ROXAS and Co. Inc. (RCI) said it is spending P856 million this year, up from last year’s target spending of P579 million.
The company said it is at the second year of ramping up investments to transform itself from a predominantly sugar-milling-based business to an integrated and diversified holding company.
“For 2017, RCI plans to allocate a capital budget of P856 million to complete its various real-estate projects, through its wholly owned subsidiary Roxaco Land Corp., as well as its 300-metric ton-per day integrated coconut-processing facility in Tupi, South Cotabato,” the company said.
Roxaco Land is aiming to become a strategic developer and operator of tourism-related projects. It is set to complete the construction of its Anya Resort and Residences, a 7.5-hectare leisure and tourism estate in Tagaytay City, by the first quarter. RCI will also open its four franchised Go Hotel budget hotels in key areas in Metro Manila after opening its Parañaque branch, the first of five sites and located near the three international airport terminals.
The other four of its budget hotels will be in North Edsa, Timog Circle and Cubao—all in Quezon City—and in Malate, Manila.
“The remaining budget allocation of RCI will be used to complete its integrated coconut-processing plant under Roxas Sigma Agriventures Inc.,” the company said.
The planned commercial run of its coconut-processing plant in Tupi, South Cotabato, is expected to run in early 2017. The facility will be the most modern coconut-processing facility producing coconut-water concentrate, coconut milk and cream, and virgin-coconut oil mainly for the export market.
“This landmark project is expected to provide more than 1,000 jobs upon full operation, and benefit more than 137,000 coconut farmers within the Soccsksargen [South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos] region,” the company said.
To complete the project, the company tapped a P500-million loan facility from lender United Coconut Planters Bank last year to complete the facility, which has a capacity of 300 MT per day.