Eton Properties to spend PHP2bn for construction of BPO offices
Eton Properties Philippines Inc. will get about PHP2bn (USD38.3m) of the PHP19bn capital expenditures that the LT Group Inc., Lucio Tan’s flagship enterprise, has allocated for this year. The amount will be used by Eton to expand its leasing portfolio by building more office towers for business process outsourcing companies. Michael Tan, LT Group president, said Eton is expected to continue its growth momentum as more space is added to its leasing portfolio with the completion of its pipeline projects. This year’s PHP19bn budget is a significant increase from last year’s budget of PHP11bn. Tan said half of the amount will be used by the Philippine National Bank, which will be financed by its planned PHP12bn stock rights offering. Other subsidiaries such as Tanduay Distillers, Asia Brewery, and Fortune Tobacco — which operates through PMFTC Inc., a partnership with Philip Morris Philippines Manufacturing Inc. — will get about PHP1bn, the normal yearly capex, said Tan.
