Emperador Inc., the largest global brandy company and owned by business tycoon Andrew Tan, will increase its capital spending this year to P1.5 billion as it expects the pandemic to ease on the back of the global vaccination program.
Emperador president Winston Co said during the annual stockholders’ meeting the company would raise capital expenditures this year by 50 percent to further expand its global footprint
“Last year, at the height of the pandemic, we held back on our capital expenditure so we spent around P1 billion. With the vaccinations underway, we expect some easing of pandemic restrictions this year and onwards with increased air travel, and overall, some form of normalcy,” Co said.
“As a global company, we constantly adapt to changing consumer behavior especially in a challenging and difficult environment. Consumers around the world react differently by region or country depending on how liquor is positioned or perceived as either an essential or non-essential product,” he added.