George Ty's GT Capital allots record P40-B for 2013 capex

MANILA, Philippines - The holding firm of businessman George Ty will spend a record P40 billion in capital expenditures this year as it continues to expand amid the country's strong economic growth.

GT Capital Holdings Inc. will use bulk of the amount for its power generation and property businesses, said the company's president Carmelo Maria Luza Bautista.

Bautista said property unit Federal Land Inc. will launch new projects this year, while power producer Global Business Power Corp. will undertake expansion projects.

The 2013 budget is triple the P15 billion GT Capital earmarked in 2012.

Bautista said they expect the company to post double-digit growth in sales and net income by yearend.

Aside from power generation and property development, GT Capital is engaged in banking (through Metropolitan Bank and Trust Co.), automotive (through Toyota Motor Philippines Corp.), and life insurance (through Philippine AXA Life Insurance Corp.). -