Universal Robina Corp., the food manufacturing unit of tycoon John Gokongwei, said it allocated P9.5 billion for capital expenditures in fiscal year 2016, primarily to expand the snack food and beverage businesses both here and abroad.
This year’s financial spending is 46 percent higher than the company’s P6.5-billion actual spending in 2015.
URC said in a filing with the Philippine Stock Exchange it budgeted P7.7 billion to expand snackfoods and beverage businesses across branded food operations as well and construction of new buildings to house new lines and expand warehouse capacities.
URC said P1 billion was also allotted for the commodity foods group, primarily for flour mill construction, sugar business expansion and maintenance capital expenditures. Another 700 million would be invested in agro-industrial group for sow level expansion, farm improvement and handling facilities for feeds division.