strategic business unit. In 2022, Php 42 billion was spent by Aboitiz InfraCapital (AIC), the infrastructure arm of Aboitiz. This was used primarily for its airports, water, and telecommunication towers businesses, which are showing impressive growth prospects.
This year, Aboitiz continues its momentum of diversifying its business mix, particularly in the infrastructure segment. The Infrastructure unit of the Group will be spending almost Php 32 billion, or 42% of the Group’s CAPEX budget. This will go towards the continuous expansion of AIC’s Economic Estates, telecommunication towers business, as well as new investments in digital infrastructure.