LT Group Inc., the listed holding company of tobacco and airline tycoon Lucio Tan, is investing P12 billion this year to scale up its banking and real estate businesses.
This year’s capital budget will address higher IT budget for banking arm Philippine National Bank (PNB), as well as fund the construction of projects of Eton Properties Philippines Inc. and ALI Eton Property development Corp., its joint venture with Ayala Land.
LTG president and COO Michael Tan, expects 2022 to be better year than 2021 with the the economy opening up and more people getting vaccinated.
“The opening up of the economy means that the purchasing power of consumers will improve and bodes well for our
different businesses. This should mean increased demand for the products of PMFTC, Tanduay and Asia Brewery,” he said.
“Eton should have higher occupancy rates, but it will take time for the fit-outs
of new office and retail tenants. An improved economy will also mean less non-performing loans and higher margins for PNB,” Tan added.
In his message in the company’s 2021 annual report, LTG chairman Lucio Tan noted continuing threats like the illicit
“With the continuing trust and support of our shareholders, a strong balance
sheet, and thousands of employees eager to return to work, we remain excited
for the company’s future in an improving global and local business environment,” he said.