First Pac to invest add’l P97 B in PH

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MANILA – To accelerate the growth of its telecommunications, water distribution, power, and infrastructure businesses, the First Pacific group headed by businessman Manuel V. Pangilinan will be investing an additional P97 billion in the Philippines.

David Nicol, chief finance officer of the Metro Pacific Investments Corp. (MPIC) said in a briefing that he is expecting to reach P96 billion in the group-wide capital spending next year.

The said amount will comprise the P36 billion capital budget for telecom giant Philippine Long Distance Telephone Co.

It is also expected to include the P36 billion capital budget for Philex Mining.

About P53.7 billion has been earmarked across all units for 2015. This figure, which is for the MPIC group alone, is higher than the P35 billion allocated this year.

Maynilad Water Services will be receiving about P17.5 billion in a joint venture with Japan’s Marubeni Corp. and the Consunji family’s DMCI Holdings Inc.

This is to further widen its reach and expand the water firm’s sewerage facilities

Meanwhile, Manila Electric Co. (Meralco) the country’s biggest power distributor will be receiving P14.7 billion for its projects.