Ayala Corp., the Philippines’ oldest conglomerate, will increase spending by about 29% to $5.8 billion as it expects economic growth to accelerate, 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 a Bloomberg Television interview on Friday. The group’s capital spending was about $4.5 billion last year.
