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First Philippine Holdings sets P50-B capex; First Gen corners majority
May 21, 2021 | 5:33 pm
Lopez-led First Philippine Holdings Corp. (FPH) said on Friday that it is allocating P50 billion for its capital expenditures (capex) this year, 72% higher than last year’s P29 billion as its business units pursue their planned projects.
“Majority of the capex for this year will be for the energy group, First Gen [Corp.], [with] P26 billion,” FPH Chief Financial Officer Emmanuel Antonio P. Singson said during the company’s virtual stockholders’ meeting.
First Gen will be using the budget to pursue the development of its liquefied natural gas (LNG) terminal.
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