After sealing a P50-billion deal that ceded control of its unit First Gen Corp., parent First Philippine Holdings Corp. (FPH) is now earmarking P57 billion in capital expenditures this year, bulk of which will allocated to its power generation and property businesses.

In an interview with reporters following the company’s annual stockholders meeting, FPH treasurer and chief finance officer Emmanuel P. Singson said about 66 percent of the total capex will go to First Gen Corp., primarily through its renewable energy arm, Energy Development Corp. (EDC).

“First Gen gets about 66 percent. As I mentioned, about $600 million or roughly P33 billion,” Singson said.

Around P22 billion will be allocated to FPH’s real estate subsidiaries, Rockwell Land Corp. and First Philippine Industrial Park.

Singson said the company does not plan to raise capital at the parent level. Instead, its subsidiaries will fund their respective projects through bank loans, including bilateral agreements and syndicated club facilities, rather than bond issuances. 

“There’s not going to be any fundraising at the FPH level,” he noted.

P27B from loans

EDC is expected to borrow about P27 billion this year to finance its expansion, while Rockwell will also tap debt at its level. 

FPH reported a 5 percent decline in net income to P14.32 billion last year, dragged by lower contributions from its power unit. Consolidated revenues rose by 1 percent to P167.11 billion.

The company has core interests in clean and renewable energy, real estate, manufacturing and construction. It focuses on sustainability and supports low-carbon development across its portfolio.