AGI earmarks P59 billion for property, resort expansion projects

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The conglomerate says P50 billion of the amount will be allocated to its property arm, Megaworld Corporation

MANILA, Philippines – Billionaire Andrew Tan’s Alliance Global Group (AGI) is spending P59 billion in 2025 to expand its businesses.

In a statement on Thursday, June 19, the conglomerate said the majority or P50 billion of its budget will be allocated to its property arm, Megaworld Corporation. Meanwhile, P5 billion will be given to Travellers International’s resort projects, and the remaining P4 billion will be for Emperador, Incorporated.

“We believe there exist a lot of opportunities here and across the globe where our business can grow, especially in the areas of consumer, real estate, leisure, and tourism spaces where we have built-in competitive advantages,” AGI chief executive officer and president Kevin Tan said.

“Our capital investments are expected to continue to focus on market expansions and strengthening our operational capacities.”

Megaworld will use this year’s budget to fund its expansion. The property giant is constructing office buildings in Iloilo, Bacolod, Davao, Pampanga, and Bulacan, which would effectively expand its gross leasable area (GLA) by over 139,000 square meters.

Over 151,000 square meters of lifestyle malls are also planned for development in 2025. These will be located in Boracay, Bacolod, Pampanga, Cavite, Rizal, and Metro Manila. (READ: Eastwood makeover: Megaworld sets P2.5-B budget for upgrades)

New hotels in Metro Manila, Pampanga, Palawan, Bacolod, Iloilo, and Boracay are in the pipeline. In total, this would add 3,600 room keys to Megaworld’s portfolio.

Meanwhile, Travellers International — previously listed developer of Resorts World Manila — will develop The Narra Palm Hotel and Villa in the Newport World Resorts complex, on top of pursuing new projects in Boracay Newcoast, The Mactan Newton, and Westside City.

AGI’s liquor company, Emperador, on the other hand, is undertaking expansion projects to increase its production capacity. – Rappler.com