Alliance Global sets P59-B capex for 2025

Alliance Global Group Inc. (AGI) has earmarked P59 billion for its capital spending this year, which the company will use to finance landmark projects and expansions.

According to AGI, bulk or P50 billion of the capital expenditure will go to Megaworld Corp., which earlier announced plans to expand with at least two more townships in growth areas in Luzon and Visayas this year.

Megaworld also plans to increase its gross leasable area (GLA) by 139,000 square meters with offices in Bacolod, Bulacan, Davao, Iloilo, and Pampanga, on top of 151,000 square meters of additional leasable area in malls in Boracay, Bacolod, Pampanga, Cavite, Rizal, and Metro Manila.

It will also add around 3,600 hotel room keys in Metro Manila, Pampanga, Palawan, Bacolod, Iloilo, and Boracay, with plans to increase its MICE venues.

Another P5 billion will be used to finance the ongoing expansion projects of Travellers International, specifically the development of The Narra Palm Hotel and Villa in the Newport World Resorts complex, which will have 157 hotel suites and villas.

“We believe there exist a lot of opportunities here and across the globe where our business can grow, especially in the areas of consumer, real estate, leisure, and tourism spaces where we have built-in competitive advantages,” AGI chief executive officer and president Kevin Tan said in a statement.

“Our capital investments are expected to continue to focus on market expansions and strengthening our operational capacities,” he added. — VBL, GMA Integrated News