Manila-based International Container Terminal Services Inc (ICTSI) has slashed this year’s capex by half amid slowing economic growth. ICTSI chairman and president Enrique Razon told Bloomberg the company had initially earmarked $530m for expansion this year, but it has since scaled back its ambitions.
“The growth picture of the global economy is not looking too great,” Razon said
“We have to be in a position with enough cash to take advantage of some opportunities, be they distressed or not,” Razon added. “This is the time to make good moves that will make you a lot of money down the road.”