Ayala Land reduces capex
Property developer Ayala Land Inc. reduced the planned capital expenditures this year to about P80 billion to P90 billion from the initial target of P100 billion, as the company reins in spending for land acquisition.
Ayala Land chief finance officer Jaime Ysmael said in an interview at the sidelines of the Financial Executives CFO Forum at the Fairmont Hotel in Makati City the company had made significant land acquisitions over the past years.
“It [capex] will be lower than the P100 billion. But we would like to keep it at the P80 to P90 billion range because we just want to prioritize. We want to rationalize spending because we want to keep our debts at certain levels,” Ysmael said.
“The rationaliation will be mostly for landbanking. We will prioritize what we need and what we want,” Ysmael said.
Ayala Land spent P41 billion in the first half.
Ysmael said the property firm currently had 8,600 hectares in its land bank that would be developed for 10 to 15 years.