Alliance Global Group – controlled by billionaire Andrew Tan – is planning 60 billion pesos ($1.1 billion) of capital spending this year to expand its business in real estate, distillery and fast food chain as the he economy is recovering from the pandemic-induced slowdown in the past two years.

The company is stepping up its expansion plans as Alliance Global’s business experiences a robust recovery. The group’s net profit soared 92% to 16.9 billion pesos in 2021 from a year ago, while revenue rose 19% to 152.8 billion pesos. The momentum continued this year, with its net profit jumping more than 50% in the first quarter.

“We believe that with the sectors in which we find ourselves, we will benefit greatly from pent-up spending resulting from the continued reopening of the economy,” said Kevin L. Tan, CEO of Alliance Global and eldest son of the president. and band founder Andrew Tan. , said Thursday in a statement.

The bulk of Alliance Global’s capital spending will fund the real estate projects of its flagship company Megaworld, which is spending 50 billion pesos to finance new developments, including four townships in Metro Manila, South Luzon and Mindanao. Its hotel unit Travelers International will spend an additional 4 billion pesos to expand its leisure and entertainment offerings following an improvement in gross gaming revenue at its casino following the easing of Covid-19 restrictions.

The remainder of the budget will be spent on liquor maker Emperador’s ongoing overseas expansion plans as well as increasing the footprint of Golden Arches – Alliance Global’s joint venture with franchise tycoon McDonald’s Philippines. George Yang – with plans to open 45 new McDonald’s outlets across the country this year.

Alliance Global is chaired by tycoon Andrew Tan, the son of a factory worker who made his fortune developing high-end residential condominiums and commercial properties in Metro Manila in the 1990s. He is also chairman of Emperador and Megaworld, which has built a portfolio of residential condominiums, offices, hotels, shopping centers and townships across the country over the past three decades. With a net worth of $2.6 billion, Tan ranked No. 8 when the Philippines’ 50 richest list was last released in September.