First Philippine Holdings Corp. (FPH), the listed holding company of the Lopez Group, said it has allocated some P80 billion for capital expenditures (capex) for 2023.
This year’s capex is more than 50 percent higher than the previous year’s P51 billion.
Emmanuel Antonio P. Singson, the company’s treasurer and CFO, said the bulk of this year’s capex will be for First Gen Corp., which will get some P60 billion.
About P17 billion will be for its real estate assets, such as Rockwell Land Corp. and First Philippine Industrial Park and the rest will be for its manufacturing assets, such as First Balfour and Therma Prime.
“Funding will be combination of debt and combination of internally generated funds,” Singson said at the sidelines of the company’s annual stockholders’ meeting.
Francis Giles B. Puno, the company’s president and CEO, said First Gen is committed to expanding its clean energy portfolio to lead the country’s clean energy transition by delivering up to 13 gigawatts of new clean and renewable power by 2030.
“Through this endeavor, we will significantly contribute to the country’s decarbonization targets,” Puno said.
“First Gen continues to build on the infrastructure that will allow our country to import enough liquefied natural gas and to assure the continued operations of the Philippines’s natural gas plants in the midst of the impending depletion of gas supply from the Malampaya field.”
First Philec, its electrical manufacturing and energy solutions provider platform, continues to deliver efficient transformers to the market as it continues to grow its order book.
Its recent innovation includes its super green transformers made of materials that are recyclable or biodegradable with the aim to reduce its environmental impact.
“We are also collaborating with our customers to pursue smarter digital solutions in their metering operations. FPH’s non-energy businesses are closely linked with the mission of regeneration, where enhancing the quality of life requires services that tap into various aspects of national development,” Puno said.
First Holdings, meanwhile, is expanding its healthcare business.
Last week, the company completed a transaction to purchase the local subsidiary of Medical Services of America (MSA), a provider of a comprehensive range of cardio-pulmonary services and equipment for hospitals and home-care patients. It acquired the firm for P420.83 million.
“MSA is the newest addition to FPH’s healthcare push. This group now consists of the Asian Eye Institute, providing a comprehensive range of eye care services; Pi Health Inc., providing clinical research services; and the distribution of optical products,” Puno said.
“With MSA’s addition, FPH now has a platform to deliver new products and services aimed at improving the country’s healthcare system and, ultimately, the health and wellness of Filipinos.”