CONGLOMERATE JG Summit Holdings, Inc. said it was spending P48.2 billion ($960 million) this year to fund the expansion of its businesses, including petrochemicals.

Of the total capital expenditure, President Lance Gokongwei said the company was earmarking from P18 to P20-billion for its airlines business, Cebu Air, Inc. while P7 billion would be allotted for its food business, Universal Robina Corp.; P15-billion for its property unit Robinsons Land, with the balance for petrochemicals, and "a few hundred million" for its bank unit.

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