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Business

Metro Pacific doubles capital outlays to $1.6bn for 2017

Philippine conglomerate looks to ride Duterte's infrastructure drive

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Philippine President Rodrigo Duterte   © Reuters

MANILA -- Philippine infrastructure conglomerate Metro Pacific Investments is doubling its capital expenditure to 79 billion pesos ($1.57 billion) this year, mainly to beef up its water, power and toll road ventures.

Maynilad Water Services, a utility unit that covers over a million households in Metro Manila, will spend 11 billion pesos to expand its concessions. Metro Pacific Tollways, the nation's largest toll road company, will spend as much as 24 billion pesos to expand its road network, while utility Manila Electric is seen spending 22 billion pesos to strengthen its power generation operations. The rest of the money will go to businesses such as hospitals, railways and logistics, Chief Financial Officer David Nicol told reporters on Wednesday.

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