Ayala to increase capital spending to $5.8 billion this year: CEO

Ayala to increase capital spending to $5.8 billion this year: CEO

Ayala Corp., the Philippines’ oldest conglomerate, will help spending by around 29% this year to $5.8 billion, its president and CEO Fernando Zobel said. Bulk of the spending plan will be for units Ayala Land Inc., Globe Telecom Inc. and AC Energy Corp., Zobel said in an interview with Bloomberg Television’s Haslinda Amin and Rishaad Salamat. The group’s capital spending was about $4.5 billion last year, he said.

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