Ayala allots $500 M for power projects

MANILA, Philippines - Aiming to sustain its growth momentum on the back of a vibrant local economy, Ayala Corp. is shelling out $500 million in the energy space over the next five years in line with its goal to build a portfolio of around 1,000 megawatts of power capacity.

Ayala Corp. also said it would bid for road, rail and other transport projects.

In a briefing following the company’s annual stockholders meeting yesterday, Ayala chairman Jaime Augusto Zobel De Ayala said the group is raising its capital spending by 38 percent this year to a record P91 billion, bulk of which will be used to develop a record number of residential units and for the modernization of its telecommunications network and investments in the water business.

The conglomerate said it is prepared to bid for the contract to extend and manage the Light Rail Transt Line 1 (LRT 1). The government said it will start the bidding process for the P61.53 billion LRT 1 South Extension project from Baclaran to Bacoor, Cavite this month.