Diversified engineering conglomerate DMCI Holdings has earmarked P24.6 billion in capital expenditures this year, or an 11 percent increase from P22.2 billion last year.

The company said in a Tuesday disclosure that the planned spending will fund residential construction, expand off-grid power capacity, and upgrade cement operations.

Bulk of spending to fund DMCI Homes

Property arm DMCI Homes will account for the bulk of the spending, allocating up to P15.5 billion, or about 65 percent of total capex, to ongoing and new project construction as well as land banking, depending on market conditions.

Off-grid power unit DMCI Power plans to spend P3.3 billion to add 44 megawatts of new capacity in Palawan, Occidental Mindoro, and Calapan.

Cement subsidiary Concreat Holdings Philippines has set aside P2.9 billion for plant capacity improvements, operational upgrades and preventive maintenance.

Power plant maintenance

Meanwhile, coal and power producer Semirara Mining and Power Corporation has allocated P1.9 billion, largely for power plant maintenance.

The remaining capex will fund the re-fleeting of construction equipment and project requirements at the construction arm, D.M. Consunji Inc., worth P675 million, and mine development initiatives at DMCI Mining, amounting to P300 million.