DEL ROSARIO-LED PHINMA Corp. has increased its allotted capital expenditure (capex) this year to about P5 billion from the initial P3.8 billion to cover new projects.
“We said P3.8 billion. It’s actually going to be a little more because there were some projects approved last year that weren’t calculated into that. The (capex) number is closer to P5 billion,” PHINMA Chief Financial Officer EJ A. Qua Hiansen told reporters recently.
Mr. Qua Hiansen said the projects approved last year include the 21-hectare Saludad township in Bacolod City, the Davao terminal for cement subsidiary Philcement Corp., and the insulated panels factory of subsidiary Union Insulated Panel Corp. in Porac, Pampanga.
“All of the projects are actually looking well. The indications are strong,” he said.
“We like the Bacolod market. The sales pickup has been good. In Davao, we broke ground late last year. That’s on track. For the insulated panels factory, that one is also on track to start commercial operations next year,” he added.
Mr. Qua Hiansen said PHINMA remains optimistic about its growth prospects despite global uncertainties related to the United States tariffs.
“I think it’s not a surprise that the macroeconomic environment globally, especially with the tariffs, has been a bit murky, so it’s getting harder for us to predict. But long term, we like our businesses,” he said.
“They’re going to really return not just value to our shareholders but to society. We’re going to keep focusing on doing that. We’re still very much pushing our expansion projects and excited for the future,” he added.
Meanwhile, Mr. Qua Hiansen said PHINMA will launch the first project of its community housing venture, located in Davao, later this year. The project will have 530 units.
He added that the second project, situated in Bacolod, will be launched by the first half of next year. PHINMA is venturing into the community housing segment through subsidiary PHINMA Community Housing Corp.
“We’ll see how those first two do before we look at putting in more. But it’s something we want to do in a very big way. It’s something we’re very positive about,” he said.
For the first half, PHINMA posted a P455.06-million attributable net loss, wider than the P117.89-million net loss a year ago. Revenue rose by 4% to P10.82 billion, led by its education segment.
PHINMA shares fell by 2.94% or 50 centavos to P16.50 apiece on Monday. — Revin Mikhael D. Ochave