THE SY family’s SM Investments Corp. (SMIC) has allocated up to P115 billion for its capital expenditure (capex) budget this year to support the conglomerate’s expansion plans.
“Our spent capex in 2023 was about P80 billion. The projection this year for the group, that excludes the banks, it’s around P110 to P115 billion (in capex) more or less,” SMIC Senior Vice-President for Finance Franklin C. Gomez said dur-ing a briefing on Wednesday.
“The biggest driver of that is clearly SM Prime Holdings, Inc. They’ve been very public with their intention to spend around P100 billion this year. They will be the biggest component of our capex,” he added.
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